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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Redefining the age of minors from 18 to 16 makes sense

    An issue that’s been simmering since the horrific gangrape of December 2013 is finally being laid to rest.

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

Urs Schoettli

The difficulties with war history

There have been a series of commemorative events lately. Last ...

Anish Chakraborty

Betting big on Pascal’s wager

Blaise Pascal was a 17th century French philosopher mathematician and ...

Bubbles Sabharwal

The five cardinal rules of urban snobs

Believe it or not there is the unspoken-of society of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture