Mitsubishi to Produce Autos in Venezuela
A<i> ssociated Press</i>
Mitsubishi Motors Corp. plans an auto manufacturing venture in Venezuela.
A new company, MMC Auto Motriz de Venezuela S.A. of Caracas, will assemble Mitsubishi’s passenger models Galan and Delica with components supplied by the Japanese auto maker. Small trucks will be added later.
Venezuela bans imports of finished vehicles.
Consorcio Inversionista Fabril S.A. of Venezuela will own 49% of the new company and Nissho Iwai 42%. The remaining 9% of the company will be owned by the Japan International Development Organization Ltd., a partnership between the government-financed Overseas Economic Cooperation Fund and 98 private companies.
Mitsubishi said it will have no stake in the venture but will provide technological assistance.
