Mitsubishi Electric Corp.(TSE:6503) announced Thursday that it will begin in February 2001 to produce electric parts for automobiles in the Czech Republic.
To this end, the major electric machinery maker will later this month establish a wholly owned production subsidiary in the Czech Republic with 280 employees and capital of about 1.05 billion yen (US$9.8 million).
The subsidiary will initially supply 500,000 starters and the same number of alternators to two French automakers, Renault SA and the PSA Peugeot Citroen group. Mitsubishi Electric is targeting sales of 3.4 billion yen for the subsidiary in fiscal 2003.
Mitsubishi Electric’s automotive parts business brings in 300 billion yen a year in sales. Electric parts and audio units each account for 30 percent of the total. The firm operates electric parts production bases in Japan and