LONDON (AP) — Automakers Renault and Nissan on Monday formalized their reboot of a relationship that had grown rocky, culminating in the spectacular fall of top executive Carlos Ghosn, who had led successful turnarounds at both companies before his arrest and daring escape.
The boards of both companies approved equalizing the stake each automaker holds in the other to 15%, bringing a better balance in the French-Japanese alliance, which also includes smaller Japanese carmaker Mitsubishi Motors Corp. The uneven shareholdings had been viewed at times as a source of conflict.
Until now, Renault Group of France owned 43.4% of Nissan Motor Co., while the Japanese automaker owned 15% of Renault.
“We have been waiting a long time for this moment,” Renault board Chairman Jean Dominique Senard said at a news conference in London, calling it a “new era.”
Nissan intends to invest up to 15% in Ampere, Renault’s electric vehicle and software entity in Europe that Mitsubishi also will consider investing in. The automakers said they will collaborate in markets worldwide, including Latin America, Europe and India.