OREANDA-NEWS. June 17, 2011. Mitsubishi Electric Corporation (TOKYO: 6503) announced today that it concluded an agreement on June 16 with QiMing Information Technology Co., Ltd., a subsidiary of China FAW Group Corporation, to establish a joint-venture company to develop, manufacture and sell car multimedia products in China. The new company will be established in Changchun, Jilin Province this August and begin operating in January 2012.

 Tentatively named Changchun Qiming Lingdian Automotive Electronics Co., Ltd., the joint-venture will enable Mitsubishi Electric to further grow and develop its comprehensive operations for car multimedia products. Mitsubishi Electric and QiMing Information Technology have cooperated in the development of car multimedia software since 2004.

 Starting with paid-in capital of 175 million RMB (approximately 2.24 billion JPY or 28 million USD), the company expects to have a workforce of 400 by March 2016.

 China, the world's largest market for cars, is a major market for Mitsubishi Electric's automotive equipment business. As economic prosperity expands from China's coastal areas to inland markets, Mitsubishi Electric expects its new joint-venture to play a key role in responding to increasing regional demands for car multimedia equipment.