Renault, Nissan officially launch revamped alliance

(MENAFN) Renault, the French car manufacturer, and its Japanese partner Nissan have officially unveiled their revamped alliance, marking a significant development in their 24-year-old partnership that has weathered numerous challenges. This move comes after both companies announced an agreement in February to transform their partnership, which also includes Japanese automaker Mitsubishi, into an equal footing, with Renault relinquishing its previous dominance.

In a joint statement, the two automotive giants declared, "After securing the necessary approvals from regulatory authorities, the 'new alliance agreement' between the Renault Group and Nissan will come into effect today." Jean-Dominique Senard, the president of the alliance, emphasized the significance of this agreement, stating that it "establishes the groundwork for a new, equitable, long-term, and effective partnership that will deliver value to every member of the alliance and all our shareholders."

The roots of this partnership stretch back to 1999 when Renault played a pivotal role in rescuing Nissan from bankruptcy, marking the beginning of their collaboration. In 2016, Mitsubishi Motors joined this alliance, with Nissan acquiring a 34 percent stake in its struggling Japanese counterpart at the time.

This official launch of the revamped alliance signifies a fresh chapter in their enduring collaboration, underlining their commitment to mutual success and resilience in a dynamic automotive landscape.

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