Mitsubishis new line of premium SUV’s will begin shipping in 2018, bringing a $1.099 million, seven-year deal with parts manufacturer Lancer.
The Mitsubisha Lancer will replace the company’s more than a dozen SUVs currently on the market, and the company said the Lancer is expected to sell for around $1 million.
The deal was announced at the Tokyo Motor Show on Friday.
Lancer parts and accessories are used in some of the world’s most expensive SUVs, from BMWs sport sedans to the Jaguar XJ series.
The Lancer SUV is expected in 2019.
Mitsubishisha also is looking to launch an all-new SUV with a more compact design.
The 2019 Lancer X-Tern will have a 1.6-liter turbocharged engine, the company told Reuters in a statement on Friday, with an expected price tag of about $1-1.5 million.
The Lancer has been the subject of rumors for some time, but it was only recently that Mitsubis sales fell below 1 million for the first time in its history.
The company, which sells more than 4 million vehicles a year, reported a net loss of 2.1 trillion yen ($2.2 billion) in the fourth quarter of 2017.
Mititsu’s new Lancer vehicle has a 2.0-liter twin-turbo V6 engine, a 5.6 liter V8 engine and a 5-speed automatic transmission.
It will be Mitsubizis first production SUV, with no models currently on sale outside Japan.