Mitsubishi will launch 11 new cars by 2020 in a bid to turn its fortunes around after recording a £1.06 billion loss in 2016.
The brand, which is now part of the Renault-Nissan-Mitsubishi Alliance following its acquisition last year, has created the ‘Drive for Growth’ plan with the objective of making investment more efficient.
It will up spending on assets by 60% in fiscal year 2019, alongside a 50% boost in research and development investment. At the same time, production costs will decline by 1.3% per year.
This shift in spending aims to ramp up global sales to 1.3 million vehicles. Mitsubishi wants revenue to reach 2.5 trillion yen (£16.7bn) by the start of the next decade.
Company CEO Osamu Masuko said: “'Drive for Growth' is a new roadmap for Mitsubishi Motors. We will rebuild trust in our company as our highest priority, successfully launch new vehicles and achieve a V-shaped financial recovery.
“These will be the foundations for our future sustainable growth, which will involve increased capital expenditure and product development spending.”
The Renault-Nissan-Mitsubishi Alliance is officially the world’s largest car maker, overtaking the Volkswagen Group earlier this year. The alliance sold 9.96 million vehicles across 200 markets in 2016.
The company launched an Alliance 2022 plan with the announcement of £8.9bn worth of investment, through which 12 electric cars and 40 autonomous-capable cars and ‘robo-vehicles’ will be created.