In addition to its product planning and project development roles, NMKV will strengthen its management capabilities by adding a new department to enhance collaboration with engineering and manufacturing functions.
Nissan and Mitsubishi established NMKV in June 2011 to specialize in planning and development of minicars.
By combining each other's strengths through NMKV, we will continue to introduce attractive products to the market.
Nissan and Mitsubishi Motors agreed on the joint development in December 2010 and set up NMKV
in 2011, as a part of their attempt to expand their cooperation amid intensifying competition and catch up with Daihatsu Motor Co.
Both companies will continue to maximize the synergies generated through NMKV to strengthen the competitiveness of their respective minicar business.
Through NMKV, Nissan and Mitsubishi Motors will continuously strengthen their highly-competitive minicar lineups, reflecting the strengths of both companies in the areas of product planning, development, design and purchasing.
We'd like to lift the share at least to 20 percent'' in the minivehicle market from the current combined share of around 15 percent, said NMKV
President and Chief Executive Officer Junichi Endo at a news conference.
It follows a prior announcement in June 2011 regarding the establishment of the joint venture NMKV