PD Group, once the largest automotive dealer in China, has officially withdrawn from Subaru China, leaving Subaru Corporation in Japan the sole controlling shareholder. The move transforms Subaru China from a joint venture to a wholly-owned foreign entity. Subaru Corporation is a Japanese automotive manufacturing company. In March 2006, the auto manufacturer and PD Group established Subaru China, with ownership stakes of 60% and 40%, respectively, to import cars into the Chinese market and wholesale them to brand dealerships. On August 26, 2022, PD Group issued an announcement stating that Subaru asked it to transfer all its shares in Subaru China at a price of RMB 265 million ($37 million). The request was underpinned by the Hong Kong International Arbitration Centre. In the Chinese market, Subaru currently has five models for sale at more than RMB 200,000 ($28,000). In 2022, Subaru China sold 11,000 vehicles, a 35% year-on-year decline. [Jiemian, in Chinese]