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Automobiles

Mitsubishi Motors sells former Pajero plant to Daio Paper

$34m deal for closed factory finishes automaker's post-Ghosn cost-cutting drive

Mitsubishi Motors ended production at the Pajero factory in August 2021.

TOKYO -- Mitsubishi Motors will sell its shuttered Pajero factory in central Japan to Daio Paper for about 4 billion yen ($34 million), concluding the automaker's restructuring push while giving the papermaker more capacity to meet demand boosted by the pandemic.

The deal, expected to be announced as early as this week, transfers the land and facilities from Mitsubishi Motors subsidiary Pajero Manufacturing to Daio by the end of March 2023. The automaker had ended production at the factory, which made the once-popular Pajero sport utility vehicle, in late August amid sluggish sales -- the first time it closed a Japanese plant since 2001.

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