Mitsubishi Confirms Joint Truck Venture with Volvo
Mitsubishi Motor Corp. on Dec. 26, 2000 confirmed that in 2004 it will sell trucks it has jointly developed with Swedish automaker Volvo AB, the Reuters news service reported. The companies agreed to the project in 1997, before DaimlerChrysler AG acquired a controlling minority stake in the struggling Mitsubishi. There had been speculation that Mit-subishi would withdraw from the joint venture because Daimler-Chrysler and Volvo are rivals in the truck market, Reuters said. A Mitsubishi spokesman said the Japanese automaker would sell the new trucks primarily in Japan while Volvo will sell them in Europe under its own brand, Reuters reported.
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