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Mitsubishi Motors to sell NedCar plant for 1 euro to VDL

11 July 2012 11:13 (UTC +04:00)

Baku â€“ APA-Economics. Japan’s Mitsubishi Motors said on Wednesday it will sell its car plant in the Netherlands, its only factory in Western Europe, to local busmaker VDL for 1 euro ($1,23), on condition that its 1,500 employees do not lose their jobs, APA reports citing Reuters.

Mitsubishi Motors decided in February to end production by the end of this year at the Netherlands Car or NedCar plant, where it builds the Colt subcompact and the Outlander sport utility vehicle, with automakers facing sluggish demand in western Europe.

German premium carmaker BMW said last month it was considering building vehicles at the NedCar plant, and Japanese public broadcaster NHK reported earlier that VDL was set to start producing small cars at the plant for BMW.

Mitsubishi Motors’ statement made no reference to BMW.

NedCar, located in Born in the southern Netherlands near the borders with Belgium and Germany, started in 1991 as a three-way venture between Mitsubishi Motors, Volvo and the Dutch government. Mitsubishi Motors became the sole shareholder in 2001 after buying out its partners.