Mitsubishi Motors eyes 30pc rise in vehicle sales in 3 years

TOKYO: Mitsubishi Motors Corp on Wednesday said it planned to boost revenue and annual car sales by 30 percent in the next three years and crank up R&D investment as the Japanese automaker expands its presence in Asia, the U.S. and China while it draws a line under last year's mileage cheating scandal.

Announcing its mid-term strategic plan through the end of the 2019 financial year, Japan's seventh-largest automaker also said it would increase its operating margin to 6 percent or more.

It is also targeting cost savings of more than 100 billion yen ($891.11 million) over the next three years due to development and procurement efficiencies to be created after it became a member of the automaking alliance of Nissan Motor Co Ltd and Renault SA.

Nissan last year took a controlling stake in Mitsubishi Motors after the smaller automaker admitted it had overstated the fuel economy of some of its domestic models.