as the nation continues its rapid adoption of electric vehicles, many of which are being built by local companies.in China fell 32% year-on-year in the first quarter of 2023. Japanese firms now account for 18% of China’s new vehicle sales, down from the 20% share of 2022, the 22% share of 2021, and the 24% share of the market that they had in 2020.
Some carmakers are being hit particularly badly. Mitsubishi recently announced that it has suspended production of the Outlander in China for three months and is taking a one-time hit of $78 million for its slow sales in the country. Additionally, Nissan posted a 45.8% drop in Chinese sales in the first quarter of 2023 while those from Honda fell by 38.2% and those at Mazda plummeted by 66.5%.
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