Due to tough price competition, Mitsubishi is pulling out of vehicle production in China after a little more than a decade of a joint venture with a Chinese partner, according to news reports.

Guangzhou Automobile Group will acquire Mitsubishi’s stakes in the JV.

Meanwhile, the Japanese automaker will invest more than $200 million in Ampere, the electric-vehicle unit of French automaker Renault, with which it’s a junior partner.

Mitsubishi follows other automakers in restructuring its presence in the biggest vehicle market in the world, including Hyundai and Stellantis.

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