PARIS (Reuters) – Mitsubishi Motors said on Monday it had decided not to proceed with an investment in Renault’s electric vehicle business Ampere, in a shift in the company’s EV strategy.

Mitsubishi had previously announced an investment of up to 200 million euros ($225.08 million) in Ampere.

It said, however, it would continue to develop new cars based on Renault models.

“The company remains committed to exploring potential avenues for continued collaboration, including the potential OEM vehicles provided by Renault and Ampere,” Mitsubishi said in a statement.

Japan’s Nissan has also withdrawn its investment in Ampere in recent months to save money and fund a major restructuring plan.

Ampere is generating enough cash to support its development “without needing financing from minority shareholders,” a spokesperson for the business said.

Renault brand EV sales jumped in the first quarter, helped by the launch of new models.

($1 = 0.8886 euros)

(Reporting by Gilles Guillaume; Writing by Makini Brice; Editing by Tomasz Janowski)