134
Japanese automaker Mitsubishi Motors announced in October 2023 it was pulling out of a joint venture with the Guangzhou Automobile Group (GAC) amid declining sales and fierce competition from electric and hybrid vehicles. The decision highlights the broader challenges that foreign automakers face in China and the significant shifts in the global automotive sector.
GAC is one of China’s leading automotive manufacturers that serves as a local partner for several Japanese automakers, including Toyota, Honda and…