Mitsubishi Motors aims to increase global production by at least 40% to 1.5m vehicles by the 2019-20 financial year compared with less than 1.1m units in the last fiscal year.
The company's CEO Osamu Masuko told shareholders at a meeting on Friday the plan includes increased vehicle production for other group brands, particularly Nissan Motor, which acquired a controlling 40% stake in the company in October 2016.
Global sales of Mitsubishi branded vehicles are expected to grow from 926,000 vehicles to more than 1.25m vehicles in the same period.
Mitsubishi Motors is bringing on stream a new facility in Indonesia this year which will have an eventual annual production capacity of 260,000 units. It is expected to produce vehicles under the Nissan badge to maximise capacity utilisation.
Other synergies are being targeted in Thailand, where the two brands have separate underutilised plants which make pickup trucks, SUVs and passenger cars.
Masuko kept his job as CEO of the company with the backing of Nissan Motor's CEO Carlos Ghosn, despite significant shareholder opposition following the fuel economy scandal which severely impacted sales and production of minicars last year.