Unable to reach its desired targets in the Chinese market Mitsubishi Motorsannounced that it would stop investments in this country. Accordingly, he announced that he would exit the joint venture operations and invest in Renault’s electric car company.
Mitsubishi stopped production in its Chinese factory
The Japanese automaker said it was suspending plans for China. According to this Guangzhou Automobile Group And Mitsubishi Corp. He said that he would transfer the joint venture run by . The 12-year-old joint company was producing Mitsubishi vehicles in China.
Mitsubishi’s facility will be exclusive to China from now on GAC And Aion The brand will produce electric cars. This move is part of the competitive and sales pressure that foreign automakers face in the Chinese market. Previously, Volkswagen’s market share in the country had bottomed out.
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Mitsubishi Motors also stated that leaving the joint venture would cause damage to the company. It said it would suffer a loss of $162 million related to restructuring costs. However, it maintained its annual profit forecast.
On the other hand, Mitsubishi is Renault’s electric vehicle unit 200 million euros to Ampere announced that it will invest up to Renault plans to list Ampere as a separate company next year to accelerate its electric vehicle push.
With this investment, the cooperation between Mitsubishi and Renault/Nissan will also expand. It seems possible that Mitsubishi will tap Ampere’s EV technology to develop its own electric cars.
As part of the partnership, Ampere will supply electric vehicles to Mitsubishi and help the Japanese brand expand its product range in Europe.
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