Mitsubishi Motors, Mitsubishi Corp agree to set up China JV

Published: 29 Oct 2008 17:44:59 PST

Oct. 29, 2008 (China Knowledge) - Mitsubishi Motors Corp has reached an agreement with Mitsubishi Corp, Japan's largest general trading house, on establishing a joint venture (JV) in China, sources reported.

The joint venture, equally invested by the two parties, aims to increase Mitsubishi's auto sales as well as a larger market share in the country.

With a total investment of ?3 billion, the joint venture is expected to start operation in April 2009 after being approved by relevant Chinese authorities.

Mitsubishi Motors Corp has started importing cars to China since 2005. In the past three years, its sales volume grows at the annual rate of over 200%. In the first nine months of 2008, it sold 6,910 units in the Chinese market, representing a year-on-year increase of 136%.

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