Japan: Participation in car sharing business

Mitsui & Co., Ltd. (Head Office: Chiyoda, Tokyo; President: Mr. Shoei Utsuda) has established Car Sharing Japan Co., Ltd. ("CSJ"; Head Office: Shibuya, Tokyo) in order to launch a car sharing service business in which members share the same cars. CSJ plans to begin the invitation of a new membership of the service and start its car sharing service in January 2009 in the Tokyo Metropolitan District, and to use its Tokyo operations as a launch-pad to future expansion of the business.

In Japan, with the number of new car sales declining and a recent increase in environmental awareness, the future trend in car usage has been moving towards car "use" and away from car "ownership". Car sharing has already become established in Europe and North America as a next-generation mobility service with strong local roots, and rapid growth is expected for Japan.

Mitsui aims to take the lead in building a new type of motorized society and contributing to more affluent lifestyles through the establishment of a car sharing service that allows users to drive cars any time of the day in a way that feels like driving a privately-owned car without the need for individuals or companies to own vehicles. Moreover, CSJ will be developing its business in a way that considers its impact upon the environment by using hybrid vehicles and vehicles with low fuel consumption.

Source: Mitsui & Co., Ltd.