Mitsubishi Motors 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 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 Wednesday company memo that was circulated on Chinese social media.
"In the past few months, management and shareholders have tried to the best of our ability, but due to market conditions and with great reluctance and regret, we must seize the opportunity to transition to new energy vehicles. The company will resurrect after going through trials and tribulations,” the memo said.