|- First vehicle to go into production under CARS Program -|
TOKYO, Feb 17, 2017 - (JCN Newswire) - Mitsubishi Motors Corporation (MMC) announces that production of the Mirage G4 (Philippine market name; Attrage in some other markets) has started at the vehicle assembly plant of Mitsubishi Motors Philippines Corporation (MMPC)(1). Mirage G4 is the first model to go into production under the Philippine government's Comprehensive Automotive Resurgence Strategy (CARS) Program.
MMPC's plant in Santa Rosa, Laguna Province has an annual capacity of 50,000 vehicles. In May this year, the Mirage model will follow the Mirage G4 (Attrage) into production.
MMPC started production in 1964. In 2009, and then in May 2016, it became the first auto company in the Philippines to reach a cumulative production volume of 500,000 and 600,000 vehicles respectively. MMC posted 59,480 units (market share of 15.3%) of sales for the calendar year 2016, a 12.9% increase from the previous year, recording the highest sales volume in ten consecutive years.
Established: Feb. 1963
Headquarters / Plant: Santa Rosa, Laguna Province (45km southeast of Manila)
Capital: 1.64 billion PHP
Scope of operations: Production and sales of MMC vehicles
Representative: Yoshiaki Kato, President and CEO
Stockholders: MMC 51%, Sojitz Corporation 49%
Annual production capacity: 50,000 units
Site area: 21.4 hectares
Number of employees: Approx. 1,400 employees (as of December 2016)
(1) The sole manufacturer and distributor of MMC in the Philippines
About Mitsubishi Motors
Mitsubishi Motors Corporation is the fifth largest automaker in Japan and the fifteenth largest in the world by global unit sales. It is part of the Mitsubishi keiretsu, formerly the biggest industrial group in Japan, and was formed in 1970 from the automotive division of Mitsubishi Heavy Industries.
Throughout its history it has courted alliances with foreign partners, a strategy pioneered by their first president Tomio Kubo to encourage expansion, and continued by his successors. A significant stake was sold to Chrysler Corporation in 1971 which it held for 22 years, while DaimlerChrysler was a controlling shareholder between 2000 and 2005. Long term joint manufacturing and technology licencing deals with the Hyundai Motor Company in South Korea and Proton in Malaysia were also forged, while in Europe the company co-owned the largest automobile manufacturing plant in the Netherlands with Volvo for ten years in the 1990s, before taking sole ownership in 2001.
Public Relations Department
Source: Mitsubishi Motors
Topic: Press release summary
From the Asia Corporate News Network
Copyright © 2017 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.