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Nissan, Renault CEO Carlos Ghosn takes control of Mitsubishi Motors

By Amy R. Connolly
Nissan, Renault CEO Carlos Ghosn takes control of Mitsubishi Motors
Nissan Motor Co. President and CEO Carlos Ghosn (L), seen here in May shaking hands with Mitsubishi Motors Corp. Chairman and CEO Osamu Masuko, will become chairman of Mitsubishi Motors Corp. to help the faltering automaker get back on track. Masuko, will stay on as CEO. Photo by Keizo Mori/UPI | License Photo

TOKYO, Oct. 20 (UPI) -- Carlos Ghosn, head of Nissan Motors and Renault, will become chairman of Mitsubishi Motors Corp. to help the faltering automaker get back on track after a fuel-economy rigging scandal.

The move puts Ghosn, 62, as the head of three major automobile makers. He said Mitsubishi's current chairman and CEO, Osamu Masuko, will stay on as CEO. The announcement of Ghosn as chairman coincides with Nissan Motor Co.'s acquisition of a $2.3 billion stake in Mitsubishi, making Nissan the largest shareholder with a 34 percent stake. Among the two things the companies will share are finance company resources and plug-in hybrid and autonomous driving technology.

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"I speak for all of us when I say we will give our absolute commitment to support Mitsubishi Motors," Ghosn said. He will officially become the company's chairman after a shareholders meeting on Dec. 14.

Earlier this year, Mitsubishi Motor Corp.'s top leadership resigned after the company admitted it falsified fuel economy tests on 13 car models sold in Japan and South Korea. The company said it rigged fuel economy tests in about 625,000 vehicles to make mileage figures seem better.

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Ghosn said Mitsubishi Motors has been making advances since the scandal but "more (is) certainly needed. Rebuilding trust is a No. 1 priority."

The Nissan-Renault-Mitsubishi alliance creates the world's fourth largest auto group behind Toyota, Volkswagen AG and General Motors Co.

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