Mitsubishi Motors will stop producing cars in China. The Japanese company made this decision after the board meeting. Message press service.
Mitsubishi will exit its joint venture with Chinese company Guangzhou Automobile Group (GAC Group). Mitsubishi’s share in the joint venture will be transferred to GAC and the companies will continue to cooperate to provide after-sales service to customers. According to the consolidated financial statements for the fiscal year ending March 31, 2024, the Japanese automaker’s loss will be 24.3 billion yen.
Mitsubishi announced that the Chinese automobile industry has changed a lot in the last 2-3 years, and the popularity of electric vehicles has increased faster than expected. The company tried to revive sales by launching a new model in December 2022, but it remained behind schedule and suspended production in March this year before deciding to implement structural reforms.
In China, Mitsubishi’s product range includes the ASX, Eclipse Cross, Outlander and Pajero SUV, as well as the Airtrack electric vehicle.
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