Nissan Motor Co., Ltd., and Mitsubishi Motors Corporation, (MMC) announced that they have signed a Basic Agreement today to form a far-reaching strategic alliance between the two Japanese automakers.
Following an MMC share issue, Nissan will take a 34 percent equity stake in MMC for 237 billion yen.
The strategic alliance will extend an existing partnership between Nissan and MMC, under which the two companies have jointly collaborated for the past five years.
Nissan and MMC have agreed to cooperate in areas including purchasing, common vehicle platforms, technology-sharing, joint plant utilization and growth markets.
Carlos Ghosn, chief executive and president
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