Mitsubishi Motors Corp. said Monday it has acquired a factory site from Ford Motor Co. in the suburbs of Manila and plans to start production there next January.
MMC will abandon its current plant with an annual production capacity of 30,000 units and shift production to the new site, which Ford vacated in 2012. The automaker aims to manufacture 50,000 units a year there.
With annual demand of about 210,000 units, the auto market in the Philippines is relatively small compared with other major countries, but MMC thinks the car market there will grow in line with its economic expansion.
The company will produce Lancer EX sedans and commercial vehicles mainly for the local market, but will also consider exporting to other members of the Association of Southeast Asian Nations.