Nissan said on Monday that it will buy up to 15% of Renault’s electric vehicle (EV) unit Ampere, reviving a long and sometimes contentious alliance that will also result in more common car platforms. The agreement, reached after months of tense negotiations, includes the previously announced reduction of Renault’s stake in Nissan to put the two on a more equal footing, extending a partnership that has been in place since 1999 for an initial period of 15 years and also includes Mitsubishi Motors.
“Previously the alliance was more about synergies… and global volumes,” Nissan chief operating officer Ashwani Gupta told the reporters. “The next 15 years is about how we become the number one value creator for each other and our shareholders.”
“I consider that what we have agreed is a much better set-up than what we have had in the last past few years,” Renault CEO Luca de Meo told a presentation of the new-look 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.”
The lopsided relationship between the two automakers, which was strained by the arrest of its architect and former chairman, Carlos Ghosn, in 2018 amid a financial scandal, had long been a source of contention among Nissan executives.
The financial details of the company’s valuation were not disclosed, with de Meo stating that the market would decide. According to some sources, it could be worth up to ten billion euros. Ampere will also be part of Mitsubishi’s European EV strategy, according to CEO Takao Kato, and the company will “further study” its share participation. Renault will reduce its stake in Nissan from approximately 43% to 15% by transferring a 28% stake to a French trust.
The companies detailed planned joint projects in Europe, India, and Latin America, as well as collaboration in the EV, electronics, and solid-state battery industries. The sweeping reimagining of the 24-year-old alliance begins after talks were slowed by concerns about intellectual property sharing as Renault sought tie-ups with companies outside the partnership, including China’s Geely.
The sweeping reimagining of the 24-year-old alliance begins after talks were slowed by concerns about intellectual property sharing as Renault sought tie-ups with companies outside the partnership, including China’s Geely.
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