By Daisuke Narahashi

Yomiuri Shimbun Staff Writer

Mitsubishi Motors Corp. President Takao Kato has revealed that the Japanese automaker will scrap its plan to develop two in-house electric vehicle models by 2028.

The automaker has concluded that demand for EVs is slowing down, according to Kato. Therefore, it will redistribute management resources to plug-in hybrid vehicles (PHVs).

"The growth of EVs has come to a standstill globally, and hybrid cars and PHVs are gaining renewed attention as a more pragmatic environmental technology," said Kato at a press conference to announce the company's financial results on Thursday. "For the time being, we will concentrate on developing PHVs. We will mainly utilize products made by original equipment manufacturers (OEM) to correspond to the markets demanding EVs.

"As we have changed our plan to develop in-house EVs, investments in batteries have also become unnecessary," Kato added. Mitsubishi Motors had previously planned to introduce nine electrified car models, including two in-house EV models, by 2028.

This article is from The Yomiuri Shimbun. Dow Jones Newswires and The Wall Street Journal were not involved in the creation of this content.

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May 12, 2025 01:34 ET (05:34 GMT)

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