Mitsubishi to pull out of China due to rapid EV shift

TOKYO, Oct 19 (News On Japan) - Mitsubishi Motors Corporation is expected to withdraw from automobile production in China, with a decision likely at an upcoming board of directors meeting.

Mitsubishi Motors has been producing cars in Hunan Province, China since 2012, but mostly gasoline cars, with EVs accounting for only about 3%.

Faced with difficulties as the Chinese market shifts rapidly to EVs, the company is being forced to pull out.

Sales of other Japanese manufacturers are also declining in the Chinese market.

From January to August this year, compared to the same period last year, Nissan's sales decreased by 26.3%, Honda's by 24%, and Toyota's by 5.1%. Each company is rethinking their strategies.