Mitsubishi Motors Corp., Japan's least-profitable carmaker, aims to raise net income in three years by winning customers in emerging markets.
Net income will rise to ¥50 billion in the business year ending in March 2011, compared with a forecast of ¥20 billion for the year ending March 31, the Tokyo-based automaker said Friday.
The company expects an operating profit of ¥90 billion on sales of ¥2.76 trillion, it said.
Demand in emerging markets for Outlander sport utility vehicles and Lancer sedans helped Mitsubishi Motors recover after nearly collapsing four years ago following recalls of more than 2 million vehicles, one of the largest in the automotive industry.
The company returned to profit in the last business year after posting losses for three consecutive years.
"Mitsubishi Motors is on a roll except for Japan and North America," said Kota Yuzawa, an auto analyst at Goldman Sachs Japan Co. in Tokyo. "Sales in places like Russia and Ukraine are really strong and Thailand's pickup truck market is picking up."
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