Mitsubishi Motors to Invest Up to ¥1.8 Trillion for Electrification

Reuters file photo
A businessman stands next to logo of Mitsubishi Motors Corp at the company’s headquarters in Tokyo, 2004.

TOKYO (Jiji Press) — Mitsubishi Motors Corp. on Friday announced a plan to invest ¥1.4 trillion to ¥1.8 trillion for vehicle electrification by fiscal 2030.

Mitsubishi Motors plans to accelerate work to launch electric and plug-in hybrid vehicles at home and abroad, aiming to make all new vehicles it sells electrified vehicles by fiscal 2035.

In its new medium-term business plan, the automaker said it hopes to realize an operating profit of ¥220 billion in fiscal 2025, up from ¥170 billion estimated for fiscal 2022 ending this month.

The company also announced a medium-term decarbonization strategy envisioning that electrified vehicles will account for nine of the 16 models to be released over the next five years. It did not say how many will be EV and PHV models.