As a consequence, it has been agreed that the strategic cooperation between Nissan and Mitsubishi Motors could be expanded across the broader Renault-Nissan Alliance.
Between Nissan and Mitsubishi Motors, it is expected that the existing NMKV joint-venture company will be extended to co-develop a new small car, including a specific electric version that can be sold on a global basis.
The basis for this product will be from a jointly-developed 'Kei car' platform of the type popular in the Japanese domestic market.
Further details of all products, markets and manufacturing will be announced separately.
The Renault-Nissan Alliance and Mitsubishi Motors Corporation have also confirmed their intention to share technologies and product assets related to electric vehicles and latest-generation platforms.
Renault, Nissan and Mitsubishi Motors were among the first to pioneer the introduction of mass-marketed zero emission products.
Based on the current direction of discussions between Renault and Mitsubishi Motors, it is firstly expected that two new sedan models will be launched under the Mitsubishi brand, based on vehicles from the Renault portfolio.
Secondary and additional studies around other projects will then be considered.
The first sedan, to compete in the full-size D-segment markets of the United States and Canada, would be manufactured at the Renault-Samsung plant in Busan, South Korea.
The second sedan model would compete in the global C-segment. The manufacturing location for this product is under discussion.
President and CEO of the Renault-Nissan Alliance, Carlos Ghosn, said: "Nissan and Mitsubishi Motors have jointly benefited from several collaborations in the past, most recently the successful joint-venture on Kei cars in Japan.
"I welcome the direction being taken towards this broader cooperation, creating new opportunities for Renault, in addition to further leveraging the productive relationship between Nissan and Mitsubishi Motors."