This press release was issued from NMKV Co., Ltd, a new joint venture formed by Nissan and Mitsubishi.
June 20, 2011
NMKV Co., Ltd
Establishment of new Minicar Joint Venture
- Company to be named NMKV Co., Ltd -
YOKOHAMA/TOKYO (June 20, 2011) - NMKV Co., Ltd, a new joint venture formed by Nissan Motor Co., Ltd. and Mitsubishi Motors Corporation to develop minicars for the Japanese market, today announced an overview of its future business plans.
The new joint venture was established and commenced operations on June 1, 2011, with 35 employees. NMKV Co., Ltd is based in Takanawa, Minato Ward, Tokyo.
The new company will integrate the product planning and engineering of future minicars for Nissan and Mitsubishi in the Japanese market by harnessing the product planning know-how possessed by each company. It was formed to unite the strengths of Nissan and Mitsubishi in the areas of vehicle engineering, development and parts sourcing, as part of an overall strategy to bring new minicar products to market.
More than a third of new car sales in the Japanese market come from the minicar segment as the demand for smaller cars and eco-cars remains strong. This new joint venture for minicar development will enable Nissan to continue development of products that reflect Nissan's DNA at the design and product planning phases. The JV will benefit Mitsubishi by supplying highly-competitive products to its product line-up and by offering increased economies of scale advantages through Nissan's purchasing capacity.
The establishment of the NMKV Co., Ltd is part of the project to expand the scope of business collaboration that the two companies agreed to in December 2010.
|Date of establishment:||June 1, 2011|
|Capital:||10 million yen|
|Capital structure:||Nissan Motor Co., Ltd.: 50%
Mitsubishi Motors Corporation: 50%
|Company Address:||3-23-17 Takanawa, Minato Ward, Tokyo|
|Employee:||About 35 employees|
|Business description:||Product planning and engineering of minicars for the Japanese market|
|Main board members:||CEO (Chief Executive Officer): Junichi Endo
COO (Chief Operating Officer): Shinichi Kurihara