- Nissan Motor Co, Ltd’s (OTC:NSANF) (OTC:NSANY) discussions with Renault SA (OTC:RNLSY) (OTC: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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