Mitsubishi Goes All-In on Hybrid, 100% EVs by 2035

John Lopez, Tech Times 10 March 2023, 08:03 am

Mitsubishi Motors has recently announced its ambitious plans to have hybrid and battery electric vehicles account for all new vehicle sales by the middle of the following decade.

According to Reuters, the Japanese auto manufacturer, which is also a partner with Renault SA and Nissan Motor Co, will introduce 16 new models over the next five years to reach this objective.

Mitsubishi Goes All-Electric in 2030

The company hopes to remain competitive in key markets by beefing up its electrification strategy. In the next few years, Mitsubishi expects electrified vehicles, which include plug-in hybrids (PHEV), hybrid electric vehicles, and battery electric vehicles (BEV), to account for approximately 7% of total new car sales.

Reuters quotes Mitsubishi CEO Takao Kato as saying, "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."

The automaker initially planned to electrify half of its new car sales by fiscal 2030, but it now intends to increase that to 100% by fiscal 2035.

Expanding the Business' Range

Mitsubishi Motors also recently announced its three-year midterm business plan, Challenge 2025, to broaden and improve the growth over the next generation.

With an emphasis on regional strategies, sustainable growth, and product development, the business plan aims to create stable revenue streams and boost Mitsubishi Motors' brand value.

Mitsubishi Motors also stated that it would focus its management resources in Southeast Asia and Oceania, increasing its already promising sales volume, market share, and revenue.

Mitsubishi Motors also wants to boost its R&D and capital expenditures, including investments in electrification and IT. Compared to the previous six years, the company intends to increase investment by around 30% over the next six years to 2028.

In a nutshell, the auto company's fiscal 2023-2025 business plan involves expanding its geographical reach and focusing on electrification, connected cars, and autonomous driving technologies.

In addition, the company intends to strengthen its financial position by reducing costs, increasing efficiency, and pursuing strategic partnerships.

More About Mitsubishi's EV Goals

As stated previously, Mitsubishi plans to introduce 16 new models in the span of five years. One of these models will be a BEV Renault alliance model, while the other will be a model from the Nissan alliance.

Seven of the remaining 14 models that Mitsubishi plans to release will be powered solely by an internal combustion engine, five will be hybrids, and the remaining two will be BEVs.

Governments around the world are now enacting stricter emission regulations, and consumers are becoming more conscious of their carbon footprint. This coincides with Mitsubishi's push towards electrification.

Mitsubishi is positioning itself to remain relevant in the highly competitive global automotive industry by focusing on electrified vehicles.

In other news, Mitsubishi Materials, a Japanese metals company, will soon begin commercial recycling rare earth metals such as cobalt and lithium extracted from used lithium-ion batteries of electric vehicles (EVs) in fiscal 2025.