Paid-in capital totals $68m

Mitsubishi Electric Corporation has announced the name of its new automotive equipment subsidiary, Mitsubishi Electric Mobility Corporation.

It has been formed as part of the planned spinoff of Mitsubishi Electric's automotive-equipment business. The name had been undetermined at the time of the announcement.

Mitsubishi Electric Mobility Corporation will focus on the manufacturing, maintenance, repair and sales of other machinery and equipment and electrical and electronic components.

According to Mitsubishi, paid-in capital totals 10 billion yen ($68 million).