Mitsubishi Motors to Support Rising Sales in North America by Local Engine Production
JapanCorp: <http://www.japancorp.net/?page_num=1> Mitsubishi Motors to Support Rising Sales in North America by Local Engine Production Tokyo, Japan, Feb. 12, 2003 - (JCN Newswire) - Michigan Governor Jennifer Granholm and Chrysler Group President and CEO Dieter Zetsche on behalf of Global Engine Alliance LLC partners today announced that Dundee, Michigan, has been chosen as the preferred site in the United States for a new engine production facility. The facility has been planned by Global Engine Alliance LLC, the joint venture created by Mitsubishi Motors Corporation, Chrysler Group and Hyundai Motor Company in May 2002 for joint design, developing and engineering of a family of four-cylinder gasoline engines. The final agreement for the 245-acre Dundee site is still subject to several government approvals, as well as internal corporate approvals. Approximately 400 jobs will be created at the plant within five years. Zetsche credited the close relationship between the Global Engine Alliance partners, the UAW, and state and local governments leading up to the announcement. "This announcement marks a milestone for all Alliance partners. For Mitsubishi Motors, localization of engine production is an important element in further fueling our expansion drive in North America," said Mitsubishi Motors President and CEO Rolf Eckrodt. "We have grown by 81% over the last 4 years in the U.S., and we are now carrying this success into the large markets of Canada and Mexico." The first alliance partner to manufacture the engine will be Hyundai, which will begin production in 2004 at a plant in Asan, South Korea. Mitsubishi Motors will follow in Kyoto, Japan, later in 2004. Production at the U.S. facility is scheduled to start in 2005. Total annual production of this project is estimated at over 1.5 million engines per year, and could represent the highest-volume engine family in the world. Chrysler Group is a business unit of DaimlerChrysler AG. DaimlerChrysler AG also holds an equity position of more than 10% in Hyundai Motor Company. About Mitsubishi Motors Corporation Mitsubishi Motors Corporation was established in 1970 and is one of the few automobile companies in the world that produces a full line of automotive products ranging from 660-cc mini cars and passenger cars to commercial vehicles and heavy-duty trucks and buses. The company also operates consumer financing services and provides this to its customer base. Automobile operations accounted for 98% of fiscal 2000 revenues and financing business, 2%. The company has one hundred and eighty nine consolidated subsidiaries worldwide. Overseas sales accounted for 56.8% of fiscal 2000 revenues. Mitsubishi Heavy Industries, Ltd. is the major shareholder with 25.62% of issued stock.For further information, please visit the Mitsubishi Motors Corporation home page at: www.mitsubishi-motors.co.jp <http://www.mitsubishi-motors.co.jp> Contact Mitsubishi Motors Corporation Fumio Nishizaki f-nishizaki@mitsubishi-motors.co.jp +81-3-5232-7342 _____ Feb. 12, 2003, 06:40 (JST) Source: Mitsubishi Motors Corporation Mitsubishi Motors Corporation www.mitsubishi-motors.co.jp <http://www.mitsubishi-motors.co.jp> From the Japan Corporate News Network www.japancorp.net <http://www.japancorp.net> Topic: Construction of Facility Sectors: Auto Manufacturing, Trade & Commerce General © 2003 JCN Newswire. A division of Japan Corporate News Network KK. All rights reserved.