THE WEEK THAT WAS - More automaker consolidation
There was more automaker consolidation in the news this week as Nissan Motor and Mitsubishi Motors agreed a strategic alliance that will see the former take a 34% stake in the latter and become the biggest shareholder with nominating dibs on the new board chairman. MMC has been struggling with yet another major product quality cover-up scandal in recent weeks, this time because it has overstated the fuel-efficiency of its vehicles for over two decades. Many of those were built on an OEM basis for Nissan. The company's share price has fallen by around 50% since the scandal first came to light last month and orders for new vehicles have dropped sharply since it admitted falsifying fuel-efficiency tests.
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