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Nissan Motor Co. last week completed its acquisition of a 34 per cent equity stake in Mitsubishi Motors becoming its largest shareholder. MMC will also become part of the global Alliance with Nissan and Renault.

With the addition of MMC, the Alliance will be in the world’s top three automotive groups by global volumes, with sales of 10 million units in fiscal year 2016.

Nissan Chairman and Chief Executive Officer Carlos Ghosn said Nissan and MMC would collaborate on joint purchasing, deeper localization, joint plant utilization, common vehicle platforms, technology sharing and an expansion of the companies’ combined presence in both developed and emerging markets.

“The combination of Nissan, Mitsubishi Motors and Renault will create a new force in global car-making,” said Ghosn. “It will be one of the world’s three largest automotive groups, with the economies of scale, breakthrough technologies and manufacturing capabilities to produce vehicles to serve customer demand in every market segment and in every geographic market around the world.”