By Kosaku NariokaMitsubishi Motors plans to end production of cars in China in response to sluggish sales amid stiff competition. The Japanese automaker said Tuesday that it will restructure its joint venture with Guangzhou Automobile Group and Mitsubishi Corp. and book a special loss of 24.3 billion yen ($162.3 million) in the year ending March 2024. Mitsubishi Motors said Guangzhou Automobile will acquire the stakes in the Chinese joint venture held by the two Japanese partners and use production capacity for its electric-vehicle business Aion. Earlier Tuesday, Mitsubishi Motors said it plans to invest up to 200 million euros ($213.4 million) in Renault's EV company, Ampere, as part of efforts to improve its alliance with the French automaker. The Japanese carmaker said it will strengthen EV development and expand its lineup of vehicles through the tie-up with Ampere.

Source: Wall Street Journal October 24, 2023 18:58 UTC