Mitsubishi looks to buy 20-25 pct stake in China's Southeast Motor
The Japanese carmaker hopes to increase total sales in China, including its own brands and those made under technical licenses, to 310,000 units by 2008 from 120,000 last year
 | |
Citing analysts, the China Daily said the move is part of Mitsubishi's strategy of expanding sales in China.
No financial details were provided.
Mitsubishi, which holds a 14 pct stake in China Motor, plans to introduce its own brand of cars into Soueast's line up, with the first to be launched by the Fujian province-based joint venture in April, the newspaper said.
Citing sources close to the talks, the newspaper said the Japanese automaker will this month sign an equity-transfer contract with Soueast and its two shareholders.
Mitsubishi also holds a 16 pct stake in Changfeng Automobile, which is based in central China's Hunan Province.
It also has technical licensing deals with Beijing-Benz-DaimlerChrysler Automotive Co Ltd and Harbin Aviation Industry Group.
The Japanese carmaker hopes to increase total sales in China, including its own brands and those made under technical licenses, to 310,000 units by 2008 from 120,000 last year, the newspaper said.
