Nissan takes control of Mitsubishi Motors

Nissan takes control of Mitsubishi Motors

Rumors we published earlier today have proven accurate with Nissan taking a controlling stake in Mitsubishi Motors today.

Nissan takes control of Mitsubishi MotorsNissan will invest $2.2 billion US to take a controlling 34% stake in Mitsubishi Motors and makes Nissan Mitsubishi Motors’ single-largest shareholder.

An agreement is expected to be signed by the two Japanese car companies within the month and Automotive News reports that Nissan can name four directors and a chairman to the Mitsubishi board.

Nissan CEO Carlos Ghosn said the alliance would cover purchasing, common platforms, joint manufacturing, technology development and target shared cost savings.

“It represents a win-win,”

“We believe in the potential of Mitsubishi Motors.”

While Ghosn has also promised that Nissan would “preserve and nourish” the Mitsubishi brand.

(Main image: Nissan’s Carlos Ghosn and Mitsubishi Motors CEO Osamu Masuko seal the deal - Image courtesy Reuters)

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