Mitsubishi Logisnext plans to increase the electrification rate of its forklifts from approximately 60% to 90% by 2035. The company has its roots in Mitsubishi Heavy Industries and Nissan Motor Co., Ltd., and it specializes in high-output engine vehicles. However, the global electrification rate has already surpassed 70%, with Chinese companies leading the way in technology. To catch up, the company is introducing new models in China that align with the trend toward electrification.
“The price of lithium-ion batteries has dropped, which has led to increased customer demand for electric forklifts,” said President Maeno of Mitsubishi Logisnext. He highlighted the need to expand the company’s product lineup to meet market needs. As part of this strategy, the company plans to introduce a locally produced electric vehicle model in China by the 2025 fiscal year. The key feature is thorough “localization.” The company has adopted locally sourced batteries, motors, hydraulic components, and other parts to reduce prices to levels comparable to those of Chinese manufacturers. Until now, the company has sold vehicles developed in Japan but has struggled against low-priced local competitors. In China, battery prices have fallen rapidly due to the increased popularity of electric vehicles (EVs). Mitsubishi Logisnext has adopted a “when in Rome, do as the Romans do” strategy to counter this trend. Depending on sales performance, the company plans to expand into markets such as Southeast Asia.
Mitsubishi Logisnext has established a strong industry presence through advanced technology, such as a system that automatically loads and unloads cargo from trucks using unmanned forklifts. However, the company has been slow to adopt electric vehicles. To break out of this stagnation, Mitsubishi Logisnext is now focusing on developing EV-related strategies.
Source: The Nikkei
PSR Analysis: About a decade ago, it was widely believed that the ratio of engine-powered to battery-powered vehicles would stabilize at 5:5. However, battery-powered models have experienced significant growth. Of course, engine-powered vehicles will continue to be used in environments without charging infrastructure and in off-road conditions. Still, battery-powered vehicles are expected to account for 70-80% of global demand. Mitsubishi Logisnext, the world’s fourth-largest forklift manufacturer, aims to catch up in the electrification race. This move is expected to accelerate the overall electrification of the market. PSR
Akihiro Komuro is Research Analyst, Far East and Southeast Asia, for Power Systems Research
