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5 years ago|10 views

Nissan set to take $2.2 billion stake in scandal-hit Mitsubishi

Wibbitz Top Stories
Wibbitz Top Stories
Nissan Motor Co. said Thursday it would bet more than $2 billion that Mitsubishi Motors Corp. can recover from a scandal involving falsified fuel-economy data In return, Nissan will get a controlling 34 percent stake in the struggling automaker that admitted to manipulating data to inflate mileage results for some of its vehicles The deal is the latest example of car makers working together in a progressively competitive industry By teaming up, rivals hope to cut steep development costs and jointly invest in the new technology necessary to meet tightening emission standards and avoid challenges from Silicon Valley startups
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