Mitsubishi Motors buying Ford Philippine auto plant

Mitsubishi Motor Corp the Japanese automaker bought Ford’s shuttered plant in the Philippines to grow in market where car ownership is on the rise. Mitsubishi has acquired the plant in Laguna South of Manila from ford motor company to boost their production and sales.

Ford closed their plant in 2012, the Tokyo based automaker did not provide a price. Mitsubishi controls more than a fifth of the Philippine market, where the rival Toyota Motor Corp has top market share. Various automakers keep their eyes on the nation because car ownership is anticipated to grow.

It is reported that the Philippine economy growth rate extend by 7.2 per cent last year, which is the second fastest in Asia after China.

Currently Mitsubishi is producing The Lancer sedan, Adventure minivan and the L300 truck at the smaller plant running near Manila. Model details regarding production at the new plant has not yet revealed.