Mitsubishi 2000 Annual Report Download - page 31

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29
Operational review
29
European market will be sold under both MMC and
DaimlerChrysler badges and some models will be powered
by MMC's GDI engine. Under the alliance agreement, MMC
and DaimlerChrysler are to study collaboration in all areas of
their passenger car operations, including development, pro-
duction, sales and auto financing.
The MMC −DaimlerChrysler alliance will generate ma-
jor synergies that will benefit both partners. Access to
DaimlerChrysler management resources and greater
economies of scale will help MMC to expand its business in
Europe and North America. The partnership will enable the
companies to use the NedCar facility to start production in
2004 of the new small car they are to jointly develop. The
GDI engine will also realize substantial cost savings in com-
plying with European emission regulations. MMC plans to
employ DaimlerChrysler's financing and leasing subsidiary
debis to boost its sales capabilities.
MMC's board of ten directors now includes three mem-
bers from DaimlerChrysler, and this will see a transforma-
tion in the Company management to a style that is more
along American and European lines.
■Other alliances
In addition to the equity partnerships described above, MMC
has entered a number of technology licensing alliances. In
January 1999, the Company signed an agreement with
Peugeot-Citroen covering the supply of technology relating
to the GDI engine. In April 1999, Hyundai Motor of Korea
launched the Equus luxury model powered by a 4.5-liter GDI
engine.
Under an agreement with Pininfarina, the first Pajero
Pinin light SUV rolled off the assembly line at the renowned
carrozeria's factory in Italy on July 6 1999. The Pajero Pinin
went on sale in Europe in the autumn last year.
MMC and DaimlerChrysler announce passenger car alliance