FY2023-2025 Mid-Term Business Plan
“Challenge 2025”
March 10, 2023

Challenge 2025

“2023 – 2025”
A Turning Point to a Major Transition Era

The Challenge forFurther Growth & the Next Generation2 Review of Current Mid-Term Business Plan
 Long-term Road Map
 Challenge 2025 Overview
 Challenge 2025 Key Strategy

3

Review of Current Mid-Term Business Plan “Small but Beautiful”
Achieved a Swift Shift to a Lean and Agile Business Structure
Significant Profit Improvement Achieved through Fixed Cost Reduction and Revenue Improvement
Initiative Items
Reduce fixed cost by 20% within 2 years
by consolidating investments into core regions and products

Results
Achieved in 1 year

Concentrate management resources in ASEAN
Reform business structure in developed countries

Boosted product rollouts for ASEAN in new MTP*
Reformed European business with Alliance support

Enhance xEV lineup
Enhance technology development for xEVs

2 PHEVs / Production restart of Kei commercial EV /Kei EV (Nissan) / EV for China (Guangzhou Automobile Gr.) /Took PHEV/HEV/BEV technology into the next generation

Optimize production structure

Restructured domestic production

Strengthen Partnerships

Utilized new technologies from the Alliance(CMF-CD platform / E-Architecture / ADAS /Kei EV technology, etc.)* Mid-Term Business Plan

4

Review of Current Mid-Term Business Plan “Small but Beautiful”
Significant Profit Improvement Achieved through Fixed Cost Reduction and Revenue Improvement(K Units, Billion yen)

170.0

2000

11.0%

87.3

1000

6.0%
6.9%

12.8

Operating profit
(%)

50.0

4.3%

0
0.6%

1.0%

-6.5%

-4.0%

-95.3

-9.0%

-1000
-2000

FY2019FY2019FY2020
FY2020

FY2022
MTP
TargetFY2022

FY2021
FY2021

FY2022(forecast)
FY2022-14.0%

Free Cash Flow

-82.8

-178.8

25.6

31.0

-

Sales Volume (Retail)

1,127

801

937

1,054

866

R&D Expenses

130.9

101.4

90.7

99.0

102.0

CAPEX

103.9

76.4

62.7

100.0

90.0

Depreciation

74.8

65.9

53.6

80.0

59.0

5

 Review of Current Mid-Term Business Plan
 Long-term Road Map
 Challenge 2025 Overview
 Challenge 2025 Key Strategy

6

Long-Term Road Map
2020

2025

Increased awareness of CN
Societal
Changes2035

2030
Initiatives to achieve CN / Battery evolution

Generation Z (prioritize Experience, Empathy, and Time Performance)

To Generation α...

Digital Technology Evolution (Comms(5G/6G), DX, AI, Robotics, and Metaverse)

Mid-Term
Business Plan

“Small but Beautiful”

VehicleElectrification

Mainly ICE“Challenge 2025”

ICE / HEV / PHEV / BEV mixed

Use of digital techin business- System upgrade- DX

BusinessForm- Vehicle sales- After sales- Value chain expansion- New business challenges

Regional
Strategy

Global rollout

Focus area selection
and role clarificationDX /New Business

Mainly HEV / PHEV / BEV

Mainly BEV

Fully fledged rollout of new business using digital tech
- Vehicle sales + securing profit in new business areas- Deeper collaboration with partners (energy management, etc.)

