Mitsubishi, once a rising star in the U.S. automotive market, is set to make a strong comeback with its Momentum 2030 North America business plan. This five-year strategy aims to revitalize the brand by introducing a variety of new and refreshed vehicles, including electric vehicles (EVs), plug-in hybrids, and conventional hybrids, to American showrooms starting immediately.
Mitsubishi’s Momentum 2030 plan comes at a crucial time, with the company’s U.S. sales showing promising growth—nearly 2% last year and an impressive 35.7% in the first quarter of 2024. The plan promises a yearly debut of new or significantly updated vehicles from fiscal 2026 to fiscal 2030. This includes modernizing the retail sales model and expanding the dealer network to improve customer experiences.
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The current Mitsubishi line-up in the U.S. is relatively sparse, featuring models like the Outlander, Outlander Sport, Mirage, and Eclipse Cross. However, the new strategy aims to refresh and expand this range significantly. There are hints of new entries in segments where Mitsubishi currently doesn’t compete, such as a U.S. version of the Delica van and a new variant of the rugged Outlander.
Electrification is a significant focus of the Momentum 2030 plan. Mitsubishi plans to advance its lineup with a mix of hybrid, plug-in hybrid, and battery electric powertrains. This shift is partly driven by the need to comply with stringent new emissions standards in the U.S., which require two-thirds of vehicle sales to be all-electric by 2032. Among the new offerings could be an all-electric version of a Mitsubishi pickup, and potentially a plug-in hybrid variant of the new Delica.
Mitsubishi’s revival involves strategic collaboration with its partners in the Renault-Nissan-Mitsubishi Alliance. Many of the new models will utilize platforms and powertrains developed by Nissan and Renault. Additionally, some of these new vehicles may be assembled in the U.S. at Nissan’s plant in Smyrna, Tennessee, to qualify for federal tax credits for EVs.
Mitsubishi’s journey has been fraught with challenges, including financial struggles and scandals. The brand has managed to survive, largely thanks to a bailout by Nissan in 2016. Now, as part of the global alliance, Mitsubishi is poised to leverage its partners’ strengths to rebuild its presence in the North American market. The Momentum 2030 plan is a bold step towards reclaiming its position and achieving sustained growth in the competitive automotive landscape.
