Mitsubishi Motors targets Brazil, India markets: Nikkei
Mitsubishi Motors Corp will streamline production in developed nations while increasing output in emerging markets including Brazil and India under a new global strategy, the Nikkei business daily said.
January 15, 2011 / 14:39 IST
Mitsubishi Motors Corp will streamline production in developed nations while increasing output in emerging markets including Brazil and India under a new global strategy, the Nikkei business daily said.
The automaker aims to quickly lift global production to 1.5 million units by redistributing business resources, up 50% from fiscal 2009, the paper said.Mitsubishi Motors plans to spend an estimated 20-30 billion yen (USD 241.5 million) to obtain a stake of at least 50% in MMC Automotores do Brasil SA, a firm that currently handles its production in Brazil, according to the Nikkei.The Brazilian firm's plants will be expanded in fiscal 2011, with annual production capacity of four-wheel-drive vehicles and other cars to be doubled to at least 100,000 units, the Nikkei reported.The automaker, which plans to launch output in India, is considering taking a stake in a firm to which it outsources production, the paper reported.Mitsubishi is also exploring a joint venture in India with France's PSA Peugeot Citroen SA, the business daily said.Mitsubishi Motors also aims to manufacture low-priced vehicles based on minicars jointly developed with Nissan Motor Co, the Nikkei said.It will end production of vehicles tailored to the local market in Europe and the US, the Nikkei said. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
