Mitsubishi also takes stake in Ampere

After Nissan, the other Japanese Alliance partner, Mitsubishi Motors, also announced its participation in Renault’s electric car division Ampere. The Japanese will invest a maximum of €200 million.

Mitsubishi Motors calls it “an ambitious step forward” in its EV strategy. Nissan previously announced that it would invest up to 600 million euros in Ampere. As reported, the spin-off of the Renault Group’s EV business will take place on 1 November 2023, and the IPO is scheduled for spring 2024.

EV strategy

Mitsubishi announced its EV strategy in March, committing to developing only EVs and strengthening its alliance members’ cooperation.

“Through this initiative, Mitsubishi Motors aims to improve its EV development technology further and expand its EV line-up. As a first step of this collaboration, Ampere will supply an EV on an OEM basis in the European market,” the Japanese company states.

However, it does not provide information on Mitsubishi’s European electric model. It could be a new electric version of the small car Colt, which could take over the basis from the upcoming Renault 5 and the Nissan counterpart (which might be called Micra again).

In its midterm plan, the carmaker announced its intention to launch nine electric and hybrid models by 2028. Among them are the Hybrid ASX (based on the Renault Captur), the Colt, two unspecified “Alliance BEVs”, an electric pickup, and a five-seat electric SUV.

Leave China

As a sign of its late conversion to electrification, Mitsubishi has also announced that it will be leaving China for good. It had already suspended production in March. Mitsubishi sales have completely dwindled in China in the past years, with a market also focused on BEVs, electric cars Mitsubishi couldn’t supply.

Mitsubishi has transferred its shares to its Chinese partner GAC and foresees a one-time loss of some €152 million for the current fiscal year with no significant influence on the total fiscal exercise because it was already “partly integrated to a certain level”.