French carmaker Renault and its Japanese partner Nissan on Monday agreed to a sweeping reset of their two-decade alliance that will put them on equal footing.
The partnership, which has grown to include junior member Mitsubishi MotorsIt gave Nissan a 15% stake in Renault, on a par with the French state, but no voting rights.
1999 Renault in March comes to the rescue of debt-laden Nissan, which had lost money for three years in a row. Ghosn reveals his "Nissan Revival Plan", targeting a return to profitability in the 2000 financial year. 2002 Nissan announces its "Nissan 180" three-year plan, targeting an increase of 1 million vehicles in global sales by 2005.
2016 Nissan takes a controlling stake in Mitsubishi. Ghosn becomes chairman, making him chairman of all three partners. 2019 Nissan and Renault reel from the aftermath of Ghosn's arrest. Both automakers appoint new boards as profits continue to sink. The alliance names a new chairman, Michelin veteran Jean-Dominique Senard, while Makoto Uchida becomes Nissan's new chief executive.
2020 With the COVID-19 crisis triggering losses at both car makers, Renault secures a state-backed loan worth 5 billion euros to shore up its liquidity. Luca De Meo becomes the French group's CEO in July. Alliance Chairman Senard rules out any merger of the carmaking partners, saying they don't need to combine to be efficient.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nissan, Renault reach agreement for Renault to lower stake to 15% -NikkeiNissan Motor Co and Renault SA have reached an agreement to lower the French automaker's stake in the Japanese carmarker to 15% from 43%, the Nikkei business daily reported on Monday.
Read more »
Renault-Nissan alliance reboot will kick off with five projects - AutoblogThe reorganized alliance allows partners to focus on diverse projects with fewer distractions 'in endless trans-national politics.'
Read more »
Renault slashes Nissan stake as the automakers overhaul their decades-long allianceRenault has trimmed its interest in coalition ally Nissan stake as the automakers overhaul their decades-long union.
Read more »
Nissan, Renault agree to sweeping overhaul of global allianceNissan Motor Co and Renault SA agreed on Monday to a sweeping restructure of their two-decade-old automaking alliance that will put them on equal footing and see the Japanese company invest in Renault's new electric vehicle business.
Read more »
Nissan, Renault Reach Deal on Alliance Shake-UpNissan Motor and French partner Renault said they reached an agreement to reorganize their more than two-decade-old alliance.
Read more »
Nissan Might Build An Electric Frontier As It Kills The Titan | CarscoopsNissan Might Build An All-Electric Frontier As It Kills The Titan | Carscoops carscoops
Read more »