Clarifying regional roles and securing profit for each region7 Review of Current Mid-Term Business Plan
 Long-term Road Map
 Challenge 2025 Overview
 Challenge 2025 Key Strategy

8Challenge 2025 Management KPIs
Sales KPIs

Financial KPIs
FY2025Net Sales
per Vehicle¥2,500k

Sales Volume(Retail)

1,100kunits

Investment KPIs

FY2025

Operating Profit(%)
EBITDA*(%)

Free Cash Flow

Shareholders’ Equity(Equity ratio)

FY2025¥220.0bn
7%

R&D Expenses¥300.0bn
10%

CAPEX

(Electrification)¥150.0bn¥70.0bn(IT/New Business)¥130.0bn¥55.0bn¥15.0bn

Depreciation¥85.0bn(Electrification)¥150.0bn¥1.0trn
45%* Earnings Before Interest, Taxes, Depreciation,
and Amortization

9

Challenge 2025 Management KPIs
220.0

(K Units, Billion2500
yen)

170.0

2000

11.0%

1500

87.3

1000
500
Operating profit
(%)
0
-500

50.0
12.8

7.0%

6.9%

4.3%

1.0%

0.6%

-1000

-6.5%

-1500

-95.3

-4.0%
-9.0%

FY2019FY2020

FY2021

FY2022Current MTP
Target

FY2019-82.8

FY2020-178.8FY2021
25.6

FY202231.0

FY2022-

Sales Volume (Retail)

1,127

801

937

1,054

866

→

1,100

R&D Expenses

130.9

101.4

90.7

99.0

102.0

→

150.0

CAPEX

103.9

76.4

62.7

100.0

90.0

→

130.0

Depreciation

74.8

65.9

53.6

80.0

59.0

→

85.0

USD

109

105

112

107

135

127

THB

3.52

3.41

3.44

3.47

3.83

3.88

-2000
-2500
Free Cash Flow

FX Rate
(Yen)

6.0%

FY2022(Forecast)

FY2025
New MTP
TargetFY2023→

FY2024-14.0%FY2025150.0

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R&D Expenses / CAPEXR&D Expenses

CAPEX

+30%

+30%

FY2023-28

FY2023-28

1600

1600

1400

1400

FY2017-22

1200

70%

1200

1000

1000

800

800

600

600

400

FY2017-22

70%

50%

400

20%

IT/New Business20020％
Electrification

200
Electrification00Previous MTP
FY2017-19

Current MTP
FY2020-22

New MTPFY2023-25

Next MTPFY2026-28

Previous MTP
FY2017-19

Current MTP
FY2020-22

New MTPFY2023-25

Next MTPFY2026-28

11

The 3 Major Challenges in Challenge 2025
Establishment/Strengtheningof Absolutely Stable
Revenue Base

Enhance profitability
in ASEAN / Oceania

Working toward
Carbon Neutrality

Strengthening electrification
development and Alliancefor the 2nd phase ofxEV lineup enhancement(FY2026-2028)

Digitalization / Expansion
into New Business Areas

In-house IT infrastructure renewal/ Digital HR development

Energy Management

Enhance profitability in otherregions with ASEAN products(Latin America, Middle East/Africa)

Battery Reuse
Business improvement in Advanced
Technology Promotion Regions(Japan / North America /Europe / China)

Boosting action for
Scope1-3 of CO2 reductions(Production/Procurement)

Data Sales

12

The Role of Mitsubishi Motors-ness

Mitsubishi Motors-ness - To be the company of choice for our customers

What is Mitsubishi Motors-ness?
The provision to customers of a fulfilling mobility life that awakens theiradventurous spirit on the basis of reliability backed up by technology that
achieves “Eco-friendly x Safety Technology, Peace of Mind and Comfort”

Boosting the Mitsubishi Motors brand and Value-Oriented business
13

The Product Vision of Mitsubishi Motors-ness

Environmentally friendly
and enable activities
close to nature

Help contribute tocarbon neutrality with
Commercial EVs

Enable our customers toexperience an exciting
adventure with confidence

Returning home withpeace of mind from safety
technology for just about
every adventure

Reliable and useful whenneeded in natural
disasters, power cuts, etc.

