TOKYO -- Six out of seven major Japanese automakers are on track to set records for both capital expenditures and research and development spending this fiscal year as they prepare for an anticipated rise in demand for hybrids and electric vehicles.
Company forecasts show total capital spending growing 20% to 4.29 trillion yen ($30 billion), beating last fiscal year's all-time high, while R&D spending is seen rising 13% to 3.86 trillion yen for a third straight record. Among the individual automakers, only Mitsubishi Motor is seen coming in below its all-time highs in either category.
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