Mitsubishi to stop European production, reports sayFebruary 6, 2012 - 10:16 AMT PanARMENIAN.Net - Japan's Mitsubishi Motors is to stop manufacturing automobiles in Europe by around 2013 as it shifts its focus to emerging markets, reports said Monday, Feb 6. Under the plan, which would be the first withdrawal from Europe by a major Japanese carmaker, the company will sell its NedCar subsidiary plant in Born, in the Netherlands, the Japanese business daily Nikkei and Jiji Press reported, without identifying their sources. NedCar was established in 1991 and has been producing the Colt subcompact and the Outlander sports utility vehicle, but its output has remained sharply below its production capacity of 200,000 units a year, contributing to Mitsubishi Motors' operating loss in Europe, the Nikkei said. Mitsubishi will enter into negotiations with labor unions and the Dutch government to sell the plant, which employs roughly 1,500 people, Jiji reported, adding the company saw no future profits in Europe. Instead, it is looking at expanding production in Thailand and other emerging countries, the reports said. AFP said that a spokeswoman for Mitsubishi declined to comment on the reports. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. |