October 16, 2017 / 11:21 PM / 10 months ago

Mitsubishi Motors to accelerate R&D, capital spending: Nikkei

(Reuters) - Japanese automaker Mitsubishi Motors Corp (7211.T) is planning to inject more than 600 billion yen ($5.35 billion) in capital spending and research and development (R&D) over the next three years through fiscal 2019 in a bid to turn around its business after recent scandals, the Nikkei said.

Mitsubishi Motors Corp's vehicles and a woman are reflected on an external wall at the company headquarters in Tokyo, Japan May 9, 2017. REUTERS/Toru Hanai

The new plan calls for spending 5 percent of annual sales on equipment and the same proportion on R&D, the Nikkei reported.(s.nikkei.com/2geSr78)

Funds will be used by the company for the development of electrified vehicles and for production in China and Indonesia.

Mitsubishi Motors will release the specifics of the capital injection in a new medium-term plan due Wednesday, the business daily said.

Reporting by Sumeet Gaikwad in Bengaluru; Editing by Stephen Coates

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