On Friday, Nissan and Mitsubishi announced the official establishment of a 50:50 joint venture related to their minicars sold in the Japanese market. The establishment of this joint venture builds upon an earlier agreement, signed in December of 2010, to expand the scope of cooperation between the two automakers.

Officially, the joint venture won't be established until June 1, 2011. Currently, capital set aside for the JV is listed at a paltry 10 million yen ($122,670 U.S. at the current exchange rate).

Mitsubishi and Nissan already collaborate on some vehicles, including the Mitsubishi Lancer Cargo, Minicab, Town Box, eKWagon and Pajero Mini models. However, there seems to be some indication that the Nissan-Mitsubishi JV could collaborate on, and eventually launch, a battery-powered electric city car.

[Source: Mitsubishi]
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Nissan and Mitsubishi Motors Sign Contract for Establishment of Joint Venture for Minicar Business

YOKOHAMA/TOKYO (May 20, 2011) - Nissan Motor Co., Ltd. and Mitsubishi Motors Corporation today announced that the two companies signed a contract for the establishment of a joint venture related to their minicar business in the Japanese market. The establishment of the joint venture was part of an agreement signed in December 2010 to expand the scope of cooperation between the two companies. The two companies will strengthen their competitiveness in the minicar business through this joint venture.

[Outline of New Joint Venture]

Date contract agreement: May 19, 2011
Date of establishment: June 1, 2011 (Planned date)
Capital: 10 million yen

Capital structure: Nissan Motor Co., Ltd. : 50%
Mitsubishi Motors Corporation : 50%

Business description: Product planning and engineering of minicars for the Japanese market.

Main board members:
CEO (Chief Executive Officer): Junichi Endo
COO (Chief Operating Officer): Shinichi Kurihara


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