DaimlerChrysler AG has acquired a 43 percent holding in the commercial vehicle business of the Mitsubishi Motors Corporation, which was spun off in January 2003 and operates under the name Mitsubishi Fuso Truck and Bus Corporation (MFTBC). The Mitsubishi Motors Corporation will retain 42 percent of the shares, with other Mitsubishi Group companies acquiring the remaining 15 percent.
Dr. Eckhard Cordes, Member of the Board of Management of DaimlerChrysler responsible for the Commercial Vehicle Division stated that, "By investing directly in the Mitsubishi Fuso Truck and Bus Corporation, we have made an important move in Asia; a move that should help us to enhance our position as the world market leader over the long term."
"By expanding in Asia, we can implement our strategy of 'turning scale into profit' even more rigorously", Dr. Cordes added. "We attempt to thoroughly exploit the advantages we gain from our high unit sales figures and our global presence, where possible."
It is expected that the DaimlerChrysler investment will enable MFTBC to further strengthen its leading position in Japan and the Asian export markets. In addition, MFTBC can reap the benefits of economies of scale, to achieve clear cost advantages and to benefit directly from the innovative strength and technological leadership of DaimlerChrysler.
During the course of the coming weeks, the commercial vehicle business of the Hyundai Motor Company is expected to be spun off to create the "Daimler Hyundai Truck Corporation" (DHTC), a company in which DaimlerChrysler is acquiring a 50 percent share.