Renault, Nissan boards approve ‘rebalancing’ alliance

Renault and Nissan say overhaul opens a 'new chapter' for their alliance

Renault and Nissan said the overhaul would open a “new chapter” for their alliance.

The boards of French carmaker Renault and Japanese partner Nissan have approved a major overhaul of their turbulent 24-year alliance after months of negotiations, the companies said on Thursday. Two.

The automakers said in a joint statement that they had “rebalanced” their relationship, with Renault reducing its stake in the Japanese company from 43.4% to 15%, equals Nissan’s share in the French partner.

The deal includes Nissan taking a stake of up to 15% in Renault’s new electric vehicle joint venture Ampere.

The companies have also announced joint projects in Latin America, India and Europe to produce vehicles ranging from pickup trucks to SUVs and electric vans.

With the deal, the automakers say they “open a new chapter to their partnership”.

Renault’s board approved the deal on Sunday while Nissan signed it on Monday, a week after the deal was announced.

The deal comes after months of arduous negotiations and numerous delays, as the two companies seek to re-establish their decades-old relationship. League after years of stress.

The International Automobile Alliance began in 1999, when Renault saved Nissan from bankruptcy.

They joined Mitsubishi Motors in 2016, when Nissan took a 34% stake in the struggling Japanese rival.

The Renault-Nissan-Mitsubishi alliance was the world’s top automaker in terms of sales in 2018 but has since lagged behind Toyota, Volkswagen and Hyundai-Kia.

The alliance was destabilized by the arrest in 2018 of Nissan boss Carlos Ghosn, who claimed charges against him were intended to prevent him from bringing the Japanese and French carmakers closer together.

‘Refresh’ the alliance

Analysts have described the rebalancing of the deal as a way to build trust between the two automakers, especially in the aftermath of the Ghosn scandal.

Monday’s statement said the overhaul “paves the way for innovation and strengthens the 24-year partnership, creating a new spirit of agility and harnessing the pioneering technologies of all three Union members.” bright”.

Renault will not immediately sell the remaining 28.4% of Nissan’s shares, instead will transfer the shares to a French trust because their current market value is less than the value registered in the company’s account. Renault.

They will go on sale when it is “commercially reasonable” for Renault, with Nissan having the first preference.

In November, Renault announced it would split its operations into two—Ampere and a separate petrol, diesel and diesel subsidiary. hybrid vehicles will combine with China’s Geely.

But Nissan is concerned about future technology transfers to the Chinese automaker, as well as details about electric car sharing. Intellectual Propertycomplicate negotiations.

Under agreeNissan will invest up to 15% in Ampere, “with the aim of becoming a strategic investor”.

Mitsubishi will also “consider investing” in Ampere, the statement said.

© 2023 AFP

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