Nissan Motor Co. completed its acquisition of a $2.3 billion stake in Mitsubishi Motors Corp., clearing the way for Carlos Ghosn to take over as chairman of a scandal-plagued partner and embark on his bid to turn around a third major automaker.
Ghosn, already chairman and chief executive officer at Nissan and Renault SA, promoted Chief Competitive Officer Hiroto Saikawa as co-CEO of Nissan. The move allows Ghosn to dedicate more time to repairing trust in Mitsubishi Motors after a months-long fuel economy scandal that may lead to the carmaker’s first annual loss in eight years.
Nissan is coming to the rescue after Mitsubishi Motors’ admissions to improperly measuring fuel economy and manipulating test data. A push toward electrification and autonomous-driving technology is leading smaller carmakers to join with bigger rivals to share resources and save costs, exemplified by Suzuki Motor Corp.’s talks to form an alliance with Toyota Motor Corp.
Mitsubishi Motors and Nissan have agreed to share plug-in hybrid and autonomous-driving technology, finance company resources and a multipurpose vehicle model for Southeast Asian markets.
“With time we are going to develop much more synergy,” Ghosn said at a press conference Thursday. “What we see today is low-hanging fruit.”
Read more at http://www.bloomberg.com/news/articles/2016-10-20/nissan-seals-2-3-billion-mitsubishi-motors-stake-acquisition