Mitsubishi to Sell 150,000 Vehicles in China in 2008

SHANGHAI - November 5, 2007:

Mitsubishi plans to sell 120,000 in the Chinese market this year and 150,000 vehicles by 2008, Yorihiko Kojima, Chairman of Mitsubishi Corporation told reporters at the sidelines of Tokyo Motor Show.

Yorihiko Kojima said he hoped Southeast Motor, of which Mitsubishi hold a 29.7 percent stake, could sell 200,000 vehicles annually in the Chinese market in the next five year. "We are building Southeast Motor's sales networks and planning to expand its product lineup," Kojima said.

Mitsubishi also has a JV company with the Hunan-based Changfeng Motors. Kojima did not disclose how many stakes it has in this partnership company, but he said “It holds only a small stake.”

"We are in talks to restructure the Changfeng joint venture, but our plan needs to be approved by Chinese authorities,” Kojima said.

At the recent Tokyo auto show, Mitsubishi displayed its new electric vehicle called i MiEV SPORT. ¡”We are working on electric vehicles,” Kojima said.”I drive this vehicle to go to work. It has zero CO2 emissions; it can run as fast as 140 KPH; it can run 160 Kilometers after eight hours of recharging; and the battery pack is good for ten years.”

For more information about the burgeoning auto industry in China please visit http://www.gasgoo.com/Autobiz/list/7/China-News.html