Nissan and Renault agreed on Monday to a sweeping revamp of their two-decade-old vehicle-making alliance that will put them on equal footing and see the Japanese company invest in Renault’s new electric vehicle business.
Crucially, that will make the companies more equal partners. Their unequal relationship had long been a source of friction among Nissan executives. While Renault bailed out Nissan two decades ago, it is a far smaller carmaker by sales. The cross-shareholding includes a lock-up that prevents shareholders from selling for a certain period, as well as a standstill obligation that limits how a shareholder can buy or sell a stock.
As part of the deal, Nissan and Renault have pledged to pool more resources into key projects in Latin America, India and Europe, involving markets, vehicles and technologies. Nissan also said it would invest in Renault's new battery-electric vehicle unit.
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