Scandal-hit Mitsubishi Motors Corp. (MMC) said Tuesday it aims to boost operations in the growing Chinese market by buying a stake in a subsidiary of Taiwan's China Motor Corp. Mitsubishi agreed with the Taiwan firm to buy an undecided stake in South East (Fujian) Motor Co. at a sum yet to be agreed.
The agreement "opens the way for MMC to further boost its operations in mainland China," said Japan's fourth-largest automaker, which is struggling to recover from a series of vehicle defect cover-ups and sagging sales.
"We want to make it our local production center focused on sedans, multi-purpose vehicles and light commercial vehicles carrying Mitsubishi brand names," said a Mitsubishi spokesman.
Mitsubishi already owns equity in three firms in China -- Shenyang Aerospace Mitsubishi Motors Engine Manufacturing Co., Harbin Dongan Automotive Engine Manufacturing Co. and Hunan Changfeng Motor Co.
