Mitsubishi will launch 11 new cars by 2020 in a bid to turn its fortunes around after recording a £1.06 billion loss in 2016.
The brand, which is now part of the Renault-Nissan-Mitsubishi Alliance following its acquisition last year, has created the ‘Drive for Growth’ plan with the objective of making investment more efficient.
It will up spending on belongings through 60% in financial 12 months 2019, along a 50% increase in research and improvement funding. At the equal time, manufacturing expenses will decline via 1.Three% according to 12 months.
This shift in spending aims to ramp up global sales to 1.3 million vehicles. Mitsubishi wants revenue to reach 2.5 trillion yen (£16.7bn) by the start of the next decade.
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Company CEO Osamu Masuko said: “'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 can be the rules for our future sustainable boom, in order to contain extended capital expenditure and product improvement spending.?
The Renault-Nissan-Mitsubishi Alliance is officially the world’s largest car maker, overtaking the Volkswagen Group earlier this year. The alliance sold 9.96 million vehicles across 200 markets in 2016.
The companylaunched an Alliance 2022 plan with the announcement of £8.9bn worth of investment, through which 12 electric cars and 40 autonomous-capable cars and ‘robo-vehicles’ will be created.
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