TOKYO, Oct 12, 2012 - (ACN Newswire) - Mitsubishi Motors Corporation (MMC) and Mitsubishi Corporation (MC) are pleased to announce the commencement of operations of GAC Mitsubishi Motors Co., Ltd. (GMMC) in Changsha, Hunan Province, China.
GMMC will produce and sell MMC cars in China. Guangzhou Automobile Group Co., Ltd. (GAC), MMC and MC will respectively hold 50%, 33% and 17% shares in GMMC.
In 2009, Hunan Changfeng Motor Co., Ltd. (CFA) became an affiliate of GAC, as GAC Changfeng Motor Co. Ltd. (GACCF). GAC acquired GACCF this year, and today GAC, MMC and MC have joined forces to form GMMC, a new joint venture.
GMMC inherits the factory (Xing Sha Factory), supply-chain, distribution channel and marketing know-how available from GACCF.
GMMC will commence the production of the 2013 ASX compact SUV from late October. To respond to the highly growing demand for SUVs in the Chinese automobile market, GMMC also plans to add another production model to its portfolio, the genuine off-road SUV Pajero Sport.
GMMC will cater to the diversified needs of the largest automobile market in the world by continuously offering Chinese consumers with attractive vehicles; including but not limited to SUVs.
1. Company Name: GAC Mitsubishi Motors Co., Ltd.
2. Head Office: Changsha, Hunan, China
3. Established: September 25, 2012
4. Start of Business: September 25, 2012
5. Capital: CNY 1.7 billion (GAC: 50%, MMC: 33%, MC: 17%)
6. Corporate Officers: Zhang Fangyou, Chairman
Daisuke Tatsumi, President
7. Employees: approximately 1,300 (as of September, 2012)
8. Sales Outlets: 60 (as of September, 2012)
9. Production Capacity: 50,000 units/year (as of September, 2012)
10. Models Produced: ASX, Pajero (V73)
1. Company Name: Guangzhou Automobile Group Co., Ltd
2. Head Office: Guangzhou, Guangdong, China
3. Established: June 2005
4. Capital: CNY 6.435 billion
5. Scope of Business: Production and sales of automobiles, engines,
and other automobile parts
6. Revenue: CNY 10.984 billion (year ended December 31, 2011)
1. Company Name: Mitsubishi Motors Corporation
2. Head Office: Shiba 5-chome, Minato-ku, Tokyo, Japan
3. Established: April, 1970
4. Capital: JPY 657 billion (as of March 31, 2012)
5. Revenue: JPY 1,807 billion (year ended March 31, 2012)
1. Company Name: Mitsubishi Corporation
2. Head Office: Marunouchi 2-Chome, Chiyoda-ku, Tokyo, Japan
3. Established: April, 1950
4. Capital: JPY 204 billion (as of March 31, 2012)
5. Revenue: JPY 20,126 billion (year ended March 31, 2012)
Public Relations Department
Topic: Joint Venture
Sectors: Daily Finance, Automotive
From the Asia Corporate News Network
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