Mitsubishi Motors to Boost Sales in Philippines

09/03/96

Nikkei English News has reported Mitsubishi Motors Corporation's joint venture in the Philippines will try to boost local sales to 40,000 this year. The figure represents a 30% increase from a year earlier. The company's plan includes changing its name and releasing a fully remodeled version of its Lancer sub-compact. The company is hoping it can capitalize on the growing Philippine market and shore up its recently-acquired No. 1 spot.

Mitsubishi set up Philippines Automotive Manufacturing Corporation in a 1987, 50-50 joint venture with Nissho Iwai Corporation. It purchased 1% of the total shares Nissho Iwai this May, obtaining management rights. Mitsubishi changed the venture's name to Mitsubishi Motors Philippines Corporation last Thursday. Mitsubishi will increase the factory's annual output capability from 37,500 to 47,500 vehicles by the end of the year.

Paul Dever -- The Auto Channel