Mitsubishi Motors tips expansion plan

Quoting company sources, Reuters said Japan's Mitsubishi Motors agreed to buy part of China Motor's 50% stake in Southeast Fujian Motor, a Fuzhou-based joint venture with Fujian Motor Industry, China's second largest van maker. Mitsubishi, which owns a 13% stake in Taiwan-based China Motor, could buy up to 15% of China Motor's half of the Fujian venture. Japan's only loss-making carmaker has been reeling from losses in the US and other markets. It hopes to rebuild business by basing more manufacturing on the mainland. China Motor, Taiwan's second-largest carmaker, said in September that it planned to sell 15% of its stake in the mainland venture to Mitsubishi.