Mitsubishi Motors to Start Car Sales Operations in Korea

MMSK, Mitsubishi Motors' sole distributor in Korea, established for new market entry

Seoul, July 3 2008 — Mitsubishi Motors Corporation announces that, as one of the key elements of its strategy for the Asian region in fiscal 2008, it is to enter the built-up car sales business in Korea working through its sole distributor in that country MMSK Corporation (see profile below).

2008 Mitsubishi Lancer Evolution: One of the cars to be introduced to the Korean market in October 2008

MMSK is a Japanese/Korean joint venture recently set up by Daewoo Motor Sales Corp., Incheon, Seoul Metropolitan City, Korea; President and CEO, Lee Dong-Ho), Mitsubishi Corporation (Chiyoda-ku, Tokyo; president and CEO, Yorihiko Kojima) and Mitsubishi Corporation (Korea) Ltd. (Seoul, Metropolitan City, Korea; president and CEO, Tsutomu Awaya). MMSK will work to grow and develop MMC's distribution, sales and after-sales servicing businesses in Korea.

Starting in October 2008 MMSK plans to phase the introduction of MMC's Mitsubishi Lancer Evolution high-performance 4WD sedan, Mitsubishi Outlander mid-size SUV, Mitsubishi Eclipse sports coupe, Mitsubishi Lancer sports sedan and Mitsubishi Pajero all-round SUV models onto the Korean market. MMSK aims to sell 400 units in the first year and increase volume to 3,000 units by 2010.

The phased introduction of MMC's best-selling models into Korea where the imported car market is currently growing very rapidly will allow MMC to establish and boost penetration of the Mitsubishi brand with its products meeting the needs of a wide spectrum of customers.

MMSK: sole distributor of MMC cars in Korea
Company name: MMSK Corporation
Head office: Seocho-gu, Seoul Metropolitan City, Korea
President & CEO: Mr Choi Jong-Yeol
Establishment date: March 2008
Capitalization: 14 billion Won (approx. 1.4 billion yen)
Shareholders: Daewoo Motor Sales Corp 85%
Mitsubishi Corporation 10%
Mitsubishi Corporation (Korea) Ltd. 5%
Business lines: Import, sales and after-sales servicing of MMC cars and parts

Source: Mitsubishi Motors Corporation

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