Mitsubishi Seeks To Sell Only Electric Cars By 2035

Mitsubishi Motors Corp. said it aims to electrify all of the cars it sells globally by fiscal 2035, expecting related investment to total more than 1.4 trillion yen ($10 billion) through fiscal 2030, Kyodo News reported.

Photo Insert: Currently, electrified vehicles account for less than 10% of the company's car sales.

Mitsubishi Motors, which had previously set a 50% electrification target for its cars by fiscal 2030, is the latest Japanese automaker to accelerate a shift away from gas-powered vehicles amid intensifying competition worldwide.

"We will push ahead with electrification. We will introduce new technologies to achieve carbon neutrality," Mitsubishi Motors President Takao Kato told a press conference.

Currently, electrified vehicles account for less than 10% of the company's car sales, Mainichi Japan also reported.

Investment by the year ending March 2031 will reach somewhere between 1.4 trillion yen to 1.8 trillion yen, he said. The maker of the Outlander sport utility vehicle plans to launch 16 new cars, including nine electrified models globally in the next five years.

The company will focus its resources in the Southeast Asian and Oceanian markets to increase profit, it said. It also said it will spend a total of 210 billion yen on procuring batteries by fiscal 2030 to catch up with the increased production of battery-powered vehicles.

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