Nissan just announced their plan to spend 237 billion yet ($2.2 bn) to hold a 34% stake in Mitsubishi, making Nissan the company’s single largest shareholder.
“We are determined to preserve and nurture the Mitsubishi Motors brand,” Nissan CEO Carlos Ghosn said. “We will help this company address the challenges it faces, particularly in restoring consumer trust.”
Shares of Mitsubishi increased 16% in Tokyo on Thursday as reports of the investment were released. Since their fuel emissions scandal, the shares have been depleted about one third in value.
The company admitted to falsifying fuel efficiency tests in Japan over the course of the past 25 years, affecting hundreds of thousands of cars.
Nearly all models of car sold by the company in Japan are now under review.
“It is not an easy task to regain trust, so through the alliance with Nissan Motor, we will be starting our step forward on this difficult task,” Mitsubishi Motors CEO Osamu Masuko said Thursday.