Mitsubishi Motors to Tie-up with Daimler, Renault-Nissan
Mitsubishi Motors has agreed to join partners Nissan Motor and Renault in a tie-up with Germany's Daimler, which includes next-generation technology and production cooperation.
The partnership with Daimler has approved by Mitsubishi Motors' board and will not include any capital investment to the German car maker. On the other hand, the existing Nissan, Renault and Daimler partnership includes mutual investments.
Though the deal, Mitsubishi Motors is likely to offer technology for developing electrified vehicles and consider participating in sharing of key parts such as engines.
Nissan's good relations with Daimler were the result of the good relationship of
ex-Nissan Chairman Carlos Ghosn and Daimler Chairman Dieter Zetsche. Ghosn has been removed as chairman of Nissan and Mitsubishi Motors, though he remains chairman and CEO of Renault.
Mitsubishi and Daimler will return to collaboration 13 years after their first partnership ended. DaimlerChrysler bought a 34% stake in Mitsubishi Motors in 2000 as the Japanese automaker was reeling from a defect cover-up scandal. DaimlerChrysler later sold down its stake, unloading the last of its shares in 2005.
Nissan and Renault entered the tie-up with Daimler in 2010. Nissan operates an auto assembly plant with the German carmaker in Mexico, and the three companies develop core components together. As part of the partnership, Renault and Nissan each having a 3.1% stake in the German company and Daimler owning 1.55% of both of its partners.