Mitsubishi Motors buys Ford Philippine auto plant

Japanese automaker Mitsubishi Motors Corp said today it is buying Ford's shuttered plant in the Philippines to grow in market where car ownership is on the rise.

Mitsubishi Motors said it was acquiring the plant in Laguna, south of Manila, from Ford Motor Co to boost production and sales. Ford closed that plant in 2012. The Tokyo-based automaker did not give a price.

Mitsubishi controls more than a fifth of the Philippine market, where Japanese rival Toyota Motor Corp has top market share. Various automakers have their eyes on the nation because car ownership is expected to grow. The Philippine economy grew 7.2 per cent last year, the second fastest in Asia after China.

Mitsubishi produces the Adventure minivan, L300 truck and Lancer sedan in the Philippines at a smaller plant it runs near Manila. The models it will produce at the new plant weren't disclosed.

EDITORIAL OF THE DAY

  • Finance minister has been pragmatic in exempting FIIs from MAT claims

    Good sense has finally prevailed in the government, with finance minister Arun Jaitley announcing the income-tax officials will exempt overseas funds

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Amita Sharma

Examining times for learning

The central advisory board of education in its meeting on ...

Zehra Naqvi

If you bend, you won’t break

There’s an ancient exercise about a green, supple new branch ...

Gautam Gupta

Bring on the Benares brigade

It was in 2003 when I first started work and ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture