Mitsubishi Motors plans to raise JPY210bn in a new share offering as it targets a 30% rise in global sales in the next three years.

The announcement was made as the company unveiled details of a new three-year business plan targeting a 30% increase in global sales, by focusing on core products and expanding into growth markets.

The proceeds will be used to fund growth and buy back preferential shares from other Mitsubishi Group companies, which should allow for resumption of dividend payments. The preferential shares were originally issued 10 years ago to avert collapse during the massive recall scandal in the early 2000s.