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Japan's auto giant Mitsubishi Motors says it plans to close its only car production plant in Europe by the end of 2012 due to the European economic crisis.
"We have decided to withdraw production in Europe by the end of this year due to the unfavorable business environment for us there," a spokesman for the Japanese car-maker said on Monday.
The closure of the plant, which produces small cars and sport utility vehicles, will put some 1,500 employees out of work in the Netherlands.
Mitsubishi is expected to suffer 22 billion yen ($287 million) in operating losses in Europe for the fiscal year to March due to fall in sales in the debt-hit continent.
The output of NedCar factory, which was established in 1991 in Born, fell to 50,000 -- a figure far below the annual production capacity of 200,000. Mitsubishi will be the first major Japanese auto-maker to withdraw from the European market.
Pakistan Cyber Force
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