The GAC Mitsubishi joint venture in March produced 3,368 units and sold 3,969 units, showing a respective year-on-year drop of 70% and 58% for the first quarter. (File photo by AP)
KENJI KAWASE, Nikkei Asia chief business news correspondent |
HONG KONG — A joint venture between China’s Guangzhou Automobile Group (GAC) and Mitsubishi of Japan has temporarily halted production and started to cut its workforce following years of falling sales.
A letter to employees of GAC Mitsubishi Motors dated Wednesday and cosigned by President Kenichiro Yamamoto and Vice President Li Quming said the joint venture’s sales have been “far from expectations,” leading to the decision to start a “temporary production halt” from last month.
