The Presidential Daily Brief


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    Nissan to Take 34 Percent Stake in Scandal-Plagued Mitsubishi

    They’re fueling a rescue effort. The giant Japanese auto manufacturer is buying a huge chunk of its smaller rival, which recently admitted to fudging fuel efficiency data. Nissan, already allied with French carmaker Renault, will become Mitsubishi Motors’ largest shareholder, buying the stake for an agreed $2.2 billion, with plans to help the beleaguered brand restore customers’ trust. Having seen drops of more than 40 percent after the scandal, Mitsubishi’s shares were suspended yesterday but saw prices rise alongside buy orders, and Nissan shares dipped 1.6 percent.

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