A joint venture has been formed between Japanese giants Nissan and Mitsubishi as they look to develop mini cars for the Japanese market.
A 50:50 joint venture commenced at the turn of the month with the plan being to harness the leveraging planning know-how possessed by each company and unite their strengths in the areas of vehicle engineering, parts sourcing and development as part of an overall strategy to bring new mini-cars to the market.
Currently, more than a third of new car sales in Japan come from the mini-car segment and demand for small cars is expected to remain strong. Now it is hoped the joint venture will help Nissan with the continued development of products that reflect its DNA at the design and product stages; while Mitsubishi will benefit from increased economies of scale and competitive products being added to its line-up.
The two companies have now formed NMKV Co, which will be based in Takanawa, Tokyo.
