Japanese automotive companies are driving in reverse out of European markets amid the debt crisis.
The Nikkei reported that sales for Isuzu Motors Ltd., Mitsubishi Motors Corp. and Mazda Motor Corp. fell from levels a year earlier, prompting the automakers to review joint development projects and procurement deals with European partners, such as the supply of parts and finished units.
Isuzu’s joint venture with General Motors in Poland, in which it has a 40% stake, saw a decline for diesel engines supplied to Germany’s Adam Opel AG passenger cars. The venture produced 200,000 units last year but figures plunged due to the weak market. Mitsubishi Motors supplies i-MiEV electric vehicles to PSA Peugeot Citroen Group, while PSA supplies diesel engines for some of Mitsubishi’s models sold in Europe. But the recent slowdown in sales prompted Mitsubishi to suspend the deals. Mazda will also halt buying diesel engines from PSA and use its own engines.