TOKYO, Dec 15, 2015 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased to announce the establishment of a new joint venture company, MM Cars Myanmar Limited (MMCM), with Yoma Nominee Limited (YNL), for the distribution (wholesale), retail sales, after-sales services, and maintenance services of motor vehicles and spare parts manufactured by Mitsubishi Motors Corporation. YNL is a part of Serge Pun & Associates (Myanmar) Limited enlarged group of companies (SPA Group). MMCM will start operations once the necessary licenses for doing business in Myanmar have been approved.
|Distributor for Mitsubishi Motors Corporation Automobiles Established in Myanmar|
MC and YNL will each hold 50 per cent shares in MMCM, and it will serve as the official distributor of automobiles manufactured by Mitsubishi Motors Corporation. The joint venture will also provide sales and after-sales services, including the establishment of a showroom and spare parts warehouse in Yangon.
Since the Myanmar government announced a relaxation of vehicle import regulations in 2011 as a part of their democratization policy, the number of used vehicles from Japan has seen a notable increase, making Myanmar the number one destination for used vehicles from Japan in 2014. Import regulations for new vehicles have also been gradually eased since 2012 and in 2015 the Myanmar government announced the approval of new vehicle imports and sales by joint ventures established between foreign companies and Myanmar local companies. These developments are expected to generate further growth in the Myanmar vehicle market.
Until the establishment of MMCM, SPA Group companies had been providing after-sales services to MMC's existing customers through service shops set up in Yangon in May 2013, and in Mandalay in December 2013. With the establishment of MMCM, MC aims to further increase new motor vehicle sales and improve customer satisfaction through the enhancement of after-sales services in Myanmar.
MC has strategically positioned Myanmar as one of its key targets among emerging markets and is jointly exploring business opportunities in Myanmar together with Yoma Strategic, including an elevator-related business, a tyre business, and the operation of Mandalay International Airport. Drawing on the experiences and know-how cultivated in the ASEAN region, MC is seeking to contribute to the further development of the automotive industry in Myanmar, particularly in the vehicle distribution business.
About Mitsubishi Motors
MITSUBISHI MOTORS CORPORATION is a global automobile company based in Tokyo, Japan, which has a competitive edge in SUVs and pickup trucks, electric and plug-in hybrid electric vehicles. Since the Mitsubishi group produced its first car more than a century ago, we have demonstrated an ambitious and often disruptive approach, developing new vehicle genres and pioneering cutting-edge technologies. Deeply rooted in MITSUBISHI MOTORS' DNA, our brand strategy will appeal to ambitious drivers, willing to challenge conventional wisdom and ready to embrace change. Consistent with this mindset, MITSUBISHI MOTORS introduced its new brand strategy in 2017, expressed in its "Drive your Ambition" tagline -- a combination of personal drive and forward attitude, and a reflection of the constant dialogue between the brand and its customers. Today MITSUBISHI MOTORS is committed to continuous investment in innovative new technologies, attractive design and product development, bringing exciting and authentic new vehicles to customers around the world.
Public Relations Department
Source: Mitsubishi Motors
Topic: Press release summary
From the Asia Corporate News Network
Copyright © 2020 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.