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Shanghai Mitsubishi Elevator Produces One Millionth UnitContinues to expand huge cumulative volume produced over last 34 years in China

FOR IMMEDIATE RELEASE No. 3384

TOKYO, November 10, 2020 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today that Shanghai Mitsubishi Elevator Co., Ltd. (SMEC), a joint venture company operating in China, produced its one millionth unit, including both elevators and escalators, this month, 34 years after starting production at the company's Min Hung Plant in 1987. Mitsubishi Electric, working in collaboration with SMEC, continues to deliver safety, peace of mind and riding comfort in China, the world's largest elevator and escalator market, and maintain its market-leading brand.

SMEC

Mitsubishi Electric became the first Japanese company to directly manufacture, sell, install and service elevators and escalators in China when it teamed up with Shanghai Electric Group to establish SMEC in Shanghai in 1987.

SMEC is well known for the quality of its products and services. For the past 10 years, including this year, it has been named as the No.1 preferred supplier and service brand in the elevator and escalator sector by China's top 500 real estate development enterprises in a survey organized by China Real Estate Association and E-house China R&D Institute.

SMEC is steadily introducing products incorporating the most advanced technologies, thereby contributing to the ongoing growth of China's elevator and escalator industry. The company delivers products and services focused on safety, peace of mind and riding comfort through a nationwide network of 89 branch offices.

Company name	Shanghai Mitsubishi Elevator Co., Ltd.
Location	811 Jiang Chuan Road, Minhang, Shanghai
Ownership	Shanghai Mechanical & Mechanical Industry Co., Ltd.: 52% China National Machinery Import & Export Corp.: 8% Mitsubishi Electric Corporation: 32% Mitsubishi Electric Building Techno-Service Co. Ltd.: 8%
Startup	January 1987
Employees (headquarters)	Approximately 2,000 (as of April 1, 2020)

Mitsubishi Electric's Elevator and Escalator Business in China

The annual demand for new elevator and escalator installations in China in the fiscal year ending in March 2021 is forecast to reach about 870,000 units, accounting for approximately 70 percent of the global market. Mitsubishi Electric has two bases in Shanghai engaged in developing and manufacturing elevators and escalators for the Chinese market: Mitsubishi Electric Shanghai Electric Elevator Co., Ltd. (MESE), which was established in 2002, and SMEC. Mitsubishi Electric operates throughout China under a two-brand strategy comprising Mitsubishi-brand MAXIEZ elevators manufactured by MESE and SMEC-brand elevators and escalators manufactured by SMEC. Together with subsidiary Mitsubishi Electric Building Techno-Service Co. Ltd. in Japan, Mitsubishi Electric continues to enhance its maintenance technologies, functions and services as well as its renewal business in China. Taking this milestone of 1 million units as an opportunity, Mitsubishi Electric aims to further expand its business and maintain its top brand.