Renault and Nissan have revealed plans to re-forge their car manufacturing Alliance on a new platform of balanced governance which will underpin electric vehicle (EV) and software partnerships.

A statement issued jointly by the French and Japanese car manufacturers this morning (January 30) revealed the new governance plan and cross-shareholding as part of a move that will aim to deliver “accelerated operational efficiencies”

The new agreements were described as “an important milestone in its discussions on defining new foundations for their partnership”, following several months of constructive discussions.

Still set to be finalised, and remaining subject to the approval of the boards of directors of Renault Group and Nissan, the changes will see Renault Group transfer 28.4% of Nissan shares into a French trust in a move that would see the OEMs retain a 15% cross-shareholding.

They would both be able to freely exercise the voting rights attached to their 15% direct shareholding, with a 15% cap, the statement said.