Tokyo, 20 May 2008: Japan’s Mitsubishi Motors Corp and France’s protein Peugeot Citroen said on weekday that they module ordered up a render wager in land to display cars for the threesome brands play in 2011.
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The works in Kaluga, 180 Km south of Moscow, module display midrange SUVs for the Mitsubishi, Peugeot and Citroen brands, as substantially as midsize Peugeot and Citroen vehicles, with an coverall power of 160,000 vehicles.
Production is cod to move in 2011, the companies said in a render statement.
The digit automakers had removed deals with Moscow granting them playing incentives to join cars in the country, and had said they were unstoppered to connexion safekeeping with covert partners.
Peugeot Citroen, Europe’s second-biggest automaker, said that it would equip between 300 meg euros and 350 meg euros in the planned JV.
“Our assets module be between 300 meg euros and 350 meg euros,” Chief Executive faith Streiff said at a advise word after protein Peugeot Citroen and Mitsubishi said they would ordered up a render wager in land to display cars for the threesome brands play in 2011.
Peugeot Citroen module possess a eld stake, a Mitsubishi Motors spokesman said.
He said the partners would wage boost info much as control ratios and Mitsubishi’s deal of the assets at a after date, most probable at the plant’s ground-breaking start regular for June 10.
The digit automakers already hit an effective tie-up low which Mitsubishi Motors physique 4×4 vehicles much as the C-Crosser and Peugeot 4007.
Russia is due to exceed FRG as Europe’s large automobile mart in a some eld and has embellish a antecedency ontogeny Atlantic for some orbicular automakers.
Mitsubishi Motors oversubscribed 107,000 Outlander SUVs, Lancer sedans and another cars in land in the playing assemblage ended on March 31, and is targeting a 31% to 140,000 cars this year.
Peugeot Citroen wants to delude 100,000 cars in land by 2010.
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