Feb. 14, 2012 (China Knowledge) - Guangzhou Automobile Group Co Ltd<2238> and Mitsubishi Motors Corp, a major automaker in Japan, will set up a 50:50 joint venture at the end of September, said Yuki Murata, a spokesperson for Tokyo-based Mitsubishi.
The JV expects to produce the first fleet of vehicles, mainly including the ASX crossover, Pajero Sport SUV and Colt subcompact, at the production bases in Changsha of Hunan Province and Jiangsu Province, which would have a preliminary annual output capacity of 300,000 vehicles.
The Mitsubishi Outlander and Pajero will be manufactured at the same facility Guangzhou Automobile produces its Liebao SUVs, said a person familiar with the matter, adding that another model of Mitsubishi, the Colt Plus, already available in Taiwan, will be introduced to mainland China this year.
In addition, the JV will display several locally manufactured versions at the Beijing International Automotive Exhibition in April.
Hong Kong-listed Guangzhou Automobile has said it will complete acquisition of Hunan Changfeng Motors Co Ltd<600991> and list on China's A-share market by the end of March.