Mitsubishi Motors Corp. (7211)’s Thailand unit signed a 25 billion baht ($819.7 million) commitment line to finance operations, the carmaker said in a statement today.
Bangkok Bank Pcl (BBL), Siam Commercial Bank Pcl, Krung Thai Bank Pcl (KTB), and Kasikornbank Pcl (KBANK) are providing the three-year facility, Yuki Murata, a Tokyo-based spokesman at Mitsubishi Motors, said by telephone today.
The funds will help the automaker more than double annual output in the country to 460,000 vehicles in the fiscal year ending March 2014, Murata said.
Thailand’s worst floods in almost 70 years disrupted Southeast Asian production for several Japanese carmakers. Sales of all automakers in Thailand dropped 0.8 percent to 794,081 units in 2011 as the weather hurt output, Toyota Motor Corp.’s local unit said last month.
Mitsubishi Motors’ sales in January rose 34 percent from December, data compiled by Bloomberg show.
To contact the reporter on this story: Emi Urabe 占部絵美 in Tokyo at email@example.com