Mitsubishi Motors Corp. said Thursday it will sell 22 percent of its 42 percent stake in Mitsubishi Fuso Truck & Bus Corp. to DaimlerChrysler AG by the end of March.
MMC hopes the move will boost its financial health, and said it plans to concentrate its operating resources on its car business.
The share sale will generate about 52 billion yen for MMC, which is owned 37 percent by DaimlerChrysler AG. MMC said it plans to use the money to enhance research and development of new cars.
DaimlerChrysler currently owns a 43 percent stake in Mitsubishi Fuso. The share purchase will give the DaimlerChrysler group a combined stake of 65 percent in Mitsubishi Fuso.
MMC established Mitsubishi Fuso in January 2003 as a 100-percent owned subsidiary by spinning off its truck-making unit.
In March, Mitsubishi Motors sold a 43 percent stake in Mitsubishi Fuso to DaimlerChrysler and a 15 percent stake to other Mitsubishi group companies, including trading firm Mitsubishi Corp.
MMC in November reported a net loss of 80.2 billion yen for the first half of fiscal 2003.
It said it aims to launch 13 new models on the domestic market between fiscal 2004 and fiscal 2007.