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Mitsubishi reportedly plans to spend billions to get back in the game

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 Related Video: Image Credit: Reuters Earnings/Financials Green Plants/Manufacturing Mitsubishi Technology Emerging Technologies Electric research and development nikkei

Mitsubishi to showcase eX crossover concept in Tokyo

The Tokyo Motor Show is coming up at the end of the month, and Mitsubishi isn't about to sit it out. That's where the Diamond Star automaker will unveil the eX Concept pictured here. The electric crossover concept packs what the company terms as a "next-generation EV system" into what looks at first blush like a rather dramatic design. Mitsubishi is telling us next to nothing about the eX and its specifications. However, it indicates that the concept incorporates an all-electric powertrain, all-wheel drive, an automated driving system, vehicle connectivity, and active safety systems. The automaker has also only revealed the one rendering above, but it bears all the hallmarks of a modern Mitsubishi concept like the ones we've seen in recent years. That includes the company's signature Diamond Shield front grille, flanked by narrow, angular headlights and oversized running lamps. Naturally, this concept rides on oversized wheels and boasts spindly little mirrors, all in an effort to tell us this is a bonafide show car and not a pre-production prototype. We'll look forward to seeing more in the near future, but in the meantime you can delve into what little Mitsubishi is telling us at this point in the press release below. Related Video: MITSUBISHI MOTORS LINEUP AT 44TH TOKYO MOTOR SHOW – ANOTHER STEP FORWARD WITH SUVS AND ELECTRIC POWER 08/10/15 from Mitsubishi Motors in the UK Print this page Add this release to Your Downloads TOKYO — Mitsubishi Motors Corporation (MMC) will unveil the Mitsubishi eX1 Concept, a compact SUV concept car, with a next-generation EV system at the 44th Tokyo Motor Show 20152. The concept car showcases MMC's next-generation electric vehicle (EV) technologies, a new take on the Dynamic Shield front design concept, and a vast range of other technologies for superior driving pleasure in a compact crossover package. MMC's display reflects the main theme of "Driving Beyond" – another step forward with SUVs and electric power. ELEGANCE & SUV & 100% ELECTRIC The Mitsubishi eX Concept is a vision for a unique all electric powered compact SUV aimed at the fast growing compact SUV market. It uses MMC's state-of-the art EV and all-wheel control technologies combined with automated driving, connected car, and active safety systems. Both exterior and interior design indicate the direction MMC Design is taking.

Nissan sees its EV sales surging to 1 million annually by 2022

YOKOHAMA, Japan — Nissan announced plans to sell 1 million electric vehicles (EVs) annually by 2022, a six-fold jump from what it sold last year, and said it had no plans to stop testing its self-driving cars on public roads, calling them safe. Japan's No. 2 automaker and its rivals are planning to crank up development and production of electric cars in response to tightening emissions regulations around the world, even as demand for such vehicles remains limited due to their high cost and limited charging infrastructure. Launched as the world's first mass-market all-battery EV in 2010, Nissan's Leaf compact hatchback is the world's best-selling EV, though sales have been just around 300,000 units in its lifetime. The company now plans to focus its lower-emissions lineup on all-battery and gasoline-hybrid EVs rather than costlier technologies including plug-in hybrids. Nissan said on Friday it would develop eight new all-battery EVs over the next five years, including four models for China. Its luxury Infiniti brand would begin carrying new electric models from 2021, it added. Through 2022, vehicles powered by its "e-Power" gasoline-hybrid technology would likely comprise the majority of Nissan's electric line-up, it said. Such vehicles use gasoline to power the car's motor, requiring a much smaller battery than EVs and therefore are less expensive to produce. "The heart of our strategy in terms of electrification is battery EVs and e-Power technology," Nissan Chief Planning Officer Philippe Klein told reporters at a briefing. Concerns about EV battery costs and components have prompted many automakers to develop a variety of lower emissions technologies, but Klein said that Nissan would largely forego plug-in hybrids and hydrogen fuel cell technologies, given their low cost-performance at the moment. In 2017, Nissan sold 163,000 electric vehicles globally. Nissan and its automaking partners, Renault and Mitsubishi, together plan to launch 17 electric models as part of their strategy to achieve annual vehicle sales totaling 14 million units by 2022, compared with 10.6 million units in 2017. Self-driving tests to continue Automakers and technology companies are facing mounting pressure to prove that their automated driving functions under development are safe to use on public roads following a fatal accident involving a self-driving car operated by Uber Technologies [UBER.UL] in the United States earlier this week.