Mitsubishi Motors Corp said it would purchase a stake in GAC Mitsubishi, a Chinese automaker that is part of Guangzhou Automobile Group.

Established earlier this year as a 100% subsidiary of Guangzhou Automobile, GAC Mitsubishi later this year will begin making sport utility vehicles for sale in China, Japanese business daily Nikkei reported.

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Earlier, Guangzhou Automobile Group inked an agreement to sell 33% of its stake in GAC Mitsubishi to MMC for about CNY900m (about JPY11.3bn) and a further 17% stake to MMC parent Mitsubishi Corp.

The Nikkei noted that MMC already holds a 14%-plus stake in the Guangzhou Automobile Group’s car production company. But, given the growth potential of the Chinese vehicle market, it was looking for a new Chinese partner in which it could hold a larger stake and have greater control.

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