October 16, 2017 / 11:14 PM / 2 years ago

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

Mitsubishi Motors Corp's logo on a car and its company headquarters are seen in Tokyo, Japan May 9, 2017. REUTERS/Toru Hanai - RC1C5EE51E00

(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.

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.

($1 = 112.1600 yen)

Reporting by Sumeet Gaikwad in Bengaluru; Editing by Stephen Coates

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