Mitsubishi has not ruled out the construction of a third factory in Thailand, although it is keeping its cards close to its chest.

Japanese media have speculated the automaker will construct the third plant in Thailand with an output of up to 50,000 units per year in its first year.

But although a statement from Mitsubishi refutes the claims, it it does not entirely rule out the establishment of a third factory, noting a new site is "under consideration".

The speculation has centred on Mitsubishi's apparent plans to build up to 400,000 vehicles per year with a plant investment of some THB15bn (US$463m).

"There were reports regarding Mitsubishi Motors Corporation and the establishment of a new factory in Thailand from some media," said the Mitsubishi statement.

"However, the establishment of a new factory is still under consideration; therefore reports that Mitsubishi Motors Corporation has decided to construct a new factory have no basis in fact."