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NEW STEP IN ALLIANCE COOPERATION:
GROUPE RENAULT TO SUPPLY MODELS FOR MITSUBISHI MOTORS IN EUROPE

Starting 2023, Mitsubishi Motors will procure two models produced by Groupe Renault, for selected markets in Europe.

Groupe Renault and Mitsubishi Motors Corporation today announced a new step in their operational cooperation.

Mitsubishi Motors has decided to procure OEM-model vehicles from Renault, best-sellers on the European market which already meet regulatory requirements, for selected major markets in Europe. Starting 2023, Mitsubishi Motors will thus sell two "sister models" produced in Groupe Renault plants, which are based on the same platforms but with differentiations, reflecting the Mitsubishi brand's DNA.

A model mix of the newly launched Mitsubishi Eclipse Cross PHEV and the Renault-developed sister models will enable Mitsubishi Motors to be more competitive in the market.

"I am very happy to see Mitsubishi Motors building a new line-up in Europe. The Alliance aims to enhance competitiveness and enable more effective resource-sharing for the benefit of all three companies. Our approach is collaborative, relying on mutual respect, with a clear intention to boost the performance of each company, allowing individual companies to capitalize on their own strengths, avoid duplication of resources and improve efficiencies," said Jean-Dominique Senard, Chairman of the Alliance Operating Board and Renault.

"Mitsubishi Motors welcomes Renault's OEM models for the European market, and ultimately new customers. Mitsubishi Motors has been implementing structural reforms in Europe and our decision to freeze new car development for the European Market, announced in July 2020 in our mid-term business plans, remains. However, the OEM supply agreement will provide us with a solution to offer new products developed and manufactured in Europe– alongside our ongoing after sales business," said Takao Kato, CEO Mitsubishi Motors.

"Our new approach within the Alliance, focusing on impactful and meaningful projects, is turning into reality. This pragmatic, value-driven initiative will make a difference in our plants, in our partner's footprint and on the European streets. This beautiful project meets all partners' expectations from a design, regulatory and business perspective. This is what the Alliance is meant for and we are very happy, at Groupe Renault, to contribute to this new step in its history of cooperation." said Luca de Meo, CEO Groupe Renault.

In line with the Alliance announcement last May 2020, Groupe Renault, Nissan Motor Co., Ltd. and Mitsubishi Motors, the members of one of the world's leading automotive alliances, keep working on several initiatives to enhance competitiveness and realize further growth of the three partner companies by leveraging their respective leadership positions and geographic strengths.

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