Mitsubishi has become a “full member” of the 17-year-old alliance between Nissan and Renault. The Japanese carmaker Nissan has completed the purchase of a 34 per cent stake in Mitsubishi Motors Corporation, worth £1.5bn, making it the largest shareholder.

Nissan Chairman and CEO Carlos Ghosn will become Chairman of the Board, along with three other directors from Nissan. Mitsubishi’s President and CEO Osamu Masuko stated: “I welcome Nissan’s willingness to provide strategic, operational and management support as our new lead shareholder. As part of our Board and management team, Nissan will help us to rebuild customer trust in our company and maximise potential future synergies through our deeper alliance.”

Mitsubishi and Nissan have already enjoyed a long relationship, with a five-year alliance building minicars not sold in the UK. Following the new deal, the companies have already stated they will share technology, vehicle platforms and production facilities.

Carlos Ghosn said: “The expanded Alliance will be one of the largest automotive groups in the world, with annual sales of 10 million units in fiscal year 2016. The addition of Mitsubishi Motors will build on the entrepreneurial spirit and management cooperation that has characterised our alliance with Renault for 17 years. I am confident this will benefit all stakeholders.”

Earlier this year Mitsubishi admitted to falsifying economy test data on 13 models, however none were sold in the UK.