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Renault-Nissan buys controlling stake in Mitsubishi

Date: 21 October 2016   |   Author: Daniel Puddicombe

Mitsubishi has joined the Renault-Nissan Alliance after Nissan bought a 34% controlling stake in the Japanese manufacturer for around £1.5bn.

It means that the companies will use the same platforms to develop new vehicles, share technology and also use each other's factories in the future.

According to Renault-Nissan, with the addition of Mitsubishi to its books it will be make it in one of the world's top three automotive groups in terms of global sales, with 10 millionm units expected to be sold worldwide this year.

Nissan and Mitsubishi have previously pooled resources to develop micro-cars, known as Kei-cars, for the Japanese market.

Mitsubishi is looking to regain trust in its home market after it was revealed it had falsified fuel economy data for the last past 25 years in Japan, although no UK models are affected.

"It is not an easy task to regain trust, so through the alliance with Nissan, we will be starting a path towards tackling this difficult task," said Osamu Maskuko, chief executive at Mitsubishi.

"The combination of Nissan, Mitsubishi and Renault will create a new force in global car-making," said Carlos Ghosn, chairman and chief executive of Nissan, who will take up the same role within 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."