Mitsubishi sells factory for one euro

July 12, 2012 12:00 AM

Those keeping up with the ongoing European debt crisis might say that you can't buy much with a euro these days. Yet it appears €1 is all that's needed to buy your very own automotive factory.

Japanese automaker Mitsubishi has reportedly agreed to sell its European factory to bus maker VDL Groep for the low price of €1, according to Reuters. The NedCar factory, located in the Netherlands, will move to the German automaker by the end of the year.

Why did Mitsubishi sell the factory for just €1? The reason is because sagging consumer demand in Europe has made it too costly for the company to maintain operations there. Mitsubishi was actually losing money while the factory was open, so though they're taking a big loss on the value of the factory, they're essentially washing their hands of the operation.

The other caveat involved in the deal is the VDL Groep has to retain the 1,500 workers employed by the factory. Mitsubishi is essentially doing right by their employees by making sure they have new jobs.

"As a result of talks which prioritized the handover of all current employees of NedCar, we have basically agreed on this," Mitsubishi Motors said in a statement.

Unfortunately, it'll cost drivers a bit more than €1 to fix major auto repairs. Those who keep up with scheduled maintenance can avoid incurring major costs, however.

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