Mitsubishi Motors to Introduce Eight Hybrid, Electric Car Models by 2015

Mitsubishi Motors Corp., maker of the i-MiEV electric car, plans to introduce eight hybrid and battery-powered models by 2015 as demand for fuel-efficient automobiles grows.

The automaker also aims to increase annual global sales to 1.37 million vehicles by fiscal 2013 from 1 million in the current year ending March 31, the Tokyo-based company said today in a statement outlining its mid-term business plan.

Mitsubishi will increase the proportion of its overseas production to 54 percent of total output by fiscal 2013, from about 44 percent currently, it said. Japanese carmakers including Mitsubishi and Toyota Motor Corp. are moving output overseas as a strengthening yen makes it more difficult to export vehicles at a profit.

Shares of Mitsubishi rose 1.7 percent to 120 yen at the 3 p.m. close of trading in Tokyo.

The carmaker aims to boost net income to 45 billion yen ($548 million) in the year ending March 2014. Operating profit is projected at 90 billion yen on sales of 2.5 trillion yen.

Mitsubishi said it may invest in a local partner in Brazil as it shifts production abroad. The carmaker will increase output in emerging markets as well as the U.S., President Osamu Masuko said today in Tokyo.

As part of the plan to offer more hybrids and electric vehicles, the automaker aims to sell two plug-in hybrid autos by fiscal 2012, it said.

To contact the reporter on this story: Anna Mukai in Tokyo at amukai1@bloomberg.net; Yuki Hagiwara in Tokyo at yhagiwara1@bloomberg.net

To contact the editors responsible for this story: Kae Inoue at kinoue@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.