Mitsubishi Motors seeks 30% growth come 2018 with its recently launched three-year strategic plan called ‘Drive for Growth’.
With aggressive expansion in the ASEAN region, US and China, Mitsubishi aims to increase annual unit sales of 1.3 million vehicles and revenue of 2.5 trillion yen.
"Drive for Growth is a new roadmap for Mitsubishi Motors. We will rebuild trust in our company as our highest priority, successfully launch new vehicles, and achieve a V-shaped financial recovery. These will be the foundations for our future sustainable growth, which will involve increased capital expenditure and product development spending," said Mitsubishi Motors chief executive Osamu Masuko.
To increase interest for the brand, Mitsubishi will concentrate on its core strengths, which are four-wheel drive SUVs and pick-ups.
Eleven new models will be launched including the XPANDER and Eclipse Cross. Six will be entirely new model changes within the span of three years – two each year – while the other five will be important updates of existing vehicles.
"This is an ambitious program to maximize our strengths in growing product segments, especially four-wheel drive, and to pursue growth in markets where our brand has strong potential, particularly the ASEAN region. This growth program will also involve an efficient and disciplined operating structure as we continue to manage costs," added Masuko.
At the end of the three-year period, Mitsubishi hopes to have its top-selling models, SUV, 4WD, and plug-in hybrid electric vehicles (PHEV) to make up 70% of its total sales volume.
The Japanese automaker also unveiled plans offer electrified models with its entire range of vehicles including an EV kei car by 2020.
"We are refreshing our product line-up, investing in R&D and targeting core market growth. Drive for Growth will enable us to continue the transformation of the company over the next three years," said Masuko.