Sources told Reuters that French automobile manufacturer Renault and the company’s Japanese partner, Nissan Motor, plan to formally announce a deal to revamp their relationship in London on the 6th of February. The two companies are working to re-calibrate their long-standing alliance.
“Leaders of the two companies met via video link, the meeting had gone off without a hitch but there were details that still needed to be worked out. As of today, we cannot say that we have reached an agreement,” another person familiar with the matter informed Reuters.
Renault is urging its Japanese automobile maker to invest in their electric-vehicle division, and Nissan is requesting Renault, the largest shareholder, to divest its 43 percent stake. Renault has repeatedly refused to speak publicly, and the report said the spokesperson for Nissan has also declined to respond.
They will likely launch five joint ventures to revive the alliance, including technology, manufacturing, and future development of the geographical area and India. The report also clarified that it wasn’t immediately specific if agreements had already been announced for the production of new models of the Nissan Micra in a Renault plant in France as well as the junior allies Mitsubishi Motors Corp (7211.T) and Mitsubishi Motors Corp (7211.T) ASX as well as Colt in Renault factories located in Spain and Turkey could be regarded as one of the five projects. “The future shape of the Franco-Japanese alliance has implications for both companies and Mitsubishi Motors. It also highlights how the immense technological upheaval in the auto industry is forcing companies to partner and compete with a dizzying number of newcomers and tech firms,” the report said.
In October 2022, Renault Group and Nissan Motor issued a joint statement on the engagement of trust-based discussions around different initiatives as part of their ongoing efforts to improve the relationship and ensure the partnership’s long-term sustainability. The talks included a consensus on shared strategic initiatives that span products, markets, and technologies. They continued to push for improvement in the structure to ensure long-term collaboration operations and good governance.
