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Mitsubishi Motors Targets 30% Sales Growth
Mitsubishi Motors Corp. aims to boost sales and revenue by 30% each over the next three fiscal years, mainly by expanding into emerging markets.
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Mitsubishi Motors Corp. aims to boost sales and revenue by 30% each over the next three fiscal years, mainly by expanding into emerging markets.
The increases target annual sales of 1.3 million vehicles and revenue of 2.5 trillion yen for the year ending March 2020. MMC hopes to achieve an operating margin of 6% by then, up from 0.3% in the year ended last March 31.
The company’s mid-term strategic plan also calls for 100 billion yen ($891 million) in cost reductions over three years. MMC says much of the savings will come through synergies in parts procurement and product development realized by its membership in the Renault-Nissan Alliance.
MMC has been spending the past 18 months trying to recover from a widespread emission test cheating scandal that nearly bankrupted the company. Nissan spent $2.3 billion to acquire a controlling 34% stake in MMC 12 months ago.
MMC confirms it will spend 600 billion yen ($5.3 billion) over the three-year period to develop and introduce 11 new models. The company intends to multiply its annual sales in China from 80,000 in the previous fiscal year to 220,000 by the early 2020s.
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