Mitsubishi Motors Corporation and Mitsubishi Corporation achieved agreements days ago to set up a marketing arm in Shanghai, citing their joint announcement.
The 50-50 venture is expected to start service on April 1, 2009, with a capital of JPY 3 billion from the two parent companies. Since then, it will be responsible for the import of Mitsubishi automobiles to China and the sale of them in the country, in place of Mitsubishi Corporation (China) Co., Ltd., which has been engaged in the businesses since 2005.
The parent companies will transfer part of their human resources to the new company, which aims at further enlarging the sales of such autos in China, via enhancing its connection with local dealers and accelerating the supply of auto components and parts.
In addition, the sales of Mitsubishi autos in China kept an annual growth of about 200% in the 2006 and 2007 fiscal years. And from the beginning of the 2008 fiscal year to September 2008, it reached 6,910 cars.
