Nissan says it has completed its acquisition of a 34% equity stake in Mitsubishi Motors to became its largest shareholder. Mitsubishi thus also becomes part of the global Alliance with Nissan and Renault.
Nissan says that the three-part Alliance “will be in the world’s top three automotive groups by global volumes, with sales of 10 million units in fiscal year 2016”.
Carlos Ghosn, Nissan chairman and chief executive officer, revealed that Nissan and Mitsubishi would collaborate on joint purchasing, deeper localisation, joint plant utilisation, common vehicle platforms, technology sharing and an expansion of the companies’ combined presence in both developed and emerging markets.
“The combination of Nissan, Mitsubishi Motors and Renault will create a new force in global car-making,” said Ghosn, who has also been nominated as new chairman of Mitsubishi.
“It will be one of the world’s three largest automotive groups, with the economies of scale, breakthrough technologies and manufacturing capabilities to produce vehicles to serve customer demand in every market segment and in every geographic market around the world.”
Nissan, of course, swooped in following Mitsubishi’s fuel economy crisis.
“We are committed to assisting Mitsubishi Motors as it rebuilds customer trust. This is a priority as we pursue the synergies and growth potential of our enlarged relationship,” Ghosn added.
