Mitsubishi Motors to invest up to $13 bil. for EV development

Major Japanese automaker, Mitsubishi Motors, says it will invest up to 1.8 trillion yen, or about 13.4 billion dollars, by fiscal 2030 for development of electric cars.

Mitsubishi Motors announced on Friday that it plans to introduce nine electrified models, including plug-in hybrid and electric vehicles, in the next five years. The automaker said all new vehicles it offers will be electrified models by fiscal 2035.

The company plans to invest 1.4 to 1.8 trillion yen, or about 10.4 to 13.4 billion dollars, for research and development of EVs, batteries and others by fiscal 2030.

Mitsubishi plans to focus on sales of hybrid vehicles in its main market of southeast Asia, as there are many regions that do not have sufficient numbers of battery charging stations. In Europe, the company plans to sell electric vehicles made by its alliance partner Renault.

Mitsubishi Motors President Kato Takao said in a news conference that the company aims to strengthen its brand name by stepping up development of electrified models and boosting the alliance with Renault.