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Renault and Nissan move 'closer together'

Renault and Nissan have moved 'closer together' with the creation of a joint management structure.

It has also been announced this morning that Renault will increase its stake in Nissan from 36.8% to 44.4%. In addition Nissan would acquire a 15% equity stake in Renault.

Under the memorandum of understanding issued this morning, the two carmakers will create Renault-Nissan BV, a joint and equally owned management company with headquarters in Paris and Tokyo. A joint statement reads: “Renault-Nissan BV will steer alliance strategy and supervise common activities on a global level, while respecting the identity and culture of each company.”

The new company would have sole responsibility for decisions on three, five and 10-year plans, on common products and powertrains and financial policy.

President of Renault-Nissan BV is Renault chairman and chief executive officer Louis Schweitzer. Vice president is Carlos Ghosn, president and CEO of Nissan.

Mr Schweitzer said: “This project provides for stronger strategic management to move the alliance forward in a balanced way, reaching for higher performance. Renault and Nissan are successfully building a strong bi-national group, which is unique in the automotive industry.”

And Mr Ghosn said: “The timing of this next step of the alliance has been moved forward as a result of the fast and strong success of the Nissan Revival Plan. Nissan is now in a position to fully play its role in the alliance with the goal of improved mutual performance.”

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