Mitsubishi reveals EV strategy and new targets

By Editor


Mitsubishi Motors has revealed its strategy and new targets under the mid-term Business Plan called Challenge 2025.

Mitsubishi plans for hybrid and battery electric vehicles to account for all new car sales by the middle of the next decade, beefing up its electrification strategy.

Mitsubishi, which is also a junior partner in an alliance with France’s Renault and Nissan Motor, said it will roll out 16 new models over the next five years.

Mitsubishi Motors plans under the mid-term Business Plan called Challenge 2025

# Sales volume of 1.1 million vehicle
# Operating profit of 220 billion yen (OP margin 7 percent)
# Concentrate management resources in ASEAN / Oceania, and increase sales volume, market share, and revenue
# Roll out 16 models (including nine xEVs) in 5 years
# Increase the investment by around 30 percent over 6 years to 2028 compared with the past six years in R&D expenses and CAPEX
# Allocation of investment on electrification, IT and new business is expected to reach around 70 percent from FY2026 onward
# Reduce emissions of greenhouse gases in order to help achieve carbon neutrality
# Invest 210 billion yen by 2030 to procure 15GWh of battery

The Japanese automaker, known for its Outlander sport utility vehicle, stuck to a previous goal of having half of its new car sales electrified by fiscal 2030 and on Friday newly pledged to raise that further to 100 percent by fiscal 2035.

Mitsubishi considers plug-in hybrids (PHEV), hybrid electric vehicles and battery electric vehicles (BEV) as electrified vehicles. The company expects electrified vehicles to account for about 7 percent of its total new car sales in fiscal 2021.

“Among our existing models, we’ll expand the geographical areas where our flagship PHEV Outlander is being offered and build out the sales of the Minicab-MiEV light commercial EV that was relaunched last year,” Chief Executive Takao Kato said.

Among the 16 new models Mitsubishi plans to roll out, one will be a BEV Renault alliance model, while another will be a Nissan alliance model, Mitsubishi said in presentation materials that were part of its fiscal 2023-2025 business plan.

Of the other 14 models Mitsubishi plans to launch, seven will be purely combustion engine-powered ones, five will be hybrids and the remaining two will be BEV.

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