The latest victim of the world's automotive meltdown is Mitsubishi's Ralliart division, according to a letter sent to customers today. Mitsubishi president Masao Taguchi explained the decision in light of slow sales over the past two years.

It's not a complete shutdown, but it's a serious "scaling down" of business activities--including the cessation of all support to motorsport customers, new planning and development of Ralliart merchandise, and news and information on motorsports and products.

Combined with the scale-down of Ralliart business activities, it's an effective closing of the shop, though with the door open for a return should things turn around quickly enough.

We'll keep you updated with the details as they develop.