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Business

Nissan to buy key stake in Mitsubishi

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Business

Nissan to buy key stake in Mitsubishi

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COMING UP:Nissan to buy key stake in Mitsubishi

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00:00:02
>> Japanese car giant Nissan, swooping in for a piece of a struggling rival. Sources on Thursday telling Reuters, the company's lining up a 30% stake in Mitsubishi. A $1.8 billion move that would bail out its smaller competitor which is wrapped up in a fuel economy scandal. Analyst say, Mitsubishi maybe on the hook for up to a billion dollars in compensation after admitting reading fuel test stating back to 1991, including models sold under the Nissan brand.
00:00:28
Making cars for Nissan has been crucial for Mitsubishi's domestic sales. The company never quite recovered from a safety scandal 15 years ago when it relied on other Mitsubishi group companies to help it stay afloat. On Wednesday, Mitsubishi said it had enough cash to weather the current scandal. But also warned there could be more bad news to come.
00:00:47
Rigged testing may have been used to calculate fuel data for far more vehicles than initially thought. The two companies are holding a press conference later on Thursday when the deal is expected to be laid out.