M'bishi Motors to Invest Up to 1.8 T. Yen for Electrification

Tokyo, March 10 (Jiji Press)--Japanese automaker Mitsubishi Motors Corp. <7211> on Friday announced a plan to invest 1.4 trillion to 1.8 trillion yen 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 yen in fiscal 2025, up from 170 billion yen 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.

Mitsubishi Motors also plans to spend 210 billion yen by fiscal 2030 for the procurement of batteries necessary for vehicle electrification. Amid fierce global competition for access to batteries, the automaker aims to find new suppliers.

[Copyright The Jiji Press, Ltd.]