JV between Daewoo and Mitsubishi

Mitsubishi Motors Corporation announces that, as one of the key elements of its strategy for the Asian region in fiscal 2008, it is to enter the built-up car sales business in Korea working through its sole distributor in that country MMSK Corporation (see profile below).

MMSK is a Japanese/Korean joint venture recently set up by Daewoo Motor Sales Corp., Incheon, Seoul Metropolitan City, Korea; President and CEO, Lee Dong-Ho), Mitsubishi Corporation (Chiyoda-ku, Tokyo; president and CEO, Yorihiko Kojima) and Mitsubishi Corporation (Korea) Ltd. (Seoul, Metropolitan City, Korea; president and CEO, Tsutomu Awaya). MMSK will work to grow and develop MMC's distribution, sales and after-sales servicing businesses in Korea.

Starting in October 2008 MMSK plans to phase the introduction of MMC's Lancer Evolution high-performance 4WD sedan, Outlander mid-size SUV, Eclipse sports coupe, Lancer sports sedan and Pajero all-round SUV models onto the Korean market. MMSK aims to sell 400 units in the first year and increase volume to 3,000 units by 2010.

The phased introduction of MMC's best-selling models into Korea where the imported car market is currently growing very rapidly will allow MMC to establish and boost penetration of the Mitsubishi brand with its products meeting the needs of a wide spectrum of customers.

Credits: Jarvis