As part of the turnaround plan, Marelli is seeking the cancellation of about 450 billion yen ($3.5 billion) in debt, out of obligations of about 1.13 trillion yen, Bloomberg reported.
There are no signs of any imminent structural change in the three-way alliance that includes Mitsubishi Motors Corp.
The latest announcement builds on a string of initiatives CEO Toshihiro Mibe is taking to make the lineup at Japan’s No. 2 automaker completely gasoline-free by 2040.
The supplier, previously owned by Fiat Chrysler Automobiles, carried at least $9.5 billion in total debt as of September, sources told Bloomberg. Marelli is the world's 18th largest auto supplier.
Continental Structural Plastics, Inapal Plásticos, Benet Automotive, CSP Victall and Teijin Automotive Center Europe are combining to form one brand: Teijin Automotive Technologies.