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Mitsubishi reportedly plans to spend billions to get back in the game

Reuters

Japanese automaker Mitsubishi Motors reportedly plans to inject more than 600 billion yen ($5.35 billion) in capital spending and research and development over the next three years through fiscal 2019 in a bid to turn around its business after recent scandals.

The Nikkei newspaper said the new plan calls for spending 5 percent of annual sales on equipment and the same proportion on R&D.

Funds will be used by the company for the development of electrified vehicles such as the new e-Evolution concept and for production in China and Indonesia.

Mitsubishi Motors will release the specifics of the new medium-term plan on Wednesday, the business daily said.

($1 = 112.1600 yen)

Reporting by Sumeet Gaikwad

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Mitsubishi reportedly plans to spend billions to get back in the game originally appeared on Autoblog on Tue, 17 Oct 2017 08:05:00 EDT.