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Sollers-Bussan LLC, a joint venture ("JV") between Mitsui & Co., Ltd. ("Mitsui", head office: Chiyoda-ku, Tokyo, President and CEO: Masami Iijima) and Russian major car manufacturer OJSC Sollers (head office: Moscow, Russia), started production of Toyota Land Cruiser "Prado" today. Sollers-Bussan LLC was established in August, 2010 as a fifty-fifty joint venture and has been engaged in preparation for the launch of the assembling project of Toyota brand automobiles under the technical assistance of Toyota Motor Corporation.
The Russian automobile market is now in a recovery trend after the global financial crisis and the sales volume of vehicles in 2012 was 2,935,000 units, which is the 2nd largest in Europe after Germany, and the market growth is expected to continue. Meanwhile, the Russian government positions the automotive industry as one of the important industries and has an intention to develop the domestic automobile industry through alliances with foreign companies.
The vehicles produced in the Far East of Russia will be supplied to customers in the Russian market efficiently and promptly by mainly utilizing the Siberian Railway. Mitsui aims to contribute to the development of the Russian automobile industry and local economy through this joint project and to expand our business activities in this country further.
|Location||Vladivostok, Russian Federation|
|Capital structure||Mitsui: 50%; Sollers: 50%|
|Capital||Russian rubles equivalent to 4 million US dollars|
|Nature of business||Car assembly|
|Start of production||February 18, 2013|
|Assembled model||Land Cruiser Prado|
|Production plan||1,000 units/month (for the time being)|
|Name of the company||Open Joint Stock Company "Sollers"|
|Location||Moscow, Russian Federation|
|Listed stock market||MICEX, RTS|
|Major business||Manufacture and sales of automobiles in Russia|
|Brands||Russian brands: UAZ (commercial vehicle, off-road vehicle), ZMZ (engine)
Foreign brands: Ford (U.S.A.), Ssang Yong (South Korea), Isuzu (Japan), Mazda (Japan) etc.
This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.
This announcement is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.