Plug-in hybrids and electric vehicles also in the mix
Mitsubishi has announced its Drive For Growth three-year plan, which will include the release of six all-new vehicles.
The plan targets a 30 per cent increase in annual sales to 1.3 million vehicles per annum, along with an operating profit margin of 6.0 per cent or more by the end of 2019.
Drive For Growth is based on three main initiatives: product renewal, focus on core markets to drive revenue growth, and cost optimisation.
Additionally, the company says five "important updates of existing vehicles" will be launched over the same period - another ASX facelift, maybe?
Mitsubishi expects its five best-selling models at the end of the three-year plan to be a mix of SUV, 4x4 and plug-in hybrid vehicles (PHEV), accounting for 70 per cent of its total sales volume globally.
The product rollout will include electrified variants across its core model range, along with an all-electric kei car for the Japanese market from 2020.
Next is 'focus on core markets to drive revenue growth', which will primarily involve the Association of Southeast Asian Nations (ASEAN) - including Indonesia.
Part of this aspect includes the opening of a new manufacturing facility in Indonesia, and the launch of the Xpander people mover (above).
Mitsubishi says its ASEAN business is the group's largest and most profitable operation, with volumes in the region forecast to rise from 206,000 units per year to 310,000 in 2019.
In Japan, meanwhile, the company plans to launch new models for the vital mini-car (kei) segment. For the US, Mitsubishi will "improve" its dealership networks, targeting 30 per cent more sales in 2019.
Finally, in China, Mitsubishi will double its dealership count to try and increase sales to 220,000 units in 2019 – more than double its current figures.
Above: Mitsubishi Grand Tourer GT-PHEV concept
The third and final initiative of the company's plan is cost optimisation. Mitsubishi says it will "tightly manage" production costs, with an aim to reduce expenditure by 1.3 per cent per year - despite a 50 per cent increase in research and development (R&D) over the same period.
In addition to cuts for production costs, the company will "benefit from growing synergies" from the Renault-Nissan-Mitsubishi alliance, seeking around 100 billion yen ($1.13 billion) over the course of the plan.
"We are refreshing our product line-up, investing in R&D and targeting core market growth," said Osamu Masuko, CEO of Mitsubishi Motors.
"Drive for Growth will enable us to continue the transformation of the company over the next three years."
"We will rebuild trust in our company as our highest priority, successfully launch new vehicles, and achieve a V-shaped financial recovery. These will be the foundations for our future sustainable growth, which will involve increased capital expenditure and product development spending," Masuko added.
The Mitsubishi Eclipse Cross will arrive Down Under by the end of 2017, though it's unclear what else is in store for our market – the Xpander looks set to be reserved to the ASEAN region for now.