Currently, there is little to distinguish Mitsubishi models, like the Galant sedan, from competing Toyotas, Hondas and Nissans, analysts say.
Okazaki, Mitsubishi's chief, said that the company would try to create a unique identity by drawing inspiration for vehicles from two popular, but aging models -- the Pajero sport utility vehicle and the Lancer Evolution sedan.
But developing models takes years and Mitsubishi faces the challenge of returning to the black in the meantime.
The earnings results announced Friday showed the depth of the company's troubles. Mitsubishi Motors said that it lost ?15.4 billion (US$1.9 billion) in the year ended March 31, far worse than its forecast for a ?2 billion loss and a sharp reversal from a ?7.4 billion profit the year earlier. Mitsubishi's sales sank 35 percent to ?.52 trillion (US$22.4 billion) from ?.89 trillion a year earlier.
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