French carmaker PSA Peugeot Citroen said yesterday it is in talks with Mitsubishi Motors Corp that could lead to a “strategic partnership.”
In a statement, France’s biggest automaker said it “confirms that it has started discussions with Mitsubishi Motors ... concerning the possibility of extending their relationship which could lead to a strategic partnership.”
The statement did not go as far as a report in Japan’s Nikkei Shimbun which said that Peugeot Citroen will buy a 30 percent to 50 percent stake in Japan’s fourth largest automaker for up to ¥300 billion (US$3.4 billion).
The report sent shares in Mitsubishi soaring. They closed up 13.4 percent at ¥135 in Tokyo after earlier soaring nearly 20 percent.
On Wednesday, Peugeot Citroen shares closed up 1.3 percent at 24.59 euros (US$37.17).
Mitsubishi declined to confirm the Japanese newspaper report, which gave no sources. However, the Japanese company issued a statement saying: “There are no facts to be announced.”
The paper said Peugeot Citroen — Europe’s second biggest car company — and Mitsubishi are in the final stages of capital tie-up talks.
The deal could effectively put Mitsubishi under Peugeot Citroen’s control, creating the world’s sixth-largest automobile alliance.
The French carmaker may seek more than a 50 percent stake in Mitsubishi, hoping to tap into Mitsubishi’s expertise in electric vehicles and other environmental technology, the paper said.
Paris-based Peugeot Citroen said it has already worked with Mitsubishi on product development with cooperation on 4x4 vehicles, clean technologies with electric vehicles and a joint venture in Russia.
The electric car, to be launched in Europe by the end of next year, will be based on Mitsubishi’s i-MiEV, which was launched on the Japanese market in June.
Mitsubishi will make 2,000 units of the i-MiEV in the current fiscal year to March next year. The company said yesterday it aims to boost i-MiEV production to 15,000 units by March 2012.
In Russia they have set up an auto factory to make mid-sized sport utility vehicles. Production at the Russian joint venture will begin in early 2012.
Mitsubishi had formed a capital tie-up with German automobile maker DaimlerChrysler AG, which held a 37.3 percent stake in the Japanese automaker. But Stuttgart-based DaimlerChrysler sold the entire stake in Mitsubishi in 2005, putting an end to the tie-up.
ADDTIONAL REPORTING BY STAFF WRITER
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