Nissan is acquiring a 34% stake in Mitsubishi Motors, which sought a rescue following an admission that it improperly measured for fuel economy and manipulated testing data. Mitsubishi Motors on Wednesday forecast a steeper loss of ¥240 billion ($2.3 billion) for the fiscal year ending 31 March because of costs tied to the scandal. Two minicars Mitsubishi Motors produces for Nissan through a joint venture were among the models that initiated the company’s woes in April. Not everyone is in favour of Ghosn taking on the chairmanship of a third automaker. Mitsubishi Motors shares surged 7.9% to close at ¥522 in Tokyo after the Nikkei reported Ghosn’s appointment, while Nissan gained 0.5% to ¥1,004.50.

Source: Mint October 19, 2016 13:41 UTC