Japan-based Mitsubishi Motors is poised to scale up its EV business in the next few years. It revealed a new mid-term business plan, Challenge 2025, aiming to increase spending on R&D and CAPEX in electrification. The carmaker also plans to roll out four battery EVs in five years.
Mitsubishi announced the plan for fiscal years 2023 to 2025 on March 10. Since launching its first EV, i-MiEV, in 2009, the company has been sluggish in growing EV lineups compared with rivals in China or Europe. The xEV accounted for about 7% of its total sales in fiscal year 2021 ending
