The automakers announced that Nissan has purchased a controlling 34-percent stake in Mitsubishi Motors, as the latter deals with a Japanese-market fuel economy scandal.​

Lastweek, we reported a rumor that Nissan may take control of Mitsubishi Motors. That's now official as Nissan announced that it signed an agreement to invest $2.2 billion in exchange for a controlling 34-percent stake in Mitsubishi Motors. The agreement will allow both companies to share platforms, technology, and manufacturing facilities. Nissan will also take control of Mitsubishi's board of directors. Expect the agreement to be finalized by the end of the month.

While Nissan's investment is being called a "strategic partnership," it comes in the wake of Mitsubishi admitting it had been rigging fuel economy numbers on Japanese-market vehicles since 1991. Since April 19th, Mitsubishi's new car sales have dropped significantly, and the automaker's stock price has fallen 43 percent.
Read more: http://myplanet-car.com/autonews.php?sid=244

Oh well, Mitsubishi will now get access to newer platforms and power trains from Nissan. The lancer is now woefully uncompetitive. They have had no midsized sedan since the galant was discontinued... I hope this deal brings them back to life finally.

Hopefully