Speculation in overdrive after Mitsubishi shutters showrooms

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Speculation in overdrive after Mitsubishi shutters showrooms

Japanese automaker Mitsubishi Motors has temporarily shut down its operations in the Korean market, sparking speculation it might wrap up its automobile business here.

CXC Motors, the importer and distributor of Mitsubishi models in Korea, said it has recently closed three showrooms in Seoul and Gyeonggi. However, the company claimed it was a temporary move to reduce costs while preparing for new inventory.

But industry insiders said it’s just matter of time before Mitsubishi stops its auto business in Korea because its sales have been poor. According to data from Korea Automobile Importers and Distributors Association, only 99 Mitsubishi models were sold in the first five months of this year, taking a 0.16 percent market share of the imported car market.

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