TOKYO — Mitsubishi Motors Corp. may be preparing to scale back its efforts in the U.S.
CEO Takao Kato says the Japanese carmaker's new strategy will focus less on huge global markets where the brand is merely an also-ran.
Addressing investors during Mitsubishi's annual shareholders meeting last week, Kato said the automaker will dial down business in megamarkets such as Europe and China. He didn't mention North America or the U.S. by name. But the company later confirmed that it indeed considers the U.S. a megamarket.
The company's new plan is called Selection and Concentration. Under Mitsubishi's previous business plan, Drive for Growth, the carmaker had specifically flagged North America and China as two regions of focus.
"Even though we increased sales volume in the megamarkets, we have not yet achieved the level of profit we expected," Kato said. "We aim to increase sales in the regions where we can offer our core products. We will gradually reduce our commitment to megamarkets."