Nissan buying $2.2 billion controlling stake in scandal-hit Mitsubishi Motors
Nissan Motor Co has agreed to buy a 34 percent stake in Mitsubishi Motors Corp, taking de facto control with a $2.2 billion bet that bails out its smaller, scandal-hit rival.
The deal is a lifeline for Mitsubishi Motors, which is mired in its third scandal in two decades and has had $3 billion wiped off its market value after confessing to manipulating fuel economy data.
But it should also be a boost for Nissan. Japan’s second-largest car maker has struggled to make inroads into Southeast Asia, in countries like Thailand and the Philippines, where Mitsubishi’s models are popular.
Mitsubishi and Nissan already cooperate on development and manufacturing with a partnership dating back to 2011, but that deal does not currently involve any cross-shareholding.
Honda Motor Company set to recall about 20 million cars over Takata airbags which are likely to explodes during crash Honda Motor Company on Monday said it had not made any announcements on additional air bags recalls after the Nikkei newspaper reported it would recall at least 20 million more […]
2017 Chevrolet Camaro ZL1’s 10-speed automatic transmission shifts faster than Porsche’s Dual Clutch gearbox The new Hydra-Matic is said to be 36 percent faster than a PDK from first to second, while the two-three and three-four upshifts are 27- and 26-percent faster, respectively. “The shifts happen so quickly and […]