Mitsubishi Motors Corporation (MMC), unveiled its next Mid-Term Business Plan (MTP). This three-year plan, dubbed Challenge 2025, sets out MMC’s corporate direction in reinforcing the company’s environmental commitment toward a carbon-neutral future, laying the foundation for how MMC will work within the Renault-Nissan-Mitsubishi Alliance and other global alliances, and discussing future plans for various global markets.
Under Challenge 2025, the next three-year mid-term plan (MTP), Mitsubishi Motors Corporation (MMC) will accelerate efforts toward a sustainable carbon-neutral future, made possible through a reduction of vehicle CO2 emissions by 40% and a reduction in operational CO2 by 50% by 2030.
Additionally, MMC will move to make 50% of global sales an EV by 2030, and then 100% of the fleet electrified by 2035 (“EV” specifically refers to a blend of plug-in hybrids (PHEV), hybrids (HEV) and pure electrics (BEV)). This goal is made possible through more aggressive investment in R&D and CAPEX, particularly in areas of electrification, IT, and new business. MMC also envisages a 210 billion Yen (US$1.5 billion) investment in battery sourcing to achieve its EV sales target in 2030.
During the three years that comprise Challenge 2025, MMC will:
- Build upon the momentum already started globally with sales successes, segment-leading product launches, industry awards, and regional successes; strengthen brand reputation; and maintain stable earnings for the company through specific regional strategies
- Accelerate EV development toward the company’s goal of carbon neutrality, and enhance collaboration with Renault-Nissan-Mitsubishi Alliance partners
- Continue technology innovation and digitalization already begun, as well as expand into new areas of business growth
Specifically, as it relates to North America, the next three years of business will see an enhanced and electrified product lineup in the market, closer cooperation with Alliance member Nissan, and growing the company’s local leadership position in digital tools for sales and marketing areas across other global markets. Coming off of two straight years of year-on-year retail sales growth and being named the number one mass-market brand in JD Power’s 2023 Customer Satisfaction Index study, momentum is on the company’s side in the U.S. right now.