The Mitsubishi group and DaimlerChrysler AG of Germany are devising a 300 billion yen rescue package for Mitsubishi Motors Corp.

DaimlerChrysler, Mitsubishi Corp., Mitsubishi Heavy Industries Ltd., Bank of Tokyo-Mitsubishi and other group firms will buy preferred shares to be issued by MMC, sources said Tuesday.

They said the plan centers on a 200 billion yen capital infusion into the struggling automaker. The initial plan called for a 100 billion yen infusion, but the figure was doubled to cover the costs of developing new models, they said.