Mitsubishi Motors will cease vehicle production in China, indicating a trend of foreign automakers retreating from the largest car market in the world. The Japanese carmaker confirmed that it would wind down its local manufacturing and exit a long-standing joint venture in mainland China. Mitsubishi cited a slump in sales and the accelerated shift to electric vehicles as reasons for the strategic shake-up. The company will transfer its stake in the joint venture to its existing partner, Guangzhou Automobile Group Company (GAC), which will continue using the production site for electric vehicles. Mitsubishi expects to incur a loss of ¥24.3 billion ($162.2 million) as a result of the restructuring. It is unclear whether the company will continue selling imported cars in China. This announcement follows Stellantis' recent decision to further withdraw from China by selling key assets owned with its Chinese partner, Dongfeng Motor Group. Stellantis aims to adopt an "asset-light approach" in China by terminating its joint venture in the country. Mitsubishi, on the other hand, plans to increase its investment in Ampere, an electric vehicle unit established by Renault, to expand further into the European market.
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