Mitsubishi currently offers the Outlander PHEV, but with new fully electric vehicles from nearly every other automaker hitting the market, Outlander sales fell 12% from 2021 to 1,961 last year.
As part of Mitsubishi’s new strategy, the automaker plans for 100% of its sales to be either pure electric or hybrid by 2035, compared to its previous guidance of 50% electrified sales by 2030.
Mitsubishi calls the next two years “a turning point to a major transition” as it looks toward contributing to a sustainable society with a beefed-up lineup of electrified vehicles.
To make the transition possible, Mitsubishi plans to ramp up R&D expenses over the next few years to reach 70% of its budget after 2026, up from 20% currently.
The Japanese automaker is already falling behind in the fully electric market and is seeing PHEV sales decline. The new electric business strategy and investments are designed to stimulate the Mitsubishi brand and bring it into the modern day, but delaying any further will be wasting valuable time.
Many automakers are already achieving double-digit, even 100%, EV sales and are working on their second or third-generation EVs.