mitsubishi to sell its netherlands car factory
Last Updated : GMT 06:41:18
Arab Today, arab today
Arab Today, arab today

Mitsubishi to sell its Netherlands car factory

Arab Today, arab today

Arab Today, arab today Mitsubishi to sell its Netherlands car factory

Tokyo - Arabstoday

Japan’s Mitsubishi Motors said on Wednesday that it will sell its car plant in the Netherlands, its only factory in Western Europe, to local bus maker VDL Groep for 1 euro (Dh4.51), on condition that its 1,500 employees there do not lose their jobs. The sale will allow Mitsubishi Motors to focus more on emerging markets, where growth is projected to be higher than in developed nations. The car maker has started new production lines in Indonesia and Thailand this year and is studying increasing production in China and Brazil. “As a result of talks which prioritised the handover of all current employees of NedCar, we have basically agreed on this,” Mitsubishi Motors said in a statement. The Eurozone debt crisis and sagging consumer demand have made it tough for car makers including Mitsubishi Motors to remain profitable in Europe, leading to plants being sold off in the region.The company decided in February to cease production by the end of this year at the Netherlands Car or NedCar plant, where it builds the Colt subcompact and the Outlander sport utility vehicle. The plant accounted for less than 5 per cent of Mitsubishi Motors’ global output of 1.1 million vehicles in the year to last March. NedCar’s output had slumped to 50,000 vehicles per year compared with a peak capacity of 200,000. Mitsubishi Motors said it expects to lose about 28 billion yen (Dh1.3 billion) on the deal, which is slated for completion by the end of December. German premium carmaker BMW AG said in June that it was considering building vehicles at the NedCar plant, and Japanese public broadcaster NHK reported earlier that VDL was set to start producing small cars at the plant for BMW. Mitsubishi Motors’ statement made no reference to BMW. NedCar, located in the southern town of Born near the borders with Belgium and Germany, started in 1991 as a three-way venture between Mitsubishi Motors, Volvo AB and the Dutch government. Mitsubishi Motors became the sole shareholder in 2001 after buying out its partners. Mitsubishi Motors’ sales in Europe reached 340,000 vehicles in 2007/08 but slipped to 218,000 in 2011/12. Shares in Mitsubishi Motors were down 2.5 per cent in afternoon trade at 77 yen, while the benchmark Nikkei 225 was down 0.6 per cent. from gulfnews.com

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

mitsubishi to sell its netherlands car factory mitsubishi to sell its netherlands car factory

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

mitsubishi to sell its netherlands car factory mitsubishi to sell its netherlands car factory

 



Arab Today, arab today
Arab Today, arab today Skincare PR Performance Full Year 2017

GMT 10:35 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Arab Today, arab today New hunt for flight MH370 gets under way

GMT 02:36 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today France sanctions businesses linked

GMT 01:58 2018 Wednesday ,24 January

France sanctions businesses linked
Arab Today, arab today Turkey detains dozens more

GMT 02:09 2018 Wednesday ,24 January

Turkey detains dozens more
Arab Today, arab today
Arab Today, arab today

GMT 07:22 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 07:23 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 20:34 2018 Saturday ,20 January

Bahrain press headlines

GMT 22:38 2018 Tuesday ,23 January

Bahrain Press headlines

GMT 16:25 2016 Thursday ,22 December

Italian bank Monte Paschi edges closer to state bailout

GMT 06:03 2014 Wednesday ,09 April

Please .. Let Gaza breathe!

GMT 09:12 2017 Friday ,17 November

Gleam Futures represents Grace Beverley

GMT 04:18 2017 Sunday ,26 November

Bella magazine appoints celebrity writer

GMT 06:00 2017 Sunday ,29 October

Childrenswear brand Once appoints Dyelog

GMT 16:33 2014 Thursday ,13 November

Al-Ehtimam Bil Aakhareen

GMT 03:34 2017 Sunday ,05 November

Needle & Thread relocates press office

GMT 14:56 2017 Thursday ,21 December

Ryanair says formally recognises pilots' union

GMT 01:41 2017 Saturday ,12 August

Moroccan video sparks debate on sexual harassment
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday