Mitsubishi Motors Corp. intends to electrify 100% of the cars it sells by the fiscal year 2035.
The Japanese car manufacturer is planning to invest 1.8 trillion yen, about 13.1 billion dollars, in electrification by 2030.
An additional investment worth 210 billion yen will go towards the creation of batteries with 15 gigawatt hours of production capacity.
On top of that, the automaker announced its plans to release new electric and hybrid models over the next five years.
It stands to mention that automakers intend to switch to the production of electric vehicles in the next decade. This decision was previously announced by General Motors Co, Volkswagen AG, and Honda Motor Co. Mitsubishi Motors, with a 34 percent stake owned by Nissan Motor Co., has been the latest to join the list.
Meanwhile, their competitors Tesla Inc and BYD Co are putting their best foot forward to increase sales. Mitsubishi Motors has also reported its planned annual sales totaling 1.1 million vehicles. This goal is expected to be achieved by 2025.
In the meantime, global industry leader Toyota Motor Corp is investing over four trillion yen in electric cars. The automaker plans to hit 3.5 million vehicles in annual sales by 2030 and produce "the widest range of powertrains for cleaner driving."
Hybrid vehicles are also becoming increasingly popular. With the first i-MiEV model released in 2009, four years later the company unveiled Outlander PHEV.
In January, Mitsubishi Motors' global output dropped 6% to 84,000 vehicles. Domestic sales went up 13% to 8,000 vehicles, with exports falling 10% to 16,000 vehicles accordingly.
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