TOKYO/PARIS: Japan’s Mitsubishi Motors said it will end production of its cars at its joint venture in China and transfer its stake in the unit to its Chinese partner, becoming the latest foreign automaker to cut back its operations in the world’s top auto market.
The decision by the Japanese car maker comes amid fierce price competition in China which has led global automakers such as Hyundai Motor and Stellantis to take steps to bring down costs by restructuring their businesses.
Mitsubishi Motors separately said on Tuesday it will invest up to 200 million euros ($214 million) in the new electric vehicle unit of French counterpart Renault, as it seeks to strengthen its foothold in Europe and other markets.
