Nissan Motor Co. and Mitsubishi Motors Corp. said Tuesday they have agreed to form a comprehensive tieup centered on the formation of a joint venture to design and develop minivehicles for the domestic market.
Through the 50-50 joint venture, the carmakers are hoping to boost the competitiveness of their minivehicles. Demand for the little cars has remained steady despite the general slump in the new vehicle market.
The two carmakers will also boost reciprocal supplies of vehicles procured on an original equipment manufacturing basis.