Nissan chief moves closer to building automotive giant with Mitsubishi integration
Tokyo — Carlos Ghosn took another step towards integrating Mitsubishi Motors into a three-way alliance that can produce about 10-million vehicles a year after shareholders at the Japanese car maker approved his nomination as chairman. Ghosn, already chairman and CEO at Nissan Motor and Renault, joins three other Nissan appointees on the Mitsubishi board after shareholders okayed a raft of proposals on Wednesday. Nissan finalised its acquisition of a $2.3bn stake in Mitsubishi Motors in October after a fuel-economy cheating scandal threatened it with its first annual loss in eight years. Ghosn, 62, told shareholders at the extraordinary meeting he was confident the enlarged alliance would work. While Mitsubishi Motors’ scandal triggered the stake sale, the increasing resources required for vehicle makers to stay competitive in developing electric vehicles and autonomous-driving technology has pushed smaller companies to partner with bigger competitors. Mitsubishi Motors’s future now ...
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