Mitsubishi Electric Corporation has signed a deal with China's QiMing Information Technology Company Ltd. to establish a joint-venture company to develop, manufacture and sell car multimedia products in China.
QiMing is a subsidiary of China FAW Group Corporation and the new company will be established in Changchun, Jilin, this August and begin operating in January 2012.
Tentatively named Changchun Qiming Lingdian Automotive Electronics Company Ltd., the joint-venture will enable Mitsubishi Electric to further grow and develop its comprehensive operations for car multimedia products. Mitsubishi Electric and QiMing Information Technology have cooperated in the development of car multimedia software since 2004.
Starting with paid-in capital of CNY175 millio, the company expects to have a workforce of 400 by March 2016.
The ownership of the company will be QiMing Information Technology Company Ltd. with 51%; Mitsubishi Electric Corporation with 33%; Mitsubishi Electric (China) Company Ltd. with 10%; and Koshida Corporation owning the final 6%.