Japan's crisis-hit Mitsubishi Motors Corp. unveiled a survival plan Friday featuring a 450 billion yen cash injection, relocation of its head office from Tokyo to Kyoto and major cuts in its global workforce and Australian output.
It also aims to introduce 44 new models globally between fiscal 2004 and 2007 under the restructuring plan.
"This plan is our last chance for survival as an automaker, and all employees are determined to join forces to bring MMC back on track for recovery," Yoichiro Okzaki, chairman, president and chief executive officer, told a news conference at the head office in Tokyo.