Under the arrangement, the Tokyo automaker, now part of the Renault-Nissan alliance, aims to boost sales by 30% to 1.3-million vehicles per annum based on three main principals; product renewal, focus on core markets and cost optimisation. The company also stated that it will invest some ¥600-billion (R71.8-billion) into product research and development over the same time period.
New models expected to form part of this strategy will be the Eclipse Cross and recently launched Xpander MPV, while five current models will be subjected to updates over the coming years.
“We are refreshing our product line-up, investing in R&D and targeting core market growth. “Drive for Growth will enable us to continue the transformation of the company over the next three years," Mitsubishi CEO Osamu Masuko was quoted as saying.
He also added that Mitsubishi will be launching a new kei-car in Japan as it attempts to win back customer confidence after it emerged that fuel consumption figures for the domestic only vehicle were falsified, leading to the Nissan buyout.
"Last year, we caused so much trouble and I don’t think we have been able to rebuild our reputation yet. During the next three years, we will work to set the next stage and get back on track for a V-shaped recovery.We hope to become competitive through the alliance," Masuko said.