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The Compositional Technologies of Mitsubishi Motors-ness

The world’s firstmass-produced BEV
and globally recognized
PHEV at the core

Electrification

Provide innovative
driving performanceand reliability on
almost any roadsurface

Four-wheel control (S-AWC)

Reliable even inadverse conditions
thanks to a design
philosophy nurtured
on almost all roadsurfaces and in almost
all environments
around the world

Durability and Reliability

Excite drivers andpassengers witha comfortable andadvanced interior withever-advancing IT

Comfortability*While Super All-Wheel Control (S-AWC) manages the driving forces and braking forces of the four wheels to help realize vehicle behavior that is faithful to the operation by the driver under a variety of driving conditions,
it is not a substitute for careful driving. S-AWC cannot prevent collisions or loss of traction in all conditions. The driver must exercise caution so full attention is given to vehicle operation in all road conditions.

15 Review of Current Mid-Term Business Plan
 Long-term Road Map
 Challenge 2025 Overview
 Challenge 2025 Key Strategy

16Regional Strategy│Regional Categories

Growth Drivers

Leverage Regions

Advanced Technology
Promotion Regions

ASEAN, Oceania

Latin America,
Middle East /Africa

Japan, North America,
Europe, China

Second pillar of business development
maximizing use of ASEAN products

Move to advanced technologies byleveraging the Alliance / partners

Concentrate management resources into
these core business regions, and aim to growsales volume, market share and revenue

17Regional Strategy│Market Growth Outlook
Major growth in Growth Drivers/Leverage Regions*(%)+42% G r o w t h D r i v e r s+40% Leverage Regions+20

FY2022

FY2030

Advanced Technology% Promotion Regions*Research by Mitsubishi Motors

18Regional Strategy│Regional Categories Summary

Growth Drivers

Leverage Regions

Advanced Technology
Promotion Regions

ASEAN, Oceania

Latin America,
Middle East /Africa

Japan, North America,
Europe, China

Second pillar of business development
maximizing use of ASEAN products

Move to advanced technologies byleveraging the Alliance / partners

Concentrate management resources into
these core business regions, and aim to growsales volume, market share and revenue
+42%

+20%

Market Growth (FY2022 - 2030)
Revenue Contribution
Management Resource Allocation

Utilization of the Alliance

Evolution / Strengthening of Advanced Technology

19Regional Strategy│Sales Forecast by Regional Category(K units)

Advanced Technology
Promotion Regions

1,000

Leverage Regions

500

Growth Drivers

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

FY25

FY26

FY27

FY28

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Brand Value for Customers
Building of Long-term Relationships of Trust with Customers based on Productswith Mitsubishi Motors-ness

Purchasing / Service
Experience

CX with Digital tech/IT

 Global rollout of a new standard for stores Smooth customer experience through improvement of productivityof store/sales staff in purchasing Reassuring and smooth personalized customer experience in after
sales with total care

 Safety, security, and comfort in services with digitaltech/IT such as connected car services, apps, etc.

Provision of New Value
through Dealers

Activities to Spread
Mitsubishi Motors-ness

 Brand value-oriented activities in unison with dealers Provision of new value through dealers, such asa new lifestyle with xEVs and energy management

 Events to experience Mitsubishi Motors-ness(Star Camp, etc.)
 Provision of customer experience throughAsia Cross Country Rally and RALLIART

21

Regional Strategy│Main Measures
Spread Value-Oriented Sales by Leveraging the Products with Mitsubishi Motors-ness

ASEAN■ Consecutive rollouts of new products■ Enhancing experience events and touchpoints with customers■ Production and rollout of xEVs suited to the market in each country

Oceania■ Expanding sales in large cities with Outlander PHEV
■ Providing best warranty and total care
■ Strengthening value chain for increased vehicle lifecycle profit

Latin America
Middle East
Africa■ Strengthening sales network■ Digging deeper into private market with new ASEAN products■ Gaining early adopters of xEVs through Outlander PHEV rollout

North America
EuropeChina■ Strengthening cooperation with Alliance members■ Expanding xEV lineup■ Improving CX by strengthening digital tools

