Mitsubishi decided to buy a Renault part

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Mitsubishi decided to buy a Renault part

Mitsubishi Corp may buy a 10 percent stake in the French company Renault. According to the newspaper Les Echos, citing an unnamed source, it provides one scenario of strengthening of the Alliance Renault-Nissan-Mitsubishi. It is expected that details of the new strategy will appear in may.

The acquisition of the shares of the French brand conglomerate Mitsubishi Corp is not yet confirmed. According to the publication, also discussed other options, including restructuring, closing plants and cutting program costs. Renault refused to comment on the situation.

To date, Mitsubishi Corp. owns a 20 percent stake in Mitsubishi Motors, Nissan owns 15 percent of Renault, and Renault – Nissan to 43 per cent. In the spring of 2016 Nissan bought a controlling 34-percent stake in Mitsubishi Motors.

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At the end of January it became known that Nissan is prepared to take emergency measures to reduce costs – the current leadership plans to hold a mass layoff (they will affect the 4,300 employees), to close two plants and cut range.

On 23 March 2020, it was reported that Nissan will fire three thousand workers, who until recently was collecting the car at the Spanish factories of the brand. The conveyors were stopped due to pandemic coronavirus infection COVID-19 and caused by violations in the supply chain of components.

Source: Les Echos, Automotive News

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