The industry ministry said Friday it will help turn around struggling Mitsubishi Motors Corp. by granting it some 550 million yen in tax breaks.

The nation's fifth-largest automaker received the go-ahead to restructure under the Industrial Revitalization Law, designed for troubled, vital and recovering companies.

Under the rehabilitation plan, MMC will be accorded tax breaks and other preferential measures. The automaker will be required to report the progress of rehabilitation efforts to the Ministry of Economy, Trade and Industry on a monthly basis.