AUTO INDUSTRY NEWS

Mitsubishi Motors Corporation announces 3 year plan

Mitsubishi Motors Corporation announces 3 year plan image

Text: Vince Pornelos / Photos: | posted November 07, 2013 14:02

New Stage 2016

Mitsubishi Motors Corporation has just announced their future plans in a strategy called New Stage 2016. Apart from the technologies that MMC is developing or planning to develop, New Stage 2016 could introduce many changes to MMC's business over the next 3 years and beyond.

New Stage 2016, centers itself around 5 key concepts, namely:

  1. Revenue growth by launching strategic models,

  2. Enhancing the MMC brand and identity,

  3. Reinforcing our production base in ASEAN countries,

  4. Establishing an SUV brand with a strong foothold in emerging markets, and

  5. Effective use of resources through business partnerships.

 

One of the most immediate parts of MMC's strategy is number 5, wherein Mitsubishi is developing and planning the introduction of new models, namely the all new Strada pick-up in 2014 (Triton), followed in 2015 (or later) by what could be an all new Montero Sport (Pajero Sport), Delica D5, an all new Pajero, all new ASX (RVR), and a pair of plug in hybrid vehicles (PHEV) in the compact and large SUV segments.

The strategy involves growing the Mitsubishi sales ratio of utility vehicles (Strada, Pajero, Montero, etc.) versus passenger cars (i.e. Lancer, Mirage, etc.) from 68% versus 32% in 2013 to 74% versus 26% by 2016, respectively.

Under number 3, Mitsubishi also aims to grow its sales volume from a projected 270,000 units sold in 2013 within ASEAN (Thailand, Philippines, Indonesia, Malaysia and Vietnam, among others) to a target volume of 390,000 units by 2016, a forecasted growth jump of 44% in just 3 fiscal years.

MMC is also banking on China to experience a volume jump from a forecasted 110,000 units in 2013 to 200,000 units by 2016; a growth rate of about 82%.

Also, under number 3, Mitsubishi Motors Corporation places great importance in the Philippine market as a core component of the ASEAN region. The plan states that “MMC will aim to further develop business centering on Thailand and Indonesia, where MMC has a strong presence, and position the Philippines as another core market and strengthen operations there, thereby building a flexible framework in which MMC will be able to carry out production and sales including the introduction of new models in accordance with demand trends in each country.”

Previously we have reported that Mitsubishi is eyeing a second manufacturing plant in the Philippines, and in a strategic map of the ASEAN region, MMC has marked down what could be a second key manufacturing location in the country.

There are more items outlined in the plan, and we'll take a look at them later on.