终止发动机合资业务，三菱汽车在华全面退场

Core Viewpoint - Mitsubishi Motors has completely exited the Chinese market by terminating its joint venture in engine manufacturing with Shenyang Aerospace Mitsubishi Motors Engine Manufacturing Co., Ltd. and ceasing all operations related to this joint venture [1][4]. Group 1: Business Operations - The joint venture, established in 1997, was a collaboration between Mitsubishi Motors and other Chinese enterprises, producing engines since 1998 and supplying them to various domestic automakers, previously holding a 30% market share in domestic models [2][3]. - The name change of the joint venture to "Shenyang Guoqing Power Technology Co., Ltd." on July 2, 2023, and the exit of Mitsubishi's shareholders indicate a significant shift in the company's strategy in China [2]. Group 2: Market Dynamics - The decline of Mitsubishi's engine business in China is attributed to the rise of domestic brands and their enhanced engine development capabilities, alongside the rapid growth of the new energy vehicle market [2][3]. - In 2024, the domestic passenger car sales are projected to reach 22.608 million units, a 3.1% increase year-on-year, while traditional fuel vehicle sales are expected to drop by 17.4% to 11.558 million units. In contrast, new energy vehicle sales are anticipated to grow by 39.7% to 11.582 million units, with pure electric vehicle sales reaching 7.719 million units, a 15.5% increase [2]. Group 3: Strategic Decisions - Mitsubishi Motors has reassessed its strategy in light of the rapid transformation of the Chinese automotive industry, leading to the decision to exit the joint venture in engine manufacturing [3]. - Prior to exiting the engine business, Mitsubishi had already withdrawn from the complete vehicle business in China, with GAC Mitsubishi's production capacity utilization dropping to 3.33% in 2022 [3][4].