Renault and Nissan unveiled their agreement to reboot their 24-year-old alliance at a London news conference.
The French carmaker Renault and its Japanese partner Nissan announced the unavailing in a joint statement last week.
It will see Nissan invest in Renault’s new electric vehicle business in the renewal of the partnership.
The car manufacturers have agreed to make their mutual cross-shareholdings equal at 15 per cent.
This move smooths out a conflict point between the auto giants.
Renault Group is to transfer 28.4 per cent of its Nissan shares into a French trust.
This will balance out the 15 per cent share that Nissan Motor Co. has in Renault.
In a previous statement, they also detailed that voting rights would be “neutralized” for most decisions.
CEOs of both Renault and Nissan spoke at the news conference, alongside the CEO of Mitsubishi Motors.
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