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News of April 30, 2002

Mitsubishi Motors Corporation announces major investment in its Australian manufacturing operations

President and CEO of Mitsubishi Motors Corporation, Mr. Takashi Sonobe, confirmed a major program of new investment in the company's Australian manufacturing operations, Mitsubishi Motors Australia Limited (MMAL), located in Adelaide, South Australia.

Total spending over the next several years will be in excess of AUD 900 million. The approved investment plan entails a major rejuvenation of MMAL's current plant, equipping it with state-of-the art manufacturing facilities.

Following an extensive review of vehicle platforms and production facilities around the world, including the long term capabilities of the Australian plants, it has been decided that Australia will get a totally new Magna/Verada replacement model in 2005 and will also be the source for a 2nd major product program to be introduced post 2005.

In conjunction with the new vehicle projects, MMAL's engineering capabilities will also be expanded and integrated into MMC's global design and engineering network. Adelaide will also be designated as one of the company's Research & Development Centres involved in new model design, engineering, prototyping, testing and development. Other R & D Centres are located in Japan, Germany and the United States.

Executive Vice President and COO of MMC, Mr. Rolf Eckrodt, said a strong business case, the outstanding flexibility of the manufacturing facilities in Adelaide, the skilled workforce, a valued engineering base and a comprehensive components sector were key factors in the decision.

"Australia has a strong heritage in vehicle manufacturing and Mitsubishi Motors Australia has demonstrated its ability to produce high quality vehicles for both domestic and major export markets such as the United States," he said.

"In addition we were very impressed and encouraged by the recognition given by both the Australian and South Australian governments to the importance of the automotive sector to the Australian economy both nationally and regionally. Their commitment to policies designed to encourage an internationally competitive automotive industry was a central consideration in our decision making process."

"The decision," Mr. Eckrodt continued, "will provide major benefits to the wider Australian community including the transfer of technology, new manufacturing techniques and the creation of new jobs both within Mitsubishi Motors and in businesses supplying goods and services to the company."

Mr. Eckrodt concluded: "This announcement, together with our previous investment of AUD 172 million, further demonstrates our long-term commitment to maintaining a globally integrated manufacturing operation in Australia."

(26. April 2002)

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