Nissan, Renault set to announce new alliance deal

Nissan and Renault are set to announce their restricted alliance in the upcoming days after finalising the deal that took 10 months’ worth of negotiations, Reuters reported on Wednesday.

The two automakers had announced a framework agreement in February and aimed to finalize the deal in March, under it, Nissan would take 15 percent of Renault’s new electric vehicle unit, while Renault reduces its 43 percent stake in Nissan.

The deal was hindered by Nissan executives and directors challenging detailed provisions of the deal and the benefits and protections for Nissan’s intellectual property.

“Nissan and Renault are engaged in constructive and ongoing negotiations. We will make a statement in due course when the agreements are concluded,” said Nissan.

Renault had previously said that it expects to list Ampere, its electric vehicle unit, in an initial public offering in the first half of 2024, with predictions for the unit to be valued at $11.2 billion.