Mitsubishi Electric's automotive equipment business revenue for fiscal 2023 is 944.1 billion yen

Mitsubishi Electric and Aisin plan to establish a new company to produce electrified parts for pure electric vehicles (EV) and hybrid vehicles (HV). Mitsubishi Electric's automotive equipment business had operating revenue of 944.1 billion yen in fiscal 2023 (ending March 2024), and is involved in electric power steering parts and advanced driver assistance systems (ADAS) used to assist steering wheel operation. The company will withdraw from and reduce its car navigation system and gasoline engine injector (fuel injection device) business, and focus its operating resources on electric vehicle-related products. The company will divest its automotive equipment business in December 2023 and establish "Mitsubishi Electric Mobility", which will start operations in April 2024. This time, part of Mitsubishi Electric Mobility's business will be transferred to the new company. In order to facilitate cooperation with external companies, it will be divested from the original company.