Nissan Still Investigating Mitsubishi
Remember in May when we told you about how Nissan was planning on purchasing a large, controlling stake of Mitsubishi Motors, but it was investigating the company to ensure that all scandals had been uncovered? Well, Nissan’s shareholder meeting has come and gone, yet the automaker is not yet done digging through Mitsubishi’s files.
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In April, Mitsubishi admitted that four subcompact cars that they made for sale in Japan, two of which were labeled as Nissan vehicles, had cheated on fuel economy testing. Nissan announced in mid-May that they had plans to purchase 34% of the company to save it from itself and help grow Nissan’s presence in other Asian countries. There was a catch, though, that Mitsubishi’s scandal could not grow beyond Japanese borders, and that Mitsubishi would allow Nissan team members to go through all of its files to determine that Nissan had the complete story on any scandals past, present, and future before handing over millions of dollars.
Since the possible deal was announced, the scandal has grown to include 16 more nameplates, bringing the total number of affected cars up to 20. Mitsubishi has also paid money in reparations to Nissan and its suppliers, as well as a cash settlement that has been announced. Nissan has made some management changes in Mitsubishi as vacancies have opened up, but there has been no word as to when the deal to buy Mitsubishi will actually be finalized.
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For the record, Nissan still sounds optimistic about the deal. We’re just curious about what is so interesting in Mitsubishi’s files to cause this delay, especially since Nissan had expressed desire to close the deal by the end of last month.
News Source: Automotive News (subscription required)