Mitsubishi to supply cars for Chrysler in Asia
TOKYO - Mitsubishi Motors Corp. will supply its Attrage sedans to Fiat Chrysler Automobiles for sale in Asia this year, Japan's Nikkei business daily reported.
Fiat Chrysler is expected to sell the sedans, which Mitsubishi began making last year in Thailand, under the Chrysler brand in China and other Asian markets, the report said.
The partnership, expected to be announced early this week, will help Fiat expand in Asia by sourcing less expensive, fuel-efficient cars from Mitsubishi, the newspaper said.
Fiat Chrysler has operated in China for some time, but the company has a market share of only 0.6 percent in the world's biggest light-vehicle market and in the Asia-Pacific region.
Fiat Chrysler CEO Sergio Marchionne unveiled a turnaround plan in May and said the company will expand in China by producing Jeeps and more Fiats locally.
Mitsubishi, which had ties to Chrysler for several decades, is targeting a near-50 percent sales boost in Southeast Asia. The region accounts for a quarter of Mitsubishi's global unit sales.