Gasgoo.com (Shanghai October 15) - The Guangqi Mitsubishi joint venture was officially inaugurated last Friday in Hunan's capital of Changsha. With its establishment, Chinese production of the ASX compact has now begun, Gasgoo.com (Chinese) reported today.
Guangqi Mitsubishi was formed as the result of an agreement between GAC Group, Mitsubishi Motors and Mitsubishi Corporation, which respectively own 50 percent, 33 percent and 17 percent stakes in the JV. The partnership is scheduled to last 30 years, with its registered capital recorded to be 1.7 billion yuan ($270.18m).
There were worries that the protests against the Diaoyu Islands would delay the establishment of the JV. Mitsubishi, along with other Japanese manufacturers, has seen its sales in the country fall due to the recent anti-Japanese protests.
The new ASX (pictured) is currently available in China as an imported model, with a manufacturer's suggested retail price of 198,000 yuan to 255,000 yuan ($31,469-$40,528). It made its debut at the 2010 Geneva Motor Show, and has been praised for its flexibility.
