Hyperdrive
Mitsubishi Motors Suspends China Business After Sluggish Sales
- Sales have been falling in a market rapidly going electric
- Japanese automakers have struggled in China with lack of EVs
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Mitsubishi Motors Corp. has suspended its China business indefinitely and will lay off staff after years of poor sales in a market rapidly turning to electric vehicles.
The Japanese automaker said that China’s transition away from gasoline cars to cleaner vehicles had hit its existing line up and seen sales fall far below expectations, according to a July 12 company memo that was circulated on Chinese social media.