Mitsui : establishes mobility service operator with Toyota Group in Brazil

Mitsui & Co., Ltd. ('Mitsui', Head Office: Tokyo, President and CEO: Tatsuo Yasunaga) and Toyota Financial Services Co., Ltd. ('TFS', Head Office: Nagoya City, Aichi Prefecture, President: Akihiro Fukudome) a global operator of automobile sales financial services, have established KINTO Brasil Serviços de Mobilidade Ltda ('KINTO Brasil') on July 2nd 2020, to develop a wide range of mobility services in Brazil. KINTO Brasil is headquartered in the state of Sao Paulo, Brazil, with Mitsui holding 49% and TFS 51%.

As in many developed markets, a variety of industries in Latin America are expected to see an accelerated shift from ownership to usage-based consumption in the coming years. In response to this shift in business model, KINTO Brasil will launch a full-service BtoB lease business (service name: 'KINTO ONE'), an area which is growing rapidly in Brazil, the largest automobile market in Latin America. In the future, the company will aim to further expand its service areas, including for the BtoC market.

Mitsui has operated automobile related businesses in Latin America since the 1960s, including import agents, dealerships and sales finance businesses, and has built a strong value chain in the industry. In recent years it has started to establish a presence in the automobile operating lease and car rental business, focusing its expansion on the demand side closer to users, and is working to further strengthen its value chain. Mitsui is engaged in business in a wide range of fields in Brazil, including metal resources, infrastructure, and chemicals.

Mitsui positions the automobile field as one of its core businesses, and is actively working to create new business opportunities in this area. Through the services it will offer with KINTO Brasil, Mitsui will contribute to the creation of better, more fulfilling lives for all stakeholders, including those in the automotive industry, peripheral industries, and users.