Mitsubishi poised to pull out of UK as it puts freeze on new model releases

Mitsubishi has said it is freezing all new model releases in the UK and Europe, raising fears it could pull out of the European market altogether.

The Japanese manufacturer announced the move as part of global cost-cutting plans as it looks to address a significant fall in business due to the coronavirus pandemic. Its sales halved in the first quarter of 2020 and it is predicting an annual loss of £1.6 billion this year.