RENAULT GROUP: Renault-Nissan-Mitsubishi Alliance open a new chapter for their partnership
February 06 2023 - 02:30AM
RENAULT GROUP: Renault-Nissan-Mitsubishi Alliance open a new
chapter for their partnership
Renault-Nissan-Mitsubishi Alliance open a
new chapter for their partnership
London, Paris, Tokyo,
Yokohama – February 6, 2023 – Following approval by the Boards of
Directors of Renault Group and Nissan Motor Co.,
Alliance today announced new initiatives to take
their partnership to the next level.
A three-dimension program to maximize value
creation for all Alliance stakeholders will include:
operational projects in Latin America, India and Europe;
- Enhanced strategic agility with new
initiatives that partners can join;
- A rebalanced
Renault Group-Nissan cross-shareholding and reinforced Alliance
Renault Group and Nissan have entered into a
binding framework agreement regarding the above-mentioned
transactions, with a view of reaching definitive agreements by the
end of the first quarter of 2023. The transactions contemplated in
these definitive agreements would be subject to a limited number of
conditions precedent, including regulatory approvals, and
completion is expected to occur in the fourth quarter of 2023.
This far-reaching program paves the way for a
renewal and strengthening of the 24-year partnership, creating a
new agile spirit and harnessing the pioneering technologies of all
three Alliance members. This next level will create more growth
opportunities and help secure operating efficiencies for each
Alliance company to innovate and transform in the fast-changing
market for automotive products and mobility services.
Details of the binding framework
agreement will be announced during a joint conference today at 8.30
am GMT in London:
High-value-creation operational projects
A year after defining the Alliance roadmap
towards 2030, the companies announce consideration of new key
projects in Latin America, India and Europe that aim to deliver
win-win, large-scale and actionable benefits for the Alliance
members along three dimensions: markets, vehicles, and
technologies. Each company would benefit from these value-creating
projects in the mid-term while realizing short-term benefits from
both cost sharing and cost avoidance.
Latin AmericaThe four projects to
be considered in Latin America include:
- A new half-ton
pick-up, developed by Renault Group and shared with Nissan in
- The successful
collaboration on the Nissan Frontier/Renault Alaskan family, a
one-ton pick-up, would continue. Renault Group would produce the
pick-ups in Cordoba (Argentina) for both Renault and Nissan.
- In Mexico, Nissan
would produce a new model for Renault Group, making it the first
Renault vehicle to be produced there in 20 years.
Nissan and Renault Group would commercialize two common accessible
A-segment Electric Vehicles, both based on the CMF-AEV (Common
Module Family) platform.
- For India and
export, Renault Group and Nissan would collaborate on several new
vehicle projects including new SUVs shared by both Renault Group
and Nissan, and a New Nissan car derived from the Renault
- Additionally, as in
Latin America, Nissan and Renault Group are also considering common
A-segment electric vehicles.
The companies are exploring the following
initiatives in Europe:
- Renault Group and
Mitsubishi Motors would leverage the assets of Renault Captur and
Clio to develop 2 new vehicles with the next-gen ASX and Colt based
on the CMF-B platform.
- Renault Group would
launch FlexEVan on the LCV market, as its first Software-Defined
Vehicle from 2026 and share it with Nissan in Europe.
- For their line-ups
beyond 2026, Nissan and Renault Group would also explore possible
collaborations on the next generation of C-segment Electric
Vehicles. To ensure benchmark charging time, Nissan and Renault
Group would continue sharing technologies on their European cars,
including potential usage of common 800-volt architecture.
- These initiatives
would build on existing commitments including plans for the future
Nissan compact Electric Vehicle (B-segment), based on CMF-BEV
platform, to be produced at Renault Group’s ElectriCity facility in
France from 2026.
Beyond the vehicle:
in Distribution, Aftersales, Charging
Infrastructure and Batteries
In Europe, the scope of collaboration would go
beyond the vehicles to cover lifecycle from distribution, to usage,
to recycling and end-of-life.
Aftersales & Sales Financing: Renault Group, Nissan and
Mitsubishi Motors are working on shared opportunities within the
distribution network to support and increase dealer profitability
and reduce their respective costs:
- By increasing the number of shared
outlets in key markets.
- By developing common strategies on
Used Car, After Sales and Sales Financing, leveraging the strong
presence of Mobilize Financial Services in Europe.
- Electric vehicle
(EV) charging infrastructure: Renault Group and Nissan are
considering jointly deploying charging infrastructure in Europe at
both Renault Group and Nissan dealerships (charging@dealer).
