Mitsubishi Motors Corporation is a multinational automobile manufacturing company founded in 1970. With its headquarters in Tokyo, Japan, the company held the spot of 19th largest automaker in 2011. Nissan supposedly owns about 34% of Mitsubishi.
According to a recent announcement by the company’s CEO Takao, production of Mitsubishi vehicles will be terminated in China, as the company undergoes a corporate restructure. The report further cites the changing auto market in China, with customers leaning towards electric vehicle (EV) options.
Mitsubishi will reportedly spend over $170 million USD to implement the above mentioned restructure.