TOKYO, Jan. 28 (Xinhuanet) -- Scandal-hit Mitsubishi Motors Corp. will get financial backup from the Mitsubishi group and aims to return to the black in fiscal 2006, according to its newly composed revitalization plan unveiled on Friday.

    The company also plans to enhance operational tie-up with otherautomakers, like Nissan Motor Co. and French Peugeot-Citroen Group,and boost performance in overseas markets.

    The latest revival plan is an update of the original one unveiled last May.

    The company will enhance its capital standing by issuing new shares of 270 billion yen (2.6 billion US dollars), which will be in the possession of the Mitsubishi group companies -- Mitsubishi Heavy Industries Ltd., Mitsubishi Corporation, and the Bank of Tokyo-Bitsubishi.

    As a result, the Mitsubishi group will be holding 34 percent ofMitsubishi Motor's share. And the automaker will become an equity method affiliate of the Mitsubishi Heavy in fiscal 2005 because ofthe latter's 15 percent share holding.

    In addition, the company plans to raise a total of 270 billion yen (2.6 billion dollars) mainly through borrowing.

    Domestic sales of Mitsubishi Motor slumped by 30.5 percent in 2004 in the aftermath of a series of vehicle defect cover-up scandals.

    The company forecast the sales in fiscal 2004 to end in March would drop 190,000 units from the previous year to 1,337,000 units.

    However, it intends to return to profitability in fiscal 2006 with an net income of 8 billion yen (77.7 million dollars). And the company aims to achieve a record net income of 41 billion yen (398.1 million dollars) in fiscal 2007 with sales totaling 1,500,000 units.

    The company has announced to expand minicars supply by 36,000 units annually to Nissan Motor. In addition, a contract to producepassenger cars for Peugeot-Citroen Group is expected to be signed in early February, Mitsubishi Motor said.

    In the domestic market, the company will continue its trust-rebuilding campaign featuring measures like free inspection and improved after-sales services.

    Abroad, it put North America and China as core markets. The company plans to make China a major engine production hub in Asia by using its engine joint ventures there. The establishment of research and development facilities there will also be launched to"reflect local market needs in its products on a timely basis." Enditem