Hong Kong CNN —Mitsubishi Motors will stop producing vehicles in China, in the latest sign of retreat by foreign automakers in the world’s biggest car market.
Following weeks of speculation, the Japanese carmaker confirmed Tuesday that it would wind down local manufacturing and exit a long-running joint venture in mainland China.
The move came days after Stellantis, home to brands such as Jeep and Chrysler, moved to withdraw further from China, too.
Stellantis continues to sell imported vehicles in China through dealerships.
The Japanese firm will pour up to €200 million ($212 million) into Ampere, helping it push further into the European market.
Persons:
” Mitsubishi, “, Stellantis, Dongfeng, Ampere
Organizations:
Hong Kong CNN — Mitsubishi Motors, Mitsubishi, Guangzhou Automobile Group Company, GAC, Chrysler, Dongfeng Motor, Peugeot, Renault
Locations:
China, Hong Kong, Wuhan, Xiangyang, French