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MMC-DaimlerChrysler commercial vehicle strategy to expand

Date: April 11, 2001

  • Mitsubishi Motors Corporation is to accelerate the building up of its global Win-Win framework by expanding its alliance with DaimlerChrysler to cover truck & bus operations
  • Both companies will seek to grow their commercial vehicle business through the powerful Mitsubishi Fuso and Mercedes-Benz brands

(April 11, 2001, Tokyo) - An agreement has been reached between Volvo and DaimlerChrysler to transfer Volvo's 3.3% stake in Mitsubishi Motors Corporation, plus all its operational contracts with MMC, to DaimlerChrysler and MMC has agreed to this agreement.

Although DaimlerChrysler's stake in MMC for the first three years of its equity investment in the company will be raised from 34% to 37.3%, there will be no increase in the number of DaimlerChrysler directors on the MMC board, nor any other changes in the management structure.

The latest strategic tie-up enables expanded collaboration between MMC and DaimlerChrysler and is expected to lead to further synergistic benefits, in addition to those stemming from the current collaboration in passenger car operations.
MMC and DaimlerChrysler will work to finalize, as soon as possible, details regarding the scope of collaboration in their commercial vehicle operations.

For example, MMC Canter light-duty truck model sales that have been carried out through Volvo channels will be smoothly transferred to DaimlerChrysler channels to ensure that there is no interruption in after-sales service.

MMC will not spin off its commercial vehicle operations into an independent company this year.

MMC commands a dominant position in Japan's commercial vehicle market, with a leading share for eight consecutive years through 2000, when MMC sold 154,000 trucks and buses worldwide, giving it a leading 30.7% share in Japan. With Commercial Vehicle division payroll of 17,000, the division's FY1999 sales totaled 672 billion yen.

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