Mitsubishi Aims to Electrify All Its Vehicles by 2035
August 17 2023,
Mitsubishi Motors Corporation has announced its plans to electrify all vehicles sold globally by the fiscal year of 2035. The investment is expected to cost a total of more than 1.4 trillion yen, roughly around USD $10 billion, through the fiscal year 2030.
Electric by 2035
Previously the brand had announced a goal of increasing electric vehicle sales to half of their vehicles available globally by 2030. However, the recent decision establishes the brand as the latest Japanese automaker to move away from fossil fuel-powered cars. This decision comes amidst the increase of competition around the globe.
The Near Future
Currently, electric vehicles only account for around 10 percent of the brand’s sales globally. With 16 new cars planned to release during the next five years, nine of which will be electric, the company plans to focus resources on the Oceanian and Southeast Asian markets. The brand will also broaden its lineups for the U.S. and European markets by selling cars produced by its alliance partners.
Investments and Batteries
It’s announced that the investment cost by the fiscal year ending 2031 will be between 1.4 trillion yen and 1.8 trillion yen. The brand has also announced its intent to spend 210 billion yen, roughly USD $1.4 billion, procuring batteries by the fiscal year of 2030. These batteries will help the company catch up with its production of electric vehicles and compete with other brands.
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