Mitsubishi is stopping the production of cars it made together with another company in China. They’re giving their part of the business to Guangzhou Automobile Group. This means Mitsubishi will now fully belong to GAC.
Mitsubishi and GAC started working together in 2012. They built cars like ASX, Outlander, Pajero, Eclipse Cross, Eupheme, and Airtek EV. But from June 2024, the plant will make cars for GAC’s Aion brand. GAC says this will let Aion make up to 600,000 cars every year.
Mitsubishi will lose a lot of money because of this change, about $162.4 million. It’s because they’re reorganizing their business in China.
After this, Mitsubishi said they will invest about $213 million in Renault’s new electric car project called Ampere. They will buy electric cars from Ampere and sell them under the Mitsubishi brand. This will help them make electric cars without spending too much money.
Mitsubishi plans to sell these new electric cars in Europe and Southeast Asia. They will also learn about electric car trends in big markets. Nissan, a company that works with Renault, is also investing a lot in Ampere. Chipmaker Qualcomm is giving money too.
Renault’s chairman, Jean-Dominique Senard, said he’s happy that Mitsubishi is investing, and they will talk more about the partnership in the future.