AcadeMedia Q3 Profit Climbs as International and Adult Education Segments Drive Growth 
TikTok Nears $400 Million Settlement With Trump Administration Over Child Privacy Lawsuit 
Ibiden Stock Surges as AI Chip Demand Boosts Profit Outlook 
Infineon Raises 2026 Outlook as AI Data Center Chip Demand Surges 
Armani Group Eyes Strategic Stake Sale to Luxury Giants 
AMD Q1 Earnings Surge on AI Demand, Stock Jumps After Strong Guidance 
US Auto Industry Urges Trump to Block Chinese EV Market Access 
Dell Stock Hits Record High After Trump Endorsement, AI Server Demand Fuels Rally 
Samsung Surpasses $1 Trillion Market Cap Amid AI Chip Boom and Apple Partnership Talks 
U.S.-China AI Talks May Take Center Stage at Trump-Xi Summit 
Nidec Shares Plunge After Quality Inspection Misconduct Allegations 
CSL Shares Crash as Profit Warning and $5 Billion Impairment Shake Investors 
OCBC Q1 Profit Rises 5% on Strong Wealth Management and Non-Interest Income 
Anthropic Eyes $300M Stainless Acquisition Amid Enterprise AI Expansion 
Nvidia CEO Jensen Huang to Join Trump’s China Visit Amid AI Chip Tensions 
Broadcom Eyes $35 Billion AI Chip Financing Deal With Apollo and Blackstone 
OpenAI-Microsoft Deal Sets $38 Billion Revenue-Sharing Cap Ahead of Potential IPO 
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
