Changfeng currently builds Mitsubishi Pajero SUVs as well own-brand Liebao SUVs in South China's Changsha city. The Liebao was the fifth-bestselling SUV in China last year behind models including Honda Motor Co's CRV and Hyundai Motor Co's Tucson. Most of Changfeng's sales come from the police, military and other government agencies.
The automaker was little changed at 19.33 yuan at 1:37 pm in Shanghai. Mitsubishi fell 1.6 percent to 181 yen on January 11 in Tokyo. The Japanese market is closed because of a national holiday today.
Mitsubishi owns a 15 percent of stake in Changfeng. This is likely to change as part of the new venture plan, Li said, without elaboration. The Japanese automaker also has a 25 percent stake in Southeast Motor Co.
Changfeng Motors Group Co, Changfeng's parent, plans to sell 10,000 vehicles overseas this year with a focus on Russia, Li said. It aims to boost annual exports to 60,000 by 2010. The company, which began exports in 2006, aims to enter the US market next year.