CORRECTED – CORRECTED-Mitsubishi distributor to invest $454 mln in Brazil

(Corrects throughout to show that the Brazilian company is not a
subsidiary of Mitsubishi Motors)

SAO PAULO, March 17 (BestGrowthStock) – The Brazilian distributor of
Mitsubishi Motors (7211.T: ) will invest 800 million reais ($454
million) in the next five years to build the Japanese automaker’s
four-wheel-drive Pajero Dakar jeep and Lancer sedan, it said on
Wednesday.

The distributor, which has a factory in the central state of
Goias to build Mitsubishi vehicles under a licensing agreement,
aims to double production capacity to 100,000 vehicles with the
investment that will pay for a major expansion of its plant.

MMC Automotores do Brasil, an independent company in which
Japan’s Mitsubishi Motors has no equity stake, will begin local
production of its Pajero Dakar all-wheel-drive and a platform
will be installed to build the Lancer, expanding the company’s
locally produced range beyond four-wheel drives.

Under the terms of the Brazilian company’s contract with the
Japanese automaker, it will also have the option of producing
electric cars. Mitsubishi has begun producing its i-Miev electric
hatchback in Japan in small numbers for testing prior to its
commercial launch.

Around 1,000 more workers will be recruited in Brazil as part
of the expansion, taking staff numbers to around 4,000, the
distributor said in a statement.
($=1.765 reais)

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(Reporting by Peter Murphy; Editing by Dave Zimmerman)

CORRECTED – CORRECTED-Mitsubishi distributor to invest $454 mln in Brazil