DaimlerChrysler-Mitsubishi deal leave Volvo truck and bus agreement intact
FRANKFURT (March 27, 2000) — DaimlerChrysler AG’s deal to pay $2.1 billion US for a controlling minority interest in Mitsubishi Motors Corp. does not include Japanese companyÕs heavy truck division.
DaimlerChrysler and Mitsubishi are expected to announce further details of their agreement today after reaching an accord over the weekend.
Mitsubishi has a marketing and vehicle development agreement on trucks and buses with Volvo AB. Volvo owns 5% of Mitsubishi and will take a 19.9% stake in its truck business after it is spun off from the parent company.
Daimler Chrysler said it would explore other avenues to enter the Asian heavy-vehicle market, either through acquisition or a partnership with another producer in the region.
DaimlerChrysler and Mitsubishi together make 6.5 million vehicles annually. The combination would trail U.S. carmarkers General Motors Corp and Ford Motor in global production.
Have your say
This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.