Nissan Motors and Mitsubishi Motors have signed a contract towards a joint venture to build minicars for the Japanese market. Estimated to take effect June 1 of this year, the equally split venture has a total capital of 10 million yen. The goal of the partnership is to plan, engineer and build a new generation of minicars.
Read the full press release below.
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Nissan and Mitsubishi Motors Sign Contract for Establishment of Joint Venture for Minicar Business
Nissan Motor Co., Ltd. and Mitsubishi Motors Corporation today announced that the two companies signed a contract for the establishment of a joint venture related to their minicar business in the Japanese market. The establishment of the joint venture was part of an agreement signed in December 2010 to expand the scope of cooperation between the two companies. The two companies will strengthen their competitiveness in the minicar business through this joint venture.
Outline of New Joint Venture:
Date contract agreement
- May 19, 2011
Date of establishment
- June 1, 2011 (Planned date)
Capital
- 10 million yen
Capital structure
- Nissan Motor Co., Ltd.: 50%
- Mitsubishi Motors Corporation: 50%
Business description
- Product planning and engineering of minicars for the Japanese market
Main board members
- CEO (Chief Executive Officer): Junichi Endo
- COO (Chief Operating Officer): Shinichi Kurihara
