Japan's Mitsubishi Motors Decided to Withdraw from the Chinese Market
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Update time : 2023-10-26 10:46:40
Mitsubishi Motors Industries is said to be making a decision to exit the Chinese market in the near future. In China, the world's largest automotive market, the transition toward electric vehicles (EVs) has been so rapid that various Japanese manufacturers have been caught in the crossfire and forced to rethink their business strategies.
Mitsubishi Motors Corporation has been producing cars locally in China's Hunan province since 2012, when it set up a joint venture with a Chinese manufacturer. According to relevant sources, after consultation with Chinese manufacturers, Mitsubishi Motors has basically decided to sell its shares in the joint venture and stop the joint venture business. Once the inventory is digested, Mitsubishi Motors will terminate the new car sales business, exit the Chinese market.
In China, the world's largest auto market, the popularity of electric cars and plug-in hybrids is growing rapidly. Competition for sales between Japanese companies and emerging local manufacturers is intensifying. In this situation, Mitsubishi Motors, which focuses on producing fuel-powered vehicles, is in trouble and has suspended local production since March this year.
The company said it intends to focus its business resources on the Southeast Asian market, where it has a good track record.
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