Japanese automaker Mitsubishi Motors said on Friday it aimed to more than double its annual net profit over the next three years by boosting sales in emerging markets.
The company aims to cut costs, improve efficiency and boost sales, particularly in resource-rich regions such as the Middle East, Latin America and Russia, the automaker said in a business plan.
The new mid-term business strategy comes as the fallout from the subprime credit crisis weighs on demand for cars in the US and as the yen strengthens against the dollar, creating a headwind for Japanese carmakers.
"We reworked our mid-term business plan to reflect the latest developments, such as the subprime loan problems, the yen's strengthening, higher crude oil prices and higher raw materials prices," group president Osamu Masuko said.
Friday, February 29, 2008
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