Mitsubishi’s electrification plan

Mitsubishi Motors intends stepping up its vehicle electrification.

It aims to roll out 16 models in five years, including nine electrified vehicles (said to include Mitsubishi’s first electric ute) it calls xEVs and invest 210 billion yen (NZ$2.5b) by 2030 for 15GWh of battery procurement.

Announcing a three-year mid-term business plan (fiscal year 2023 to 2025), called “Challenge 2025”, Mitsubishi says it aims for 1.1 million vehicle sales and operating profit of 220 billion yen (NZ$2.66b).

It will also concentrate management resources in ASEAN/Oceania, and increase sales volume, market share, and revenue.

Mitsubishi Motors plans to increase the investment by around 30% over the six years to 2028 compared with the past six years in research and development expenses and CAPEX, with investment allocation in electrificiation, IT and new business expected to reach about 70% from FY2026.

The company says it will continue working on electrification as a solution to the global-level issue of climate change and to help achieve carbon neutrality and build long-term relationships with customers.

It also intends bolstering links with the Renault-Nissan-Mitsubishi Alliance (including mutually complementary OEM products) and “take on the challenge of new business using assets unique to an automobile manufacturer (energy management, battery reuse, data sales, etc.)”.

Mitsubishi aims for 50% hybrid and electric cars by 2030 and 100% mostly battery electric vehicles (BRVs) by 2035, reports suggest.

There’s talk of a new two-row hybrid SUV by 2025 and an electric SUV by 2028.

Click here for more mid-term business plan information.