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Mitsubishi Motors and partners fete ceremony
Marking start of production at engine JV in Shenyang China

April 4, 2000

Mitsubishi Motors Corporation announces that a ceremony was held at 10am on Tuesday 28 March to mark the April start of regular operations at the Shenyang Aerospace Mitsubishi Motors Engine Manufacturing Co., Ltd., engine joint-venture in Shenyang, China. MMC's partners in the joint venture are the China Aerospace Automotive Industry Group Corporation, Shenyang Jianhua Motors Engine Co., Ltd., the Malaysian State China Investment Agency (MCIC Holdings Sdn. Bhd.), and Mitsubishi Corporation.

The ceremony was held at the joint venture's new factory in Shenyang and was attended by Hirotoshi Suzuki, MMC managing director, Xia Guo Hong, China Aerospace Automotive Industry Group Corporation president, as well as senior officers from MCIC Holdings and Mitsubishi Corporation, and officials and dignitaries from Liaoning province and Shenyang City.

Shenyang Aerospace Mitsubishi Motors Engine Manufacturing Co., Ltd. was established in August 1997, since when it has been gearing up to produce 2.0 liter and 2.4 liter gasoline automobile engines and matching transmissions. In a pilot production program, assembly from semi-knockdown kits (a relatively simple operation) started in August 1998, and from knockdown kits began in September 1999. With the recent coming on line of the casting foundry and machining plant, the JV will commence regular manufacturing operations in April.

The joint venture has the capacity to produce 75,000 units each of engines and transmissions (working double shifts). Plans for the first year call for production of 25,000 units, working a single shift. Local procurement will start at 40 percent in the first year, and will be raised progressively to 85 percent by year four. Plans are to expand production capacity to 150,000 units (working three shifts) within ten years. The engines and transmissions manufactured at Shenyang Aerospace Mitsubishi Motors Engine Manufacturing will be installed in PAJERO models, produced at Hunan Changfeng Automobile Production Limited Liability Company, and in DELICA models produced at South East Motors Corporation.

Joint venture profile

1. Name:

Shenyang Aerospace Mitsubishi Motors Engine Manufacturing Co., Ltd.

2. Headquarters:

Shenyang, Liaoning province

3. Capitalization:

Won 740 million (approx. Yen 9.6 billion)

4. Established:

August 12, 1997

5.Chief Director:

Ma Liang Jie (currently president China Aerospace Automotive Industry Group Co.)

6.General Manager :

Yoshinobu Tadai

7.Share holdings:

China Aerospace Automotive Industry Group Co.

30%

Mitsubishi Motors Corporation

25%

Shenyang Jianhua Motors Engine Co., Ltd.

21%

MCIC Holdings Sdn. Bhd.

14.7%

Mitsubishi Corporation

9.3%

8. Production lines:

2.0 liter and 2.4 liter gasoline automobile engines and transmissions

9. Production capacity

75,000 units each of engines and transmissions
(double-shift operation)



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