TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO:6503) announced today that its new Mexican subsidiary, Mitsubishi Electric Automotive de Mexico, S.A. de C.V., commenced automotive parts manufacturing and sales operations in October. The new base in Mexico, where car production is thriving, will put Mitsubishi Electric in a better position to expand its auto parts business in the Americas. The company aims to achieve annual sales of 30 billion yen, or 275 million US dollars, by 2017.
Car production in Mexico is on the upswing as automobile sales in the Americas continue to rise. The new manufacturing and sales base in Mexico gives Mitsubishi Electric a firm footing for the local supply of automotive parts, as well as stronger price competitiveness and an efficient business structure throughout the Americas. The company will work in close cooperation with U.S.-based Mitsubishi Electric Automotive America, Inc. to further expand its automotive equipment business.
About Mitsubishi Electric Automotive de Mexico, S.A. de C.V.
|Location||El Marques, State of Queretaro, Mexico|
|Site Area||152,000 m2|
|Building||One wing, with total floor space of 24,500 m2|
|Paid-in capital||Mex$500 million (USD 37 million)|
Mitsubishi Electric Corporation: 95%
Mitsubishi Electric Automotive America, Inc.: 5%
|Employees||Approx. 80 as of October 2014|
|Business||Manufacture and sales of automotive parts, including alternators, starter motors, and multimedia and mechatronics products|
About Mitsubishi Electric Corporation
With over 90 years of experience in providing reliable, high-quality
products, Mitsubishi Electric Corporation (TOKYO:6503) is a recognized
world leader in the manufacture, marketing and sales of electrical and
electronic equipment used in information processing and communications,
space development and satellite communications, consumer electronics,
industrial technology, energy, transportation and building equipment.
Embracing the spirit of its corporate statement, Changes for the Better,
and its environmental statement, Eco Changes, Mitsubishi Electric
endeavors to be a global, leading green company, enriching society with
technology. The company recorded consolidated group sales of 4,054.3
billion yen (US$ 39.3 billion*) in the fiscal year ended March 31, 2014.
For more information visit http://www.MitsubishiElectric.com
*At an exchange rate of 103 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2014