Sales are very low! Car giant withdraws from that country

Mitsubishi, the globally widely used automobile giant, has decided to withdraw from China due to declining sales. The automobile giant also announced that it will stop vehicle production in this country.

28.09.2023 - 20:14 Created at

Sales are very low! Car giant withdraws from that country

Japan's automobile giant Mitsubishi Motor will stop vehicle production in this country due to the decline in sales in China.

AUTOMOBILE GIANT WITHDRAWS FROM THAT COUNTRY

Mitsubishi Motor will halt production in China, the official Kyodo agency reported, citing market sources.

The decision to pull out was influenced by the company's declining sales in China and the increasing shift of the Chinese market towards electric vehicles.

The Japanese company is expected to announce the official decision after negotiations with its local production partner and shift its production resources to the Southeast Asian market.

The Kyodo report emphasized that local brands are expanding their market share in China and Japanese manufacturers are struggling to sell their cars in the local market.

It is known that Nissan Motor lowered its fiscal year 2023 sales target in China from 1.1 million to 800,000 and Mazda Motor suffered a 17 percent drop in sales in the April-June quarter in China.