Through a press release on August 9, Mitsubishi Motors Corporation (MMC) announced that it has started local production and sales in Bangladesh of its new-model Pajero Sport SUV. The Pajero Sports model is being produced at the Chittagong plant of Pragoti Industries Limited (PIL), MMC’s business partner in Bangladesh, and will be sold through PIL’s domestic sales network in Bangladesh.
PIL is a state-owned automobile assembler operated by the Bangladesh Ministry of Industries and has had operational ties with MMC, assembling and selling MMC models in Bangladesh since 1977.
PIL has produced and sold MMC’s previous-generation Pajero since 1995 and with the addition of the new-model, Pajero Sport SUV, is seeking to strengthen its lineup and expand sales further. Initially the company expects to produce and sell some 500 Pajero Sport models annually.
MMC first entered the Bangladesh market in the 1970’s. In addition to its production and sales operations with PIL, the company also sells imported built-up Mitsubishi-brand models and has captured a large share of the country’s market for new passenger cars and SUV models. MMC intends to continue extending its presence in Bangladesh in various ways including the timely introduction of new models.
In the release, MMC makes the concentration of business resources in emerging markets a major strategic pillar of its “Jump 2013” mid-term business plan which the company announced in January this year.
The start of local production and sales of the new SUV model in Bangladesh announced today embodies the implementation of this crucial strategy.
MMC assured that it will work to strengthen its operations by improving and firmly cementing the Mitsubishi Motors brand in emerging markets with the promise of future growth.
The release signifies the booming auto market in Bangladesh despite a gas crisis, increasing fuel costs and inflation in the country. Besides Mitsubishi, other brands like Nissan, Honda, Hyundai, Maruti Suzuki and others are vying for greater share in a market where Toyota still rules despite the Tsunami and earthquake disaster during the beginning of this year.