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MMC Plans $5.7 Billion Spending Spree
Mitsubishi Motors Corp. says it will spend more than 600 billion yen ($5.7 billion) through early 2020 on product development and capital investments.
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Mitsubishi Motors Corp. says it will spend more than 600 billion yen ($5.7 billion) through early 2020 on product development and capital investments.
By then, MMC aims for a return on equity and a return on assets of 15% and 7.5%, respectively. The company expects ROE and ROA of 13% and more than 6% in the fiscal year ending March 31, The Nikkei reports.
MMC is recovering from regulatory cheating scandals in 2000 and 2004 that slashed sales and forced it to close plants, sell dealerships and dispose of other assets. Nissan Motor Corp. gained a controlling 34% stake in the company last year.
Now MMC plans to slowly repurchase some of the assets it sold. The company also will hike ownership in its financing unit, MMC Diamond Finance, to 97% from 47% at the end of this month.
The company’s midterm plan targets revenue growth of 30% to 2.5 trillion yen ($23.6 billion) in two years.
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