- Circular Economy:
Renault Group and Nissan plan to select common battery recycling
partners for their end-of-life batteries and production
Enhanced strategic agility with new initiatives
that partners can join
In the second area of enhanced cooperation, all
three Alliance companies agreed to explore their existing
strategies in electrification and low-emission technologies by
investing and collaborating in respective member-company projects
that could provide incremental value to each individual
These agile strategic initiatives are designed
to complement the business plans of member companies, including
Nissan Ambition 2030 and Renaulution, as each business leverages
commonality and investment opportunities to deliver on their
respective goals for sustainable growth and targets for
The areas of collaboration under consideration
- Nissan’s intention is to invest up
to 15% in Ampere, Renault Group’s EV &
Software entity in Europe, with the aim to become a strategic
investor. Through this intended investment in Ampere Nissan would
enhance and accelerate new business opportunities for Nissan in
- Mitsubishi Motors
would consider investing in Ampere.
- Nissan and
Mitsubishi Motors would become customers of Renault Group’s Horse
project, an initiative to achieve further scale and market coverage
for its low-emission internal combustion engine (ICE) & hybrid
These initiatives would complement ongoing areas
of technology collaborations such as All Solid-State Battery
(ASSB), Software-Defined Vehicle (SDV) and Advanced Driver
Assistance Systems (ADAS) & autonomous driving.
A rebalanced Renault Group-Nissan
cross-shareholding and reinforced Alliance governance
As each Alliance member company delivers on its
business plans, it was important to put in place a
cross-shareholding structure and governance terms aligned to the
goals of the next-generation Alliance. Whilst previous Alliance
agreements enabled the companies to execute their respective
strategies over the last 24 years, a new approach is required to
enable the Alliance members to best prepare for future industry
Renault Group and Nissan, the founding-members
of the Alliance, have therefore agreed to rebalancing their
cross-shareholding and governance terms to ensure effectiveness and
maximize value creation.
A binding framework agreement defines the
principles of a new governance scheme and the rebalancing of the
cross-shareholdings between Renault Group and Nissan. The two
companies intend to enter into a new Alliance agreement by March
31, 2023 and replace the current agreements governing the Alliance
(i.e., the Restated Alliance Master Agreement, the Alliance Equity
Participation Agreement and the Memorandum of Understanding of
March 12, 2019).
This new Alliance agreement would be put in
place for an initial period of 15 years.
Rebalanced cross-shareholdings between
Renault Group and Nissan to enable future
Nissan and Renault Group would retain a 15% cross-shareholding,
with a lock-up obligation, as well as a standstill obligation.
Renault Group would transfer 28.4% of Nissan shares into a French
trust. The entrusted shares would be voted neutrally, except for:
the election or dismissal of the directors of Nissan nominated by
Renault, (where the trustee would vote as directed by
the election or dismissal of directors who are nominated by the
Nissan Nomination Committee, other than the Renault Group nominees
(where the trustee should vote in favor of the Nissan Nomination
Committee decisions and proposals).
shareholder proposals not supported by the Nissan board of
directors (where the trustee should abstain).
Renault Group would continue to fully benefit from the economic
rights (dividends and shares’ sale proceeds) from the entrusted
shares until such shares are sold. The transfer to the trust would
trigger no impairment in Renault Group financial statements.
As a result of the transfer of the 28.4% of Nissan shares to the
trust, Nissan would be able to exercise its voting rights attached
to its shareholding in Renault Group.
The voting rights of Renault Group and Nissan would be capped at
15% of the exercisable voting rights, with both companies able to
freely exercise their voting rights within such limit.
Renault Group would instruct the trustee to sell the entrusted
Nissan shares if commercially reasonable for Renault Group, but it
has no obligation to sell the shares within a specific
pre-determined period of time.
Renault Group would have full flexibility to sell the Nissan shares
held in the trust, within a coordinated and orderly process with
Nissan, in which Nissan would benefit from a right of first offer,
to its or the benefit of a designated third party.
Voting rights & governance
- As a result of the
new arrangements, the governance agreement entered into on February
4, 2016, between Renault Group and the French State related to its
shareholding in Renault Group would be terminated. This would
enable the French State to exercise freely all its voting rights in
- Renault Group would
remain entitled to nominate two representatives at Nissan’s board
of directors, and Nissan would remain entitled to nominate two
representatives at Renault Group’s Board.
- The Alliance
Operating Board would remain the coordination forum for Renault
Group, Nissan and Mitsubishi Motors.
Renault Group Frederic TexierTel.:
+firstname.lastname@example.org Rie YamaneTel.:
Nissan Motor Co., Ltd. Koji Okuda or Azusa
Mitsubