Automakers Renault and Nissan formalized their restart of a relationship that had become rocky, culminating in the spectacular downfall of top executive Carlos Ghosn, who had led successful turnarounds at both companies before his arrest for financial misconduct and daring escape.
The boards of both companies approved balancing each automaker’s stake in the other to 15 percent, bringing better balance in the Franco-Japanese alliance, which includes smaller Japanese automaker Mitsubishi Motors.
The unequal participation had at times been viewed as a source of conflict.
So far, the French Renault group owned 43.4 percent of Nissan Motors, while the Japanese automaker owned 15 percent of Renault.
“We’ve waited a long time for this moment,” Renault CEO Jean Dominique Senard said at a press conference in London, calling it a “new era”.
Nissan intends to invest up to 15 percent in Ampere, Renault’s electric vehicle and software company in Europe.
Mitsubishi is also considering investing in the company.
The automakers said they will work together in markets worldwide, including Latin America, Europe and India.
The moves come at a time when the highly competitive auto industry is undergoing a major shift toward electric vehicles and other green models.
The long speculated changes in the carmaker alliance were announced a week ago.
According to the company, shares, which correspond to a stake of 28.4 percent, will be transferred to a French trust.
Renault, of which the French government is the main shareholder, and Nissan have agreed to an orderly sale of this stake, although there will be no deadline.
Nissan CEO Makoto Uchida vowed to take the alliance to the “next level of transformation” to adapt to a new era.
“It’s not a choice, it’s a necessity,” he said.
