Mitsubishi Motors said on Monday it had decided not to proceed with an investment in Renault's electric vehicle business Ampere, in a shift in the company's EV strategy.
Mitsubishi had previously announced an investment of up to €200m (R4bn) in Ampere.
It said, however, it would continue to develop new cars based on Renault models.
“The company remains committed to exploring potential avenues for continued collaboration, including the potential OEM vehicles provided by Renault and Ampere,” Mitsubishi said in a statement.
Japan's Nissan has also withdrawn its investment in Ampere in recent months to save money and fund a major restructuring plan.
Ampere is generating enough cash to support its development “without needing financing from minority shareholders,” a spokesperson for the business said.
Renault brand EV sales jumped in the first quarter, helped by the launch of new models.
Mitsubishi decides not to pursue investment in Renault's Ampere
Image: Supplied
Mitsubishi Motors said on Monday it had decided not to proceed with an investment in Renault's electric vehicle business Ampere, in a shift in the company's EV strategy.
Mitsubishi had previously announced an investment of up to €200m (R4bn) in Ampere.
It said, however, it would continue to develop new cars based on Renault models.
“The company remains committed to exploring potential avenues for continued collaboration, including the potential OEM vehicles provided by Renault and Ampere,” Mitsubishi said in a statement.
Japan's Nissan has also withdrawn its investment in Ampere in recent months to save money and fund a major restructuring plan.
Ampere is generating enough cash to support its development “without needing financing from minority shareholders,” a spokesperson for the business said.
Renault brand EV sales jumped in the first quarter, helped by the launch of new models.
READ MORE
Nissan considering plant closures in SA, Japan: sources
VW considering sale or partnership for Italdesign, say unions
Toyota Industries to accept Toyota group offer, Kyodo says
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most read
Latest Videos