Nissan, Renault Talk About Restructuring Their EV Partnership

  • Nissan Motor Co, Ltd's NSANF NSANY discussions with Renault SA RNLSY RNSDF on revamping their alliance focused on competitiveness as equal partners and getting value from their investment in electric cars, the Japanese automaker's CEO told Reuters.
  • The negotiations with Renault, Nissan's top shareholder, have less than two weeks remaining to meet a November 15 target the companies had set to reach a deal.
  • Nissan CEO Makoto Uchida said he was talking with Renault CEO Luca de Meo every weekend, and the talks would be "ongoing for the future."
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  • The sharing of technology had emerged as one sticking point.
  • Uchida said the goal was to improve the automakers' ability to compete during economic uncertainty and as the industry shifted to electric vehicles.
  • But, over the years, Nissan executives have had issues over the unequal ownership structure, with Renault owning 43% of Nissan and the Japanese automaker holding only a 15% non-voting stake in Renault.
  • As per earlier reports, Nissan considered investing in Renault's new electric vehicle unit, code-named "Ampere," which will be split from its internal combustion engine business, code-named "Horse."
  • The report further noted Renault also talked to Geely Automobile Holdings about the Chinese automaker taking a stake in its internal combustion-engine unit.
  • Uchida also said Nissan made contingency plans for the prospect of a global recession.
  • Price Action: RNLSY shares closed at $5.88 on Thursday.
  • Photo Via Company
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