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Mitsubishi plans to build off-road carmaker in Russia

Japan’s Mitsubishi Motors Corp. will soon unveil the plans for constructing a carmaker in Russia, Reuters reported with reference to Japan’s media.

The new facilities will produce Outlanders and are due to become operational in 2010. Its most probable location is somewhere near St. Petersburg. The project budget is estimated at $180 million; the annual capacity will reach 30,000 vehicles a year at the first stage. Production of popular Lancer sedans could be launched later on. Mitsubishi Motors and Russia’s government sealed a memorandum in December of 2006 that spells out the company’s intention to construct car assembly facilities. So, Mitsubishi is to arrive at some definite decision till the end of December if it counts on getting financial preference in Russia. In Russia, the sales of foreign cars surged 64% on year in the first ten months of this year. Mitsubishi ranks the seventh in this indicator, but the company forecasts Russia’s sales to step up by 43% to 100,000 by March of 2008. (kommersant.com)