"We were the first to begin exports of Thai-built cars when MMC Sittipol began exporting the Lancer Champ to Canada in 1988. As a result, early this year, we will be the first automaker to reach cumulative exports of 500,000 units," said MMC President and CEO Rolf Eckrodt at a press conference in Bangkok today.

"We concentrated production of our pickups in Thailand in 1996. Since then, we have been exporting our Strada to some 140 countries," Eckrodt added. "Our competitors began exporting too, proving that our faith in Thailand was justified."

The achievement underscores a significant contribution by MMC to raising the level of industrialization in Thailand, creating more jobs, and increasing inflow of foreign currency since it began its Thai operations in 1964.

Eckrodt also made a firm statement on MMC's unyielding commitment to Thailand: MMC will invest about 21 billion baht (US$475 million) in Thailand for the development and production of its next generation pickup truck.

MSC is currently revamping its operations under a three-year turnaround plan, which started last January. The plan calls for materials costs to be cut by 22 percent over the three years and an extensive overhaul of MSC's sales network. In line with MMC's recent spin-off of its truck and bus business, MSC is also planning to spin off its truck and bus operations in the future.

To accelerate MSC's turnaround, a new management team-Chief Operating Officer David Howard, Chief Financial Officer Rudolf Steinle, and Chief Information Officer Andreas Wedemeyer-will join this month. All three bring with them a wealth of experience in the auto industry that will help them steer MSC through today's intensely competitive global market.