Nissan, Mitsubishi will cooperate to build new vehicles

Nissan Motor Co. and Mitsubishi Motors Corp. will expand their cooperation and build vehicles for one another to save money, the companies said Tuesday. The Japanese automakers will establish a 50-50 minicar venture and plan to roll out a minicar in Japan in 2012. Nissan also will produce a small van for Mitsubishi, which in turn will make an SUV for Nissan to sell in the Middle East.

"In the global auto industry, cooperation on specific projects among automakers is becoming increasingly common," Nissan CEO Carlos Ghosn said at a news conference in Tokyo with Mitsubishi President Osamu Masuko.

"Our relationship with Mitsubishi demonstrates the ability of the Renault-Nissan Alliance — with its network of global partnerships — to constantly evolve and create new win-win relationships with other companies."

The agreement comes as the Renault-Nissan partnership considers raising its stake in Russia's largest automaker, AvtoVAZ.