TOKYO ? Mitsubishi Electric Corporation announced Thursday that its new Mexican subsidiary, Mitsubishi Electric Automotive de Mexico, S.A. de C.V., started making automotive parts in October.
The new base in Mexico, where car production is thriving, will put Mitsubishi Electric in a better position to expand its auto parts business in the Americas, the company said in a press release. The company aims to achieve annual sales of $275 million by 2017.
Car production in Mexico is on the upswing as automobile sales in the Americas continue to rise. The new manufacturing and sales base in Mexico gives Mitsubishi Electric a firm footing for the local supply of automotive parts, as well as stronger price competitiveness and an efficient business structure throughout the Americas. The company will work in close cooperation with U.S.-based Mitsubishi Electric Automotive America, Inc. to further expand its automotive equipment business.
