Japanese automaker Mitsubishi Motors reportedly plans to inject more than 600 billion yen ($5.35 billion) in capital spending and research and development over the next three years through fiscal 2019 in a bid to turn around its business after recent scandals.
The Nikkei newspaper said the new plan calls for spending 5 percent of annual sales on equipment and the same proportion on R&D.
Funds will be used by the company for the development of electrified vehicles such as the new e-Evolution concept and for production in China and Indonesia.
Mitsubishi Motors will release the specifics of the new medium-term plan on Wednesday, the business daily said.
($1 = 112.1600 yen)
Reporting by Sumeet Gaikwad
Mitsubishi reportedly plans to spend billions to get back in the game originally appeared on Autoblog on Tue, 17 Oct 2017 08:05:00 EDT.