Renault’s board has voted in favor of reshaping the company’s two-decade-long partnership with Japanese carmaker Nissan, with the two companies coming to an agreement.
The agreement, which was formulated after a series of month-long talks, notes that Nissan will buy a stake of 15% (previously 43%) in Renault’s electric vehicle (EV) unit Ampere. The renewed alliance will also extend the partnership between the two and Mitsubishi Motors for 15 more years.
According to Nissan chief operating officer Ashwani Gupta, its alliance previously focused more on synergies and global volumes. “The next 15 years is about how we become the number one value creator for each other and our shareholders,” he explained.
The relationship between the two automobile giants was deeply affected by the arrest of Renault’s architect and former chairman Carlos Ghosn amid a financial misconduct scandal in 2018.
“I consider that what we have agreed is a much better set-up than what we have had in the last past few years,” said Renault CEO Luca de Meo during the presentation of the alliance in London.
"We have now a new governance scheme that is much more straightforward, we can now operate like a normal company. Seen from Renault, (it) is about regaining some strategic agility without breaking necessarily the ties and the synergies that were existing."
Furthermore, according to Nissan chief executive Makoto Uchida, the company regards the EV Ampere as an “enabler for Nissan to participate in new business opportunities in Europe.”
Mitsubishi CEO Tako Kato also said the company would “further study” its share participation in Ampere, as it forms part of its European EV strategy.