Mitsubishi Motors expects to post a net loss of over 3 billion dollars this fiscal year. But the CEO tells NHK he plans to rebuild the company's business with a focus on Southeast Asia.
Kato Takao says Mitsubishi's alliance with Nissan Motor and Renault give it a competitive advantage in the region.
He adds that his company will concentrate its efforts on electric vehicles.
"Environmental awareness will gradually grow in ASEAN nations, and the electrification of vehicles is a key part of this," he said. "Our target is to launch the production of plug-in hybrid electric vehicles in Thailand next January."
Mitsubishi last week announced that it is stopping production of its once popular Pajero. Kato says sales have gone down as consumers increasingly favor more fuel-efficient models.
Kato also says the firm is planning to reduce the office space at its headquarters by about 20 percent by the end of the current fiscal year.
The company has been allowing nearly a third of its staff to work from home during the pandemic.