Growth Drivers

Leverage Regions

Advanced
Technology
Promotion
Regions

Japan■ Brand boost through plentiful xEV lineup and products with Mitsubishi Motors-ness■ Creating seamless and efficient touchpoints with customers through DX■ Strengthening value chain for maximized vehicle lifecycle profit

22

Product Rollout │ Global

Roll out 16 models (inc. 9 xEV models)over the next 5 years
ICE models

MPV

3-row SUVPPV

Kei-Passenger

xEV models

PickupBEV

Pickup

DELICA MINIXFC CONCEPT

2-row SUV
BEV

ASX

COLT

2-row SUV
HEV

Alliance
BEV

XPANDER
HEV

MPV
HEV

Alliance
BEV

23

Product Rollout │ Growth Drivers / Leverage Regions
Expand Segment Coverage in Growth Drivers and Leverage Regions

Roll out 12 models (inc. 7 xEV models)over the next 5 years
ICE models

PPV

MPV

3-row SUVxEV models

PickupBEV

Pickup

XFC CONCEPT

ASX

2-row SUV
BEV

AllianceBEV

2-row SUVHEVXPANDER
HEV

MPV
HEV

24

Product Rollout │Schedule (Challenge 2025 Period)
2025

2023

Pickup

Next generation model
Frame

PPV

ICE

XFC Concept
Passenger

3-row SUV

DELICA MINI

Kei-passenger

OUTLANDERPHEV model rollout in North America, Oceania, Europe

Alliance - Renault
Passenger

Alliance - Nissan

xEVs
XPANDER Series

(HEV)
(HEV)
Keicommercial

Re-launch/ASEAN rollout

2-row SUVMINICAB-MiEV

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Towards Sustainable GrowthMaterial Issues with a High Impact

Social Value Creation

Related
SDGs

Topmost Issues
Contribution to asustainable society
Responding toclimate change andenergy issues

Delivering products
which help prevent roadtraffic accidents

Improvement of product,sales, and service quality

Contributing to local
economy throughbusiness activities

Promoting diversity andinclusion, and enhancementof employee engagement

Strengthening governanceand ensuring compliance

The provision to customers of afulfilling mobility life thatawakens their adventurous spiriton the basis of reliability
backed up by technology that
achieves “Eco-friendly x Safety,
Security and Comfort”

Sustainable business growththrough stakeholder trust26

Carbon Neutrality │ Environmental Targets
Accelerate Initiatives to Achieve Carbon Neutrality
Environmental Targets 2030
(update)Average CO2 emissions
from new vehicles-40%(Tank to Wheel, compared to FY2010)

xEVs
sales mix

50%
FY2035100%

CO2 emissions
from business activities-50%(Scope 1 and 2 total emissions,compared to FY2018)

CO2 emission reduction activities through collaboration with suppliers/transporters
in the fields of procurement and distribution
27

Carbon Neutrality │ Battery Procurement
Battery Procurement for Carbon Neutrality
Target for 15GWh (up to 2030)
Total Investment ¥210.0bn(GWh)

AllianceandStrategic Partners

FY2021

FY2030xEVs sales mix

xEVs sales mix

7%

50%
28

Alliance
Contribution to the AllianceContribution to Equity in Earnings

K-Car Production

Collaborations in
ASEAN/Oceania

Development Leader for Nextgeneration frame productMutual Use ofPowertrain includingElectric Powertrain

Platform

Collaborations

Enriched Lineup with the
OEM Model
Europe: Renault/Nissan
North America: Nissan

Battery Procurement

Autonomous Driving / Active Safety Technology / E-Architecture
Support from Alliance members
29

Mobility Business │ Overview of Initiatives
An Important Pillar of Revenue
after Existing Business

1

Vehicle Sales

2

Financing (Leasing)3

After Sales

4

Mobility BusinessInitiatives for Energy Management /Battery Reuse / Data Business
Mobility Services
Platform
Energy Management/Battery Reuse
Connected Car Services/Data Business
Fleet Management

