Nissan has agreed to buy a 34 per cent stake in Mitsubishi, bringing together the two best selling plug-in vehicle manufacturers in a deal worth $2.2 billion (£1.5 billion).
The agreement sees Nissan become the single largest shareholder in Mitsubishi Motors and adds a new element to the Renault Nissan Alliance group by adding the Outlander PHEV manufacturer which is currently troubled by recent revelations of false fuel economy figures having been reported in the past.
In an interesting move, the models under investigation for having had falsified MPG statistics involve four cars, all made by Mitsubishi but two of which are manufactured for and badged as Nissans.
It has been confirmed that the companies will cooperate in a number of areas, including technology sharing, developing and using common vehicle platforms and shared use of factories. With plans previously in place from all parties to forge ahead with plug-in hybrid and/or pure electric models in the near future, it is certain that EVs will be a huge priority for the firms.
Carlos Ghosn, chief executive and president of Nissan (above), said: “This is a breakthrough transaction and a win-win for both Nissan and Mitsubishi Motors. It creates a dynamic new force in the automotive industry that will cooperate intensively, and generate sizeable synergies.
“We will be the largest shareholder of MMC (Mitsubishi Motors Corporation), respecting their brand, their history and boosting their growth prospects. We will support MMC as they address their challenges and welcome them as the newest member of our enlarged Alliance family.”