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GAC seeks Mitsubishi as partner
February 20, 2012, Monday
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JAPAN'S Mitsubishi Motors is reportedly to establish a joint venture with Guangzhou Automobile Group by the end of September. The 50-50 joint venture will produce Mitsubishi Motor's Pajero sport-utility vehicles and have an annual capacity of 250,000 units within five years, according to media reports.
The new venture will use the production lines at Mitsubishi's current venture with GAC Changfeng Motor, which is approximately 14.6 percent owned by the Japanese parent. In 2009, Guangzhou Auto acquired a 29 percent stake of Changfeng.
The Chinese partner of Honda and Japan said earlier that it has won government approval to completely acquire GAC Changfeng, which will allow it to seek a back-door listing on the Shanghai Stock Exchange.
Mitsubishi Motors, which also owns a 25 percent stake in Southeast (Fujian) Motor Corp, makes mid-class sedans.
The new venture will use the production lines at Mitsubishi's current venture with GAC Changfeng Motor, which is approximately 14.6 percent owned by the Japanese parent. In 2009, Guangzhou Auto acquired a 29 percent stake of Changfeng.
The Chinese partner of Honda and Japan said earlier that it has won government approval to completely acquire GAC Changfeng, which will allow it to seek a back-door listing on the Shanghai Stock Exchange.
Mitsubishi Motors, which also owns a 25 percent stake in Southeast (Fujian) Motor Corp, makes mid-class sedans.
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