Are Mitsubishi back? Six all-new cars coming to us by 2020
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They've been a lean few years for Mitsubishi.
Struggles with financial matters has seen the Japanese manufacturer's flow of new models dry to a crawl, with Nissan taking on a one-third stake in the company just last year. Development on many of their existing models remains mainly cosmetic, including the Lancer and the ASX. Yet, their sales in New Zealand hum along, as the Outlander and the Triton ute continue to post competitive numbers.
But, the company may well be on the edge of a new-car renaissance if their latest announcement is anything to go by.
They've called it the 'Drive for Growth' — a three-year plan that sees them drawing a line in the sand on where they want to be by the time 2020 swings by.
The plan is headlined by the goal six "entirely new" cars to come during this stint, combined with five revised editions of existing models — making for 11 new cars in total.
These include the new Eclipse Cross crossover that Driven editor Tony Verdon recently sampled in Wellington, the company's Xpander people mover (get it? Expander? Get it!?), and an electric Kei car that could potentially be exclusive to the Japanese market.
As you would expect, investment will grow to help fund these new machines. Mitsubishi's plan estimates that an investment of over ¥600billion (NZ$7.4billion) will help make these new models happen.
The desired result at the end of the new models and increased investment? A growth in annual sales and revenue of 30 per cent; 1.3-million car sales and ¥2.5trillion of revenue, annually, by 2020.
"We will rebuild trust in our company as our highest priority, successfully launch new vehicles, and achieve a V-shaped financial recovery," said Mitsubishi Moters CEO Osamu Masuko.
“These will be the foundations for our future sustainable growth, which will involve increased capital expenditure and product development spending."