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Asia

Ghosn upbeat $2.2 billion deal for Mitsubishi a bargain

Associated Press
Published | Updated
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    Nissan Chief Executive Carlos Ghosn speaks to the media in the automaker's headquarters in Yokohama, Friday, May 13, 2016. Ghosn is confident the 237 billion yen ($2.2 billion) investment to take a controlling stake in scandal-embroiled Mitsubishi Motors will prove a bargain when sheer size is increasingly critical in the auto industry. (AP Photo/Yuri Kageyama) (The Associated Press)

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    Nissan Motor Co. President and CEO Carlos Ghosn answers a question accompanying Mitsubishi Motors Corp. Chairman and CEO Osamu Masuko during their joint press conference in Yokohama, near Tokyo, Thursday, May 12, 2016. Nissan Motor Co. is taking a 34 percent stake in scandal-ridden Mitsubishi Motors Corp. in what Ghosn said was "a win-win" deal. Ghosn said Nissan will invest 237 billion yen ($2.2 billion) to become the top investor in Mitsubishi Motors. (AP Photo/Eugene Hoshiko) (The Associated Press)

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    Nissan Motor Co. President and CEO Carlos Ghosn, left, and Mitsubishi Motors Corp. Chairman and CEO Osamu Masuko shake hands after their joint press conference in Yokohama, near Tokyo, Thursday, May 12, 2016. Nissan is taking a 34 percent stake in scandal-ridden Mitsubishi Motors in what Ghosn said was "a win-win" deal. Ghosn said Nissan will invest 237 billion yen ($2.2 billion) to become the top investor in Mitsubishi Motors. (AP Photo/Eugene Hoshiko) (The Associated Press)

YOKOHAMA, Japan – Nissan Chief Executive Carlos Ghosn is confident the 237 billion yen ($2.2 billion) investment to take a controlling stake in scandal-embroiled Mitsubishi Motors will prove a bargain when sheer size is increasingly critical in the auto industry.

Ghosn spoke to reporters at Nissan Motor Co.'s Yokohama headquarters Friday, a day after he announced the agreement with Mitsubishi Motors Corp.

He said he saw an opportunity as Mitsubishi shares nose-dived after a scandal surfaced over fraudulent mileage it had given for several minicar models.

He stressed the deal won't become final until he sees the outcome of the Japanese regulators' investigation into the scandal.

But he says the massive money needed to develop clean emissions technology and adapt to other changes in the auto industry means being big is a plus.