MMC Rus

MMC Rus is the general distributor of Mitsubishi Motors in Russia.

History

2023

Termination of the contract on the assembly of cars at the PSMA Rus plant

The Russian subsidiary of the Japanese automaker Mitsubishi Motors terminated the car assembly agreement at the PSMA Rus plant and paid compensation in the amount of 2.95 billion rubles. This was reported in the reports of Mitsubishi, published in early April 2024.

According to Interfax with reference to these materials, the penalty was transferred in January 2024. At the same time, this amount was taken into account in the financial indicators of Mitsubishi Motors Rus LLC (MMR) for 2023, so the company received a net loss of 3.9 billion rubles at the end of this period against 1.5 billion rubles in profit in 2022.

𝓲

Unsplash

MMR also included formed reserves for compensation for damage and work with consumer claims (about 900 million rubles) in the item of "other expenses." The company has pledged to make payments on supplier claims based on notifications sent to PSMA Rus by the end of February 2027. By mid-March 2024, after the payment of compensation in connection with the termination of the assembly agreement, MMR had a reserve of funds in the amount of about 1.9 billion rubles. This amount should be enough to fulfill obligations in the foreseeable future.

The agency recalls that until the spring of 2022, Mitsubishi Outlander and Mitsubishi Pajero Sport cars were assembled at the PSMA Rus facilities. The company signed an agreement on the termination of the contract assembly of machines at the end of 2023.

Later, the production of medium-sized crossovers Citroen C5 Aircross was launched at PSMA Rus. Sales of this car are planned to begin in mid-May 2024. The production of crossovers from the car kits of the Chinese partner at the enterprise was organized by the Russian independent company "Automotive Technologies," which will become an importer of components, a manufacturer, and a distributor.^[1]

Expo Capital bought MCIA

In early November 2022, Mitsubishi sold its Russian subsidiary MC Intermark Auto (MSIA LLC). It was bought by the ExpoCapital fund (Expocap LLC) owned by businessman Igor Kim and his partners. Read more here.

Notes