The new joint venture between Nissan and Mitsubishi Motors Corporation to develop minicars for the Japanese market has gotten underway – NMKV Co, which is based in Takanawa, Minato Ward, Tokyo, commenced operations on June 1, 2011, with 35 employees.

The new company will integrate the product planning and engineering of future minicars for Nissan and Mitsubishi in the Japanese market by uniting the strengths of both companies in the areas of vehicle engineering, development and parts sourcing, as part of an overall strategy to bring new minicar products to market.

More than a third of new car sales in the Japanese market come from the minicar segment, and the JV will enable Nissan to continue development of products that reflect Nissan’s DNA at the design and product planning phases, and benefit Mitsubishi by supplying highly-competitive products to its product line-up and by offering increased economies of scale advantages through Nissan’s purchasing capacity, the companies said.