Nissan reports drop in profit, taking stake in Mitsubishi

TOKYO (AP) — Nissan, which is taking a 34 percent stake in scandal-ridden Japanese rival Mitsubishi Motors, has suffered a 40 percent plunge in January-March profit as sales dipped and currency perks faded.

Chief Executive Carlos Ghosn announced Nissan will invest 237 billion yen ($2.2 billion) to become the top investor in Mitsubishi Motors by purchasing newly issues shares.