Mitsubishi Motors Corporation (MMC), Mitsubishi Heavy Industries, Mitsubishi Corporation, and The Bank of Tokyo-Mitsubishi on Friday announced that they will draw up a new mid-term business plan aimed at revitalising MMC’s operations.

Yoichiro Okazaki, managing director at Mitsubishi Heavy Industries, will head up a business revitalisation team within MMC which will finalise the plan within one month.

The announcement followed news on Thursday that DaimlerChrysler is to withdraw from MMC after failing to reach agreement with the Japanese investors on a recapitalisation programme.

DaimlerChrysler chief financial officer Manfred Gentz said on Friday that the company “may” classify its 37% Mitsubishi stake from ‘equity’ to ‘available for sale’.