Copyright FOURIN, Inc. 2023
Mitsubishi Motors’ Business Strategy in ASEAN
Mitsubishi Motors expects the market size of automobiles in ASEAN and Oceania to increase by 42% by 2030 compared to 2022. Positioning both regions as growth drivers, the company is concentrating resources and aiming to expand unit volume, market share and profits in these markets. Mitsubishi Motors plans to introduce 12 new models over the next five years, seven of which will be electric vehicles. These goals have been set in the company’s medium-term plan which began in 2023.
Looking at production, a new SUV, based on the XFC concept model, has recently gone into production in Indonesia. The same model is being considered to be also manufactured in Vietnam. In addition, production of the L300 began in Indonesia in May 2023, followed by the Minicab-MiEV at the end of the year. Moreover, Mitsubishi Motors plans to expand manufacturing in the Philippines to reduce costs and shorten the lead time for vehicle delivery.
Regarding sales, Vietnam was selected as the first market for the new XFC-based SUV. It was launched in April 2023. The model also debuted in Indonesia in August 2023. The deciding factor for launching the model in ASEAN was the strong growth of the small SUV segment in the region. Meanwhile, Mitsubishi Motors is also conducting demonstration tests of a small commercial BEV Minicab-MiEV with local companies in Indonesia.