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Mitsubishi's New Growth Plan Announced

Mitsubishi has unveiled a new three-year strategic plan called the Drive for Growth, through which the embattled automaker hopes to increases its global annual sales by more than 30%.

The Japanese manufacturer has struggled through a difficult period, from which it is now attempting to rebound by updating its image, increasing its investment in research and development by 50%, targeting a larger number of markets, renewing its vehicle lineup and launching new models.

Mitsubishi will expand its offering of all-wheel drive trucks and SUVs, not to mention electric-powered vehicles. It is planning to add eleven new models in all, including the already-unveiled Eclipse Cross.

At the same time, the company will deploy resources to increase the efficiency of its operational structure and better control costs in a bid to maximize profits.