Mitsubishi Corporation Ventures into Indian Automobile Market
Mumbai, 22 February 2024: Mitsubishi Corporation is prepared to leave its imprint on the Indian automobile industry this year, aiming to breathe new life into the sector. The esteemed Japanese company has successfully acquired a considerable 32 per cent stake, representing a pivotal achievement in its ongoing expansion strategy.
With a reported investment ranging between $33 million to $66 million, as Reuters and Nikkei Asia highlighted, Mitsubishi Corporation is gearing up to establish its presence across India. Collaborating with TVS Mobility, known for successfully managing Honda car dealerships, Mitsubishi aims to establish a robust dealership network spanning the nation.
The partnership with TVS Mobility signals a strategic approach to bolstering Mitsubishi’s brand visibility and market reach. With a focus on enhancing the Japanese brand’s network, negotiations with key stakeholders and strategies for expanding the model lineup are already in the pipeline, as detailed by Nikkei Asia.
But Mitsubishi’s ambitions extend beyond conventional automobiles. The company is set to revolutionise the Indian automotive landscape with its foray into the electric vehicle (EV) segment. Building on its commitment to sustainability and innovation, Mitsubishi Electric Corp. announced a monumental investment of Rupees 18.91 billion ($231.2 million) for establishing a cutting-edge manufacturing facility in Tamil Nadu, as reported by Reuters in May 2023.
This visionary initiative is not only poised to redefine the EV market in India but also promises substantial economic benefits, including the creation of over 2000 employment opportunities. Mitsubishi’s entry into the EV sector underscores its dedication to pioneering technologies that align with India’s burgeoning demand for eco-friendly transportation solutions.
