M'bishi Motors to withdraw from China, invest in Renault's EV venture

Mitsubishi Motors Corp. said Tuesday it will withdraw from the Chinese market amid a sales slump while investing up to 200 million euros ($212 million) in Renault SA's electric vehicle venture in an effort to speed up the development of zero-emission vehicles.The Japanese automaker halted production in China in March amid stiff competition with local brands, and it will stop selling cars as soon as the inventory runs out.Mitsubishi had been making mainly gasoline-powered cars at a factory in Hunan Province under a joint venture with Guangzhou Automobile Group.Its vehicle sales in China for …READ FULL ARTICLE