Nissan and Renault are set to announce the new alliance in the coming days (Reuters)
Nissan and Renault will make an announcement in the coming days regarding their restructured alliance and have finalized the agreement, sources who wished to remain anonymous told Reuters, after 10 months of intense negotiations, informs Agerpres.
Under a preliminary agreement announced in February, Renault and Nissan have agreed a deep restructuring of their alliance, established in 1999, which will put them on equal footing, and the Japanese carmaker will invest in the French group’s new electric vehicle division. Under the agreement, Renault reduces its stake in Nissan to 15%, from about 43%, transferring its remaining 28% stake to a French trust.
But the deal fell through after key Nissan executives disputed some details of the deal and protecting Nissan’s intellectual property, Reuters previously reported.
The delays show that the latest tensions at the top of Nissan are complicating efforts to rebalance the two-decade alliance with Renault.
Nissan wants to lower the cap on its strategic investment in Ampere (Renault’s electric vehicle division) below the maximum target of 15% announced in February, the sources said. The size of Nissan’s stake weighs on Ampere’s valuation, but Nissan is likely to buy less than 10 percent of the French group’s new electric vehicle division, the sources said. They add that an announcement is expected in the coming days.
“Negotiations between Nissan and Renault are ongoing and constructive. We will publish a press release at the right time, when the agreements will be finalized,” said the Japanese car manufacturer.
Renault representatives did not want to comment. The French group expects to list Ampere at the beginning of next year, and Mitsubishi and Qualcomm would invest in the new entity, valued at ten billion euros.
But the possibility of new partners emphasized for Nissan the need to protect intellectual property in any future collaboration, the sources explained.
A Mitsubishi spokesperson announced that the company is still considering an investment in Ampere but no decision has been made.
2023-07-19 11:28:13
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