Automakers Renault and Nissan formalized their reboot of a relationship that had grown rocky, culminating in the spectacular fall of top executive Carlos Ghosn, who had led successful turnarounds at both companies before his arrest and daring escape.
Jean-Dominique Senard, Chairman of the Board of Directors at Renault Group speaks during an interview with The Associated Press after a Renault Nissan Mitsubishi press conference in London, Monday, Feb. 6, 2023. The boards of Renault and Nissan have approved equalizing the stake each automaker holds in the other, bringing a better balance in the French-Japanese alliance. Under the decision announced Monday, both companies will own 15% in the other.
Nissan intends to invest up to 15% in Ampere, Renault’s electric vehicle and software entity in Europe that Mitsubishi also will consider investing in. The automakers said they will collaborate in markets worldwide, including Latin America, Europe and India. Renault, whose top shareholder is the French government, and Nissan agreed on an orderly sale of that stake, although there will be no deadline.
Still, partnerships can stumble because of the different corporate cultures of the automakers, especially when it involves a meeting of the West and East., the executive sent by Renault to lead a turnaround at the then-near-bankrupt Nissan, was arrested in Japan in 2018 on financial misconduct charges.
“That is in the past. I mean, nobody in Renault today is talking about that subject," he said, without mentioning Ghosn’s name. “They’re all concentrated, honestly, on the future, on what we’re doing.”
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Renault, Nissan officially reboot their auto alliance for post-Ghosn era - AutoblogAutomakers Renault and Nissan on Monday formalized the reboot of their relationship, agreeing to fix a disparity that Nissan had long resented.
Read more »
Nissan to buy up to 15% stake in Renault EV unit under reshaped allianceNissan and Renault on Monday unveiled details of their redesigned alliance, with the Japanese car maker committing to buy a stake of up to 15% in Renault's electric vehicles unit Ampere.
Read more »
Renault, Nissan to fill in the blanks on their rejiggered allianceNissan and Renault on Monday are set to unveil details of their redesigned alliance and answer questions about Renault's electric vehicle (EV) business and how it will sell off most of its stake in the Japanese carmaker.
Read more »
Nissan, Renault Alliance Shake-Up to Give Each Company More IndependenceNissan and Renault unveiled a long-planned restructuring of their two-decade-old alliance—a decoupling that falls short of a full divorce but gives each car company more autonomy after years of tensions.
Read more »