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Mitsubishi Motors to dissolve engine venture with DaimlerChrysler

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TOKYO (AP) _ Mitsubishi Motors Corp. will dissolve an engine-production venture with DaimlerChrysler AG (NYSE:DCX) by selling its stake to the German automaker, a news report said Monday.

The report by Kyodo News agency cited Mitsubishi officials it did not identify by name.

DaimlerChrysler spokesman Florian Martens confirmed in a telephone interview from the German city of Stuttgart that his company was currently in talks to purchase Mitsubishi's stake in the engine-production venture.

``It's our intention to do that,'' Martens said. He declined to comment on the price of the stake, saying only that ``talks are ongoing.''

Ailing Mitsubishi ended its capital ties with DaimlerChrysler last November. The Japanese automaker hasn't decided on the sales price of its stake in the German engine venture, Kyodo said.

The joint venture has provided engines for Mitsubishi's auto assembly factory in the Netherlands, which has manufactured Mitsubishi cars as well as DaimlerChrysler's Smart compact cars under contract, according to Kyodo.

The NedCar plant in the south of the Netherlands also faces changes, including job cuts, after DaimlerChrysler said earlier this month it plans to cut short a contract to produce its Smart forfour model there.

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Mitsubishi Motors to dissolve engine venture with DaimlerChrysler
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