2:10 pm, July 26, 2023
Nissan and Renault have sealed a new deal to realign their existing partnership, following months of negotiations.
The new agreement will see Nissan invest up to €600m (£513.5m) into Ampere – Renault Group’s new EV and software entity in Europe.
Meanwhile, Renault will reduce its stake in Nissan to just 15 per cent, from around around 43 per cent, making them equal partners going forward.
The rest of its Nissan shares will be transferred into a French trust, where they will be voted neutrally, ‘subject to limited exceptions’.
The terms have been reached following a tense round of talks, amid reports that Nissan bosses had concerns about ‘protecting intellectual property in future collaborations’.
The companies’ allegiance also includes Mitsubishi, which pulled out of the UK market in 2020.
Nissan CEO Makoto Uchida said: “With the finalisation of the definitive agreements, we have entered the next phase of collaboration with Renault and Mitsubishi Motors in mutually beneficial areas of innovations.
‘This will create additional value through initiatives aligned to Nissan’s Ambition 2030 and electrification strategy.
‘The investment opportunity in Ampere complements and strengthens Nissan’s ongoing electric push in Europe and will deliver numerous synergies, including cost efficiencies, regulatory compliance, and a broader range of EV products and powertrains.’
Luca de Meo, CEO of Renault Group, added: ‘These agreements provide us with a solid base to reactivate business operations worldwide in key markets, with the potential to generate hundreds of millions in value for Renault, Nissan, Mitsubishi and stakeholders.
‘They give us the strategic agility that we need more than ever in today’s rapidly evolving environment. We are all engaged with the right mindset and welcome Nissan as a strong partner in our upcoming EV and Software pure player Ampere.
‘It confirms the attractiveness of the project to be front runner in Europe, allowing Renault and its Alliance partners to position themselves ahead of the starting grid for the EV and software race in Europe.’
Bosses responsible for the allegiance also welcomed the new terms, saying they will make fair and effective governance easier to achieve.
Jean-Dominique Senard, Chairman of the Alliance, said: ‘The agreements that have been signed today allow us to step into the next chapter of the Alliance. They strengthen our long-standing partnership and will maximise value creation for each Alliance member.
‘This also lays the foundations for a new balanced, fair, and effective governance.’
