Wednesday, June 16, 2021
News Nissan Looking to Sell Share of Mitsubishi: Report

Nissan Looking to Sell Share of Mitsubishi: Report

Report says Nissan looking to get out of Mitsubishi

  • Nissan, Mitsubishi part of alliance with Renault

  • Both automakers looking to return to profit


While news of the alliance being shaky isn’t new, this latest report is: Nissan is looking to sell some or all of its 34 percent stake in Mitsubishi Motors, says Bloomberg, a move that would make massive changes to the Nissan, Mitsubishi, Renault alliance.

The report says that Nissan is struggling from the pandemic-related economic downturn and is looking to sell the shares. Possibly to one of the other players in the Mitsubishi group like Mitsubishi Corp, which already owns a fifth of the automaker. Yes, that’s a bit confusing, but the group of companies bearing the name Mitsubishi were broken up in the 1940s and there are now dozens of different companies under the loose umbrella. Mitsubishi Corp is a company that deals largely in information technology, infrastructure, finance, and mining. Mitsubishi Motors was part of Mitsubishi Heavy Industry, another branch of the company.

A sale like this would massively change the partnership that was formed by former alliance chair Carlos Ghosn, the man who was CEO of Renault and became CEO of Nissan, and Chair of Mitsubishi before arrest and oustings in 2018 for alleged financial misconduct.

Nissan is 43 percent owned by Renault, and, the report says, recently cut its loss forecast by 28 percent. Mitsubishi Motors expects a loss of 140 billion yen (CAD 1.7B) and both are cutting costs to try and return to profitability.

Both Nissan and Mitsubishi Motors told Bloomberg in separate statements that there “are no plans to change the capital structure with Mitsubishi.”

Trending Now

Abt Sportsline Transforms Audi RS 6 Into A Surface-To-Surface Missile

The car features 800 horsepower and 722 lb.-ft. of torque. This is RS 6 is the Johann Abt Signature Edition. Only 64 will...

Forza Horizon 5 is Headed to Mexico. With an Active Volcano

Forza Horizon 5 drops this November Most expansive and detailed Horizon world yet Tired of not being able to travel? How about a trip...

Ford Bronco Production Has Finally Begun

The Bronco is going to be the SUV of the summer. The “real” Bronco returns after a 25-year hiatus. Yes, the mightily-anticipated 2021 Ford...

RML Short Wheelbase Shows Off Hand Crafted Interior

A modern take on a classic style All-new interior, no parts-bin components from other cars A project working to recreate a vintage Ferrari grand...

GM Temporarily Drops Start-Stop From Its Full-Size Trucks

This decision was forced by the ongoing global chip shortage. Trucks without the technology will be discounted by $50. This bit of news comes...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.