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. In a statement, the company said it had decided to “fundamentally” shake up its strategy for the fiercely competitive market amid a slump in sales.
The move came days after Stellantis, home to brands such as Jeep and Chrysler, moved to withdraw further from China, too. Last week, the company agreed to sell key assets it had jointly owned with its Chinese partner, Dongfeng Motor Group, Dongfeng said in a stock exchange filing. Under the deal, the Chinese automaker will take over land use rights and buildings in the Chinese cities of Wuhan and Xiangyang that had previously been dedicated to the production of Peugeot and Citroën vehicles.
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