• Kyodo

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Nissan Motor Co. and Mitsubishi Motors Corp. said Friday they have signed a pact to set up a joint venture to develop minivehicles for the domestic market.

The 50-50 joint venture will be established June 1 and capitalized at ¥10 million, they said. The move is part of a comprehensive tieup agreed on by the automakers in December to expand their cooperation amid intensifying global competition.

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