DaimlerChrysler on Friday said it may categorise its stake in ailing Japanese carmaker Mitsubishi Motors as an available-for-sale holding.
“We may reclassify our participation from an ‘equity’ to an ‘available for sale’ and consolidate that at cost,” DaimlerChrysler chief financial officer Manfred Gentz told Reuters on a conference call.
He also reportedly said he did not expect DaimlerChrysler to book any charges related to its Mitsubishi stake in the first quarter of 2004 and that the group would not steer away from its global carmaking strategy.
“I don’t view our situation as disastrous. We will continue with our strategy. As I said we will reconsider our Asian strategy because Mitsubishi was a major and important part,” Gentz said, according to Reuters.
Earlier in the call, Gentz reportedly said he saw no consequences for its US arm Chrysler as a result of its decision.
“Chrysler can continue with its product plans and also with its production facilities as before. There is no reason why we should change that,” Reuters reported him as saying.
Gentz also reportedly said the group’s move to abandon its stake in Mitsubishi was not a result of pressure from its main shareholders such as Germany’s Deutsche Bank.