Mitsubishi Pivots Investment
Pulls out of production in China while investing in Renault’s EV unit.
Mitsubishi is a junior partner of Renault, whose EV unit it's investing more than $200 million in.
IMAGE: Mitsubishi
Due to tough price competition, Mitsubishi is pulling out of vehicle production in China after a little more than a decade of a joint venture with a Chinese partner, according to news reports.
Guangzhou Automobile Group will acquire Mitsubishi’s stakes in the JV.
Meanwhile, the Japanese automaker will invest more than $200 million in Ampere, the electric-vehicle unit of French automaker Renault, with which it’s a junior partner.
Mitsubishi follows other automakers in restructuring its presence in the biggest vehicle market in the world, including Hyundai and Stellantis.
LEARN MORE: Mitsubishi Gets More Aggressive on Electrification
Originally posted on Auto Dealer Today
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