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TOKYO (AP) -- Mitsubishi Motors Corp. is buying Volvo Car Corp.'s stake in their joint carmaking venture in the Netherlands for $130 million and the Japanese automaker plans to proceed with a new partner DaimlerChrysler.

Mitsubishi Motors had planned to produce the small ``Z Car'' in Europe by 2004 at the joint venture called Netherlands Car. Mitsubishi said Wednesday it was buying Volvo Car's 50 percent stake in the venture and plans to sell it to DaimlerChrysler by 2004.

The alliance with the German automaker, which owns 34 percent of Mitsubishi Motors, is a key part of the turnaround plan at the Tokyo automaker.

Mitsubishi Motors has been struggling to boost sales that plunged especially at home after massive recalls related to a scandal over a systematic cover-up of auto defects for more than 20 years.
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