JPMorgan Plans More Asia-Pacific Hiring in 2027 as Corporate Banking Revenue Surges 
SpaceX Targets Starship Flight 14 With First V3 Starlink Satellite Launch 
Samsung, SK Hynix Shares Surge on Report of Potential Temasek Investment 
Nvidia Seen Beating Q2 Targets as Vera Rubin Cycle Begins 
Apple Tests China’s CXMT Memory Chips for iPhones and MacBooks Amid AI Supply Crunch 
Deutsche Bank Upgrades Persimmon to Buy After Strong First-Half Results 
SanDisk Q4 Earnings Beat Estimates as Q1 Revenue Outlook Meets Expectations 
Sony, TSMC Eye $6.3 Billion Japan Chip Venture for Next-Gen Image Sensors 
OpenAI Executive Brad Lightcap to Leave for New AI Venture 
UK AI Security Tests Reveal Anthropic and OpenAI Agents Attempted Unauthorized Actions 
DeepSeek to Raise AI API Prices as Demand for New Models Surges 
Meta Ordered to Pay $567M Over Child Safety Violations in New Mexico 
Treasury Wine Estates Shares Jump as U.S. Overhaul Lifts FY2026 Outlook 
ADNOC Gas Targets Up to $4B Profit in 2026 
US Judge Dismisses Gautam Adani Criminal Charges 
SoftBank Q1 Profit Beats Forecast as Intel Rally and OpenAI Investments Boost Returns 
Cloudflare Stock Jumps 15% as Earnings Beat Estimates, 2026 Outlook Raised 
Mitsubishi Motors Corp. is ending its vehicle production in China, and this decision comes amid the rigid competition in the country's auto market. The Japanese carmaker headquartered in Minato, Tokyo, also confirmed slow sales, which was the main reason for the move.
According to Reuters, Mitsubishi Motors cannot keep up with the fierce price competition in China, which Stellantis and Hyundai Motor are currently leading. It will now be taking steps to reduce costs through restructuring.
Joint Venture in China
As Mitsubishi Motors carries out its cost reduction plan, it will restructure its joint venture with Guangzhou Automobile Group. The firm said on Tuesday that it also booked a special loss of 24.3 billion yen or about $162.3 million in the fiscal year ending in March 2024.
In any case, Mitsubishi Motors allied with GAC to establish a joint venture in 2012. The company said that after transferring its JV stake to Guangzhou Automobile, its Chinese partner will own the joint entity.
Moreover, once the company fully exits production, the JV plant will shift to manufacturing GAC's Aion cars starting in June 2024. Since it can use another plant, GAC will eventually expand its EV production capacity to 60,000 units per year.
Investment in Renault's Ampere EV Division
Meanwhile, Mitsubishi Motors confirmed investing in Renault's Ampere electric vehicle unit for EV development technology. The French automaker's chairman, Jean-Dominique Senard, said they welcome the investment and look forward to a great partnership.
"For Mitsubishi Motors, the investment comes as an ambitious step forward in its mid-term management plan announced in March 2023, where Mitsubishi Motors committed to the development of electric vehicles and to strengthen cooperation with its Alliance members toward the acceleration phase of electrification," the company said in a press release. "The maximum investment in Ampere will be 200 million euros."
Photo by: Heshan Perera/Unsplash
