DaimlerChrysler Pulls Stake in Mitsubishi

LOS ANGELES DaimlerChrysler AG today divested itself of its stake in Mitsubishi Corp., including Mitsubishi Motors North America, according to a company statement. DaimlerChrysler held more than 12 percent of Mitsubishi’s stock.

A spokesman for MMNA, Cypress, Calif., said the move would “have no effect on Mitsubishi’s relationship with its marketing.” Omnicom Group’s BBDO in New York is the company’s lead agency.

MMNA released a statement today, which said, “Although capital ties between Mitsubishi Motors Corporation and DaimlerChrysler AG will be dissolved as a result of the sale, ongoing individual alliance projects are progressing smoothly. Those projects include joint development and production of engines, the shared use of vehicle architecture and the joint production of passenger vehicles.”

The statement also said that the companies would remain business partners “where both parties continue working on individual alliance projects that are mutually beneficial.”

As part of the divestiture, Dr. Rudiger Grube resigned from his position as a non-executive member of the board, according to the statement.

Despite the introduction of the redesigned Eclipse and the recently released Raider pickup truck, putting the company up 1 percent in unit sales in October, Mitsubishi remains 26 percent down on the year to date, selling 105,000 units, according to Car Concepts, Thousand Oaks, Calif.

MMNA spent $145 million on advertising through August 2005, per Nielsen Monitor-Plus.