Hong Kong

Carmakers Renault and Nissan have agreed to restructure their longstanding partnership, with the French firm whittling down its stake within the Japanese agency to fifteen%.

Underneath the settlement, Renault will switch 28.4% of its shares within the Yokohama-based firm right into a French belief. Voting rights for that stake shall be “neutralized” for many choices, Nissan mentioned in a press release, though Renault will proceed to reap the monetary advantages from the shares except they’re offered.


and Nissan

will every retain a 15% stake in each other’s companies by way of a cross-shareholding settlement, with voting rights. Beforehand, Nissan

had held a 15% non-voting stake within the French firm, whereas Renault

owned about 43% of Nissan


The transfer marks a big milestone within the 24-year-old auto alliance.

Since 1999, each carmakers have labored in tandem, alongside junior companion Mitsubishi Motors

. The collaboration has usually allowed the businesses to share manufacturing and expertise, and finally save billions of {dollars} a yr.

However the group’s future was thrown into query in recent times, notably after the beautiful downfall of its former chief Carlos Ghosn in 2018.

Ghosn, who had introduced the three automakers collectively, was arrested in Japan, the place prosecutors accused him of monetary crimes. He fled Japan in 2019, saying he believed he wouldn’t have been given a good trial.

He has maintained his innocence and is at the moment in Lebanon, the place he stays a fugitive. France, the place he holds citizenship, issued an arrest warrant for him final spring.

The scandal prompted hypothesis that the alliance could be damaged up. However in 2020, the businesses dismissed such chatter.

Extra just lately, Renault and Nissan disclosed that they had been rethinking the character of their relationship. Final October, each corporations mentioned that they had been “engaged in trustful discussions” about the way forward for the alliance.

In its Monday assertion, Nissan mentioned the 2 would proceed to work collectively on initiatives in Europe, India and Latin America.

The Japanese automaker may also spend money on Ampere, Renault’s just lately shaped electrical automobile and software program enterprise, it added.

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