Rolf, Russia’s largest foreign car dealer, has sold 40 percent of its Mitsubishi car distribution business to Mitsubishi Corporation.
Rolf said Mitsubishi Corp would pay a minimum of US$72 million with possible further payments up to a maximum of US$128 million dependent on trading over the next five years.
Mitsubishi Corp, which provides import trade financing to Rolf in support of the Mitsubishi distribution business, has an option to buy a further 20 percent of the business.
Rolf, the world’s largest distributor of Mitsubishi cars, said Mitsubishi car sales to dealer networks totalled 25,906 units in the January-August period, while sales to customers amounted to 27,906 units.
But it said selling vehicles at greatly discounted prices had led to significant losses within the distribution business and an overall loss for the eight-month period.