TOKYO – Two years ago, Mitsubishi Motors was on track to report record earnings and begin the next stage of a decade-long restructuring. Then the bottom fell out after the disclosure of mileage cheating in its minicar lineup.

Earnings, which rose to a record ¥138.4 billion ($1.3 billion) in fiscal 2015, would plunge to ¥5.1 billion ($47 million) the following year including a ¥31.6 billion ($291 million) loss during the first 6-month period.

Many thought Mitsubishi CEO Osamu Masuko, who had personally overseen the restructuring effort as the automaker shuttered unprofitable plants and rebuilt its balance sheet, would resign in spring 2016 to take responsibility for the scandal.

It didn’t happen as Nissan, Mitsubishi’s partner in the mini-vehicle segment, extended a lifeline and Carlos Ghosn, Nissan’s CEO, made it a condition that Masuko stay on the job to manage the crisis and next stage of restructuring – and, not stated, protect Nissan’s ¥237 billion ($2.2 billion) investment for which it would acquire a 34% equity stake.

Details of the agreement were announced at a Tokyo press conference several weeks after the April 2016 disclosures at which time Nissan, the Bank of Tokyo-Mitsubishi UFJ, Mitsubishi’s main bank, and two other Mitsubishi group companies sent senior executives to help fortify the automaker’s management. Nissan assigned the former head of its global R&D operation to Mitsubishi; Nissan’s chief performance officer would join later as chief operating officer.

Now, less than two years since the disclosures and resulting 37% decline in domestic sales over the next six months, the automaker is two-thirds of the way back to previous profit levels and has a new midterm business plan in place to build a foundation for sustainable earnings.

The plan, called “Drive for Growth,” was announced in October. Its targets include a 30% increase in unit sales and revenues by fiscal 2019 along with a 6% operating profit as a percentage of sales. These goals are to be achieved while investing ¥600 billion ($5.5 billion) in R&D and facilities, double previous levels, launching six all-new models and growing its business in Southeast Asia, China and the U.S.

To achieve these targets, Mitsubishi will collaborate with Nissan and Renault, Nissan’s other alliance partner, in purchasing, platform development and manufacturing.