Nissan Motor Co. will buy 34% of Mitsubishi Motors Corp., in an operation that the CEO of Nissan, Carlos Ghosn, described as an agreement where everyone wins and aims to repeat the success of its alliance Nissan -Renault.
Ghosn appeared with the president of Mitsubishi Motors, Osamu Masuko at a news conference called hastily in Yokohama, where Nissan is based.
Nissan will invest 237 billion yen (2 billion 200 million dollars) to become the main investor of Mitsubishi Motors, said the executive.
the group companies -Mitsubishi Mitsubishi Heavy Industries, Mitsubishi Corp. trading firm and Bank of Tokyo-Mitsubishi UFJ- will continue participation in the automotive, though they have agreed to support the alliance with Nissan, indicated both parties.
Mitsubishi has been hit by a scandal of falsifying evidence mileage for inflate their performance in small models. And journalists bombarded Ghosn to questions about whether he worried that the scandal could go further.
“This is a historic transition in which everyone wins for Nissan and Mitsubishi Motors. Create a new force dynamics in the automotive industry cooperate intensively and will generate considerable synergies, “Ghosn, French born in Brazil and negotiated the alliance of Nissan with Renault, started in 1999 said.
Add to Mitsubishi will be an advantage to share platforms, purchasing and technology and Nissan will benefit from its strength in southeast Asia, said the manager. Ghosn said he had a good relationship with Masuko based on trust.
Automakers keep their separate brands and dealers, the executives said.
According to the agreement, Nissan will buy 506.6 million new shares of Mitsubishi Motors at 468.52 yen per share. The deal is still awaiting official signature and to approval by regulators and shareholders, but is expected to conclude the process at the end of the year.
Masuko apologized for the scandal but held the alliance with Nissan.
the automaker based in Tokyo, which makes the SUV Outlander and electric vehicle i-MiEV, acknowledged last month that it had systematically falsified data mileage in his van eK and car eK Space, produced for Nissan under the name Nissan Dayz and Dayz Roox.
it is unusual for a manufacturer to sell a product made by another company under its brand.
the latest scandal broke after Nissan conduct its own tests mileage and raised doubts. Nissan has no mini vehicles in its catalog, and incorporate Mitsubishi solve this shortcoming.
But Nissan, which makes the subcompact March, luxury models Infiniti and electric car Leaf, face a difficult challenge to repair the battered reputation of Mitsubishi and regain consumer confidence.
in the early 2000s, Mitsubishi revealed a shocking scandal involving the concealment of defects such as brakes failed, defective clutches and fuel tanks likely to come off, dating back to the 1970s This caused the retroactive withdrawal of more than one million vehicles.
in the current scandal mileage, Mitsubishi said manipulation dates back 25 years and could involve all models, including those that are no longer manufactured.
Ghosn has saved a Nissan that was on the verge of bankruptcy, cutting costs more efficiently, if not brutal, the traditional Japanese management style, more characterized by cautious decisions in harmony by a committee and poorly defined responsibilities.
Nissan reported a 40% drop in profits between January and March, to 71,000 million yen (651 million dollars), to a decline in sales and currency benefits. Sales for the quarter fell 1.2% to 3.25 trillion yen (29,800 million dollars). For the fiscal year, profits of Nissan rose 15% to 523,800 million yen (4,800 million dollars) and Nissan gave a forecast of 525.000 billion yen ($ 4.800 billion) for the fiscal year through March 2017.
the weakness of the yen favored exporters such as Nissan, but the currency has strengthened in recent months.
tcm
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