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2006-06-30
Jiji Press English News Service

Beijing, June 30 (Jiji Press)--Japan's Mitsubishi Motors Corp. is planning to form a new vehicle production joint venture in China, informed sources said Friday.

The joint venture is likely to be formed on a fifty-fifty basis by Mitsubishi and Hunan Changfeng Motor Co., a middle-ranking Chinese automaker owned 16 pct by Mitsubishi, the sources said. Another Japanese company may invest in the joint venture, they said.

Mitsubishi and Hunan Changfeng will discuss specifics about the plan, including vehicle models to be produced, as early as next week, the sources said.

The new company may chiefly manufacture sport-utility vehicles at an existing plant of Hunan Changfeng, the sources said.

Still, the sources said it seems difficult for Mitsubishi and Hunan Changfeng to establish the joint firm by the end of 2006 as they will unlikely be able to complete necessary procedures by the year-end.END

(c) 2006 Jiji Press English News Service. Provided by ProQuest Information and Learning. All rights Reserved.
 
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