Mitsubishi Motors Exits China as EV Shift Accelerates, Incurs $162M Loss
-
Mitsubishi Motors is ending vehicle production in China and exiting its joint venture there amid declining sales.
-
The company says the shift to electric vehicles in China is happening faster than expected.
-
Mitsubishi will transfer its stake in its Chinese JV to partner GAC, which will continue EV production.
-
Mitsubishi expects to book a $162 million loss due to the restructuring.
-
The move follows other automakers like Stellantis also retreating from China due to market challenges.