Big event! Mitsubishi officially withdrew from the Chinese market, and the joint venture was taken over by GAC.
Mitsubishi Motors has indeed decided to withdraw from the Chinese market, and its joint venture, GAC Mitsubishi, will become a wholly owned subsidiary of GAC Group.
This decision means that Mitsubishi Motors will no longer be directly involved in the operations of GAC Mitsubishi, but will be fully taken over by the GAC Group.
The GAC Group will assume the operation and management of GAC Mitsubishi, including all aspects of the plant, sales, and after-sales service. At the same time, the GAC Group will use GAC Mitsubishi's plant to increase production capacity and start mass production in June 2024. GAC Mitsubishi Motors Sales Co., Ltd. will be jointly owned by GAC Group, Mitsubishi Motors and Mitsubishi Corporation, and will continue to provide spare parts and after-sales services to GAC Mitsubishi owners to ensure that customers' car experience is not affected.
This change reflects the strong rise of Chinese brands and the challenges of foreign brands in the Chinese market amid the unprecedented changes in the automotive industry. Mitsubishi Motors' withdrawal from the Chinese market may be due to its poor sales in the Chinese market and difficulties in developing and promoting new models in the Chinese market. As a state-owned enterprise, GAC Group has the responsibility and ability to take over the joint venture company and safeguard the rights and interests of consumers and the stability of the market.
Overall, Mitsubishi Motors' withdrawal from the Chinese market is a major event, but GAC Group is fully prepared and will fully protect GAC Mitsubishi's operations and the interests of customers. This change also reflects the increasingly fierce competition in China's automotive market, and only by constantly innovating and improving quality can we remain invincible in the market.
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