The Renault-Nissan Alliance has completed an acquisition of Mitsubishi Motors, making the global partnership one of the world’s top three automotive groups by volume.
Renault-Nissan bought a £1.5 billion stake in Mitsubishi and therefore became its largest shareholder, with chairman and CEO Carlos Ghosn now taking over as head of Mitsubishi.
Ghosn, the man widely credited with turning Nissan’s fortunes around, says the three manufacturers will now work on sharing vehicle platforms, technology and production facilities.
£1.5 billion takeover
In order to devote more time to Mitsubishi, which was rocked earlier this year after a scandal involving fuel economy cheating, Ghosn will share his duties at Nissan with another colleague.
Earlier this year, Renault-Nissan announced that their alliance had generated 4.3 billion Euros in synergies throughout 2014, and the two aim to generate even more money this year.
By 2020, the alliance aims to have 70 per cent of its vehicles built on shared platforms, meaning that all Nissan, Renault and now Mitsubishi cars will share common underpinnings.
'No intention to interfere'
It’s thought that Renault-Nissan, which produces electric cars like the LEAF and the Zoe, also has an interest in Mitsubishi’s hybrid technology, which is used on cars like the Outlander PHEV.
However, Mr Ghosn also stated that he had “no intention to interfere” with Mitsubishi, and the manufacturer’s current chief executive Osamu Masuko will be staying in the same role.
He said: "Through this transaction, we're sending a clear message we believe in the underlying strength of Japanese carmaking."
