In another move announced separately, Nissan is selling part of its stake in Mitsubishi back to Mitsubishi. Mitsubishi is acquiring 10 percent of Nissan stock in the company, reducing Nissan's current 34.07% stake in the automaker. The two companies say they'll continue to collaborate.

Nowadays, most people looking for the best cars to buy don't consider Mitsubishi vehicles. However, the company is hoping this may change. It seems the company's suits are laying the groundwork for a change in public perception.

Mitsubishi announced it will acquire 10 percent of existing shares from Nissan, though the brands will continue to collaborate in the future.

A lack of hybrid options in the U.S., among other issues, is hurting the brand.

Nissan Motor Co. shares extended their losses Monday after moves to cut thousands of jobs and slash production capacity cast doubt on Chief Executive Officer Makoto Uchida’s plans to turn around the carmaker.

Things are not rosy at Nissan, with the automaker hoping job cuts and asset sales will bring the company back to profit.