GAC Mitsubishi Motors Co., Ltd., a Joint Venture of Guangzhou Au
GAC Mitsubishi Motors Co., Ltd., a Joint Venture of Guangzhou Automobile Group Co., Ltd., Mitsubishi Motors Corporation and Mitsubishi Corporation, Commences Operation
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)
About Mitsubishi Motors
Mitsubishi Motors Corporation is the fifth largest automaker in Japan and the fifteenth largest in the world by global unit sales. It is part of the Mitsubishi keiretsu, formerly the biggest industrial group in Japan, and was formed in 1970 from the automotive division of Mitsubishi Heavy Industries.
Throughout its history it has courted alliances with foreign partners, a strategy pioneered by their first president Tomio Kubo to encourage expansion, and continued by his successors. A significant stake was sold to Chrysler Corporation in 1971 which it held for 22 years, while DaimlerChrysler was a controlling shareholder between 2000 and 2005. Long term joint manufacturing and technology licencing deals with the Hyundai Motor Company in South Korea and Proton in Malaysia were also forged, while in Europe the company co-owned the largest automobile manufacturing plant in the Netherlands with Volvo for ten years in the 1990s, before taking sole ownership in 2001.
Mitsubishi Motors Public Relations Department http://www.mitsubishi-motors.com +81-3-6852-4275
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