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23. January 2011

Mitsubishi Motors targeting Brazil and India

The Nikkei business daily reported that Mitsubishi Motors Corporation will streamline production in developed nations and increase output in emerging markets, including Brazil and India under a new global strategy.

The paper said that the automaker aims to quickly lift global production to 1.5 million units by redistributing business resources, up 50% from the financial year 2009.

Mitsubishi Motors plans to spend an estimated USD 241.5 million to obtain a stake of at least 50% in MMC Automotores do Brasil SA a firm that currently handles its production in Brazil. The Brazilian firm's plants will be expanded in the financial year 2010-11, with annual production capacity of four wheel drive vehicles and other cars to be doubled to at least 100,000 units.

The Nikkei said that the automaker, which plans to launch output in India, is considering taking a stake in a firm to which it outsources production, the paper reported. Mitsubishi is also exploring a joint venture in India with France's PSA Peugeot Citroen SA.

It also aims to manufacture low-priced vehicles based on minicars jointly developed with Nissan Motor Co. Nikkei said that it will end production of vehicles tailored to the local market in Europe and the US.

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