Chargers

Used batteries

 Utilize vehicle data / vehicle remote operation
functions / used traction batteries as unique assets ofautomotive manufacturers
 Collaborate with partners / municipalities, and growthe mobility business into a fourth pillar of revenue
after vehicle sales, financing (leasing), and after sales

 Initiatives for energy management and reuse of usedbattery toward carbon neutrality
 Business rollout using vehicle data
 Provision of total mobility solutions combining
leasing and after sales

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Mobility Business │ Case Studies
Energy Management(Advance Decarbonization Regions/ Collaboration with GI Fund*)Battery Reuse(Self-directed Street Lightwith Used Batteries)

EV/PHEV
Charger/
Discharger- Solar Panel- Self-directed Street Light(Public facilities, etc.)

Battery Energy
Storage Service

 Collaboration with municipalities and the Japan Post
Group on carbon neutrality using traction batteries/
used batteries, and use as a power supply in natural
disasters (power cuts, etc.)
 Collaboration with government measures such as Advance
Decarbonization Regions and GI Fund in these initiatives
 First initiative in Okazaki City, and aim to expand thisgoing forward*Green Innovation Fund from the Ministry of Economy, Trade and Industry

 Developing Self-directed Street Light utilizing battery
modules with MIRAI-LABO (to be set up in FY2022)
 Start testing to evaluate CO2 reductions for
manufacturing through reuse, and possibility to run
without an external electricity supply
 Expansion to public facilities in municipalities,
factories, etc.

31

Mobility Business │ Case Studies
Combining Vehicle Data and Customer Information to Enhance Value Chain
including After Sales and Marketing and to Develop New Businesses
such as Data Sales and Linking with Third Parties
Mobility Services

Mobility Services
Platform

Commercialized

In Demonstration

In Research

Connected Car

Monetize by providing “Mitsubishi Connect” to customers

Battery Reuse

Used battery products based on vehicle condition data (battery)

Fleet Management

Fleet Service using driving data of BEV

Customer information

Monetize by providing vehicle data to insurance companies, etc.

Data Business

New service based on linking vehicle data with platformers’ data
After sales revenue expansion

Vehicle Condition data
Driving data

- Encourage Service-in before troubles- Warranty cost reduction based on online investigation

EnergyManagement

Achieve Zero Emission Building and energy cost reduction using
vehicles as “mobile batteries” by linking with vehicle data

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HR Strategy to Sustain Challenge 2025
Establish Great Workplace to Nurture Employee Engagement and HR Development
as the Base for Action Guidelines “MMC WAY”
Action Guidelines “MMC WAY” (Updated in FY22)

Strategic HR Priorities
Build Better Place to Work
 Adopt location-free work arrangements
 Introduce flexible working style in consideration ofchildcare and family nursing care

Enhance Learning Opportunities/Reskilling Programs
 Expand mutual talent exchanges between Japanand overseas and global career development
programs Launch digital reskilling programs to support DX Embed technical expertise into HR system and processes

Secure/Cultivate Diverse Workforce
 Implement flexible total rewards strategy and structure Develop vibrant workplaces in which employees
appreciate the differences to fulfill their potential

33This presentation contains forward-looking statements, based on judgments and estimates thathave been made on the basis of currently available information. By nature, such statements are
subject to uncertainty and risk. Therefore, you are advised that the final results might besignificantly different from the aforementioned statements due to changes in economic
environments related to our business, market trends, fluctuations in interest rates and exchange
rate, changes in laws, regulations and government policies, etc.
Potential risks and uncertainties are not limited to the above and Mitsubishi Motors is not under
any obligation to update the information in this presentation to reflect any developments or eventsin the future.
If you are interested in investing in Mitsubishi Motors, you are requested to make a final
investment decision at your own risk, taking the foregoing into consideration. Please note thatneither Mitsubishi Motors nor any third party providing information shall be responsible for any
damage you may suffer due to investment in Mitsubishi Motors based on the information shown inthis presentation.

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