Mitsubishi Electric Corp. (MIELF.PK, MIELY.PK) said its new Mexican subsidiary, Mitsubishi Electric Automotive de Mexico, S.A. de C.V., began automotive parts manufacturing and sales operations in October.
The new base in Mexico, where car production is thriving, will put Mitsubishi Electric in a better position to expand its auto parts business in the Americas. The company aims to achieve annual sales of 30 billion yen, or $275 million, by 2017.
The new manufacturing and sales base in Mexico gives Mitsubishi Electric a firm footing for the local supply of automotive parts, as well as stronger price competitiveness and an efficient business structure throughout the Americas.
The company will work in close cooperation with U.S.-based Mitsubishi Electric Automotive America, Inc. to expand its automotive equipment business.
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