Nissan now has a controlling stake in Mitsubishi Motors

Nissan now has a controlling stake in Mitsubishi Motors

Carlos Ghosn, CEO, and chairman of Nissan and Renault will lead the board of Mitsubishi. Nissan also explained that this deal will make the company one of the three largest companies with volume all over the world.

'The addition of Mitsubishi Motors will build on the entrepreneurial spirit and management co-operation that has characterised our alliance with Renault for 17 years.

Nissan has finalized the buyout of a majority stake in Mitsubishi Motors Corps Thursday for $2.3 billion following a fuel-economy scandal that caused the latter company to spiral toward demise, The Wall Street Journal reports.

The far-reaching plans will affect nearly every area of Mitsubishi's operations and include a considerable shake-up of top management across the Alliance to allow Ghosn to direct MMC operations while continuing his role in maintaining the momentum at Nissan.

Nissan Motor Co. has finally taken a controlling stake in Mitsubishi Motors which is now facing hard times in the global automobile market.

Current Chairman Osamu Masuko will relinquish that role while remaining president of Mitsubishi Motors, according to the report. He became chief operating officer at Nissan in 1999, following a $6 billion investment by Renault, and helped turned the then-struggling Japanese company around.

Ghosn had to talk the CEO into staying, in fact, telling reporters that, "We trust Masuko-san and we have been working with him for many years".

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The company has admitted it had been falsifying mileage tests for years, manipulating data to make cars seem more efficient than they were.

Investors cheered the move in the stock market, with Mitsubishi Motor shares up 2.61 percent and Nissan shares up 1.14 percent in mid-morning trade.

On Wednesday, the automaker cut its earnings outlook for the year through March 31 to a group net loss of 240 billion yen, the first net loss in eight years.

The four models included the Dayz and Dayz Roox, which Mitsubishi made for Nissan.

"It is not an easy task to regain trust, so through the alliance with Nissan, we will be starting a path towards tackling this hard task", said Osamu Maskuko, chief executive at Mitsubishi.

"I think he has enough work to do at both Renault and Nissan", said Hans-Peter Wodniok, a Frankfurt-based analyst with AlphaValue. More than 10 million vehicles are expected to be sold overall in 2016. Adding in Mitsubishi could push Renault-Nissan sales over the 10 million mark, and past its rivals.