Mitsubishi Motors Corp. said Wednesday it plans to boost its annual global sales and revenues by more than 30 percent over three years and introduce 11 new models, aiming to restore public trust following a fuel economy data manipulation scandal.
Under its medium-term business plan through fiscal 2019, the automaker said it plans to boost its global sales and revenues to 1.3 million units and ¥2.5 trillion ($22.3 billion) respectively.
It also said it will increase its annual capital expenditure by 60 percent to ¥137 billion while boosting its R&D expenses by 50 percent to ¥133 billion, resulting in a total of ¥600 billion in investment during the three-year period.
“Through our mid-term plan, we hope to quickly recover the trust that has been hurt by the fuel-economy scandal,” CEO Osamu Masuko told a news conference in Tokyo on Wednesday. “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.”
It was revealed in the spring of 2016 that Mitsubishi Motors had manipulated data to make some minicar models look more fuel efficient, including models supplied to Nissan. It was later found that improper practices related to fuel economy data were prevalent at the automaker, affecting additional models.
The medium-term plan is also the first since Mitsubishi Motors came under the wing of Nissan Motor Co. last year after the fuel economy scandal. Mitsubishi Motors is now counting on synergy effects following Nissan’s acquisition of a 34 percent stake, a deal aimed at deepening cooperation on autonomous driving and other technologies.
“We hope to become competitive through the alliance,” Masuko said.