GAC Mitsubishi Motors was established in 2012 as a joint venture between the two companies. Sales peaked in 2018 at 140,000 units. Last year, deliveries to customers fell to 38,550 units, or about 60 percent less than in 2021. Production at the plant in Human province was halted in March 2023, and Mitsubishi apparently has no intention of restarting operations.
The plant will not be closed, as GAC will likely use the facility to produce electric vehicles. The Chinese automaker owns 50 percent of the joint venture, while Mitsubishi Motors owns 30 percent. The remaining 20 percent is held by trading house Mitsubishi Corp. According to Nikkei Asia, GAC Mitsubishi will continue to exist as a legal entity, but the two Mitsubishi companies are withdrawing their investments.
The funds will reportedly be redirected to operations in Southeast Asia and Oceania, as these regions account for about one-third of annual sales.
In other markets, Mitsubishi has been busy launching new products this year. First and foremost is the new L200 / Triton pickup, but there's also the Xforce small crossover for South Asia, Latin America, the Middle East and Africa. The company also rebadged the Renault Clio for a "new" Colt in Europe and introduced a Delica Mini at home in Japan.
Source: Nikkei Asia
