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FOR IMMEDIATE RELEASE No.2874
Mitsubishi Electric Launches Auto Parts Production, Sales in Mexico
Will support expansion of auto parts business in Americas
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TOKYO, October 8, 2014- 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.
Mitsubishi Electric Automotive de Mexico, S.A. de C.V.
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.
| CEO | Mitsuru Koiwa |
| 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) |
| Ownership | 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 |
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