Now part of the big Renault Nissan Alliance family, Mitsubishi has decided to reveal a new three-year strategic course of action, which includes a desire to better its sales by more than 30 percent to 1.3 million units per year.
The new “Drive for Growth” plan includes product renewal, market expansion – and with Carlos Ghosn at the helm – of course cost optimization, all while investing more than 600 billion yen ($5.32 billion) in research and development. Mitsubishi is aiming to surge revenues by 30 percent to 2.5 trillion yen, with an increase in annual capital expenditure to 137 billion yen ($1.21 billion) in fiscal 2019 – meaning it will look to increase spending as a proportion of sales to 5.5 percent per year.
Naturally, growth will be supported by products – with Mitsubishi remembering the glory days of being one of the best SUV and truck manufacturers and looking at crossovers and pickups with a total of 11 new models to be introduced. The renewal program will also blend with a market expansion focusing on the ASEAN region, Oceania, United States, China, and Japan. “Drive for Growth is a new roadmap for Mitsubishi Motors,” Osamu Masuko, Mitsubishi Motors chief executive, explains the new strategy. “We will rebuild trust in our company as our highest priority, successfully launch new vehicles, and achieve a V-shaped financial recovery.” The automaker is also looking for synergies with members of the Renault-Nissan alliance of more than 100 billion yen ($886 million) over the course of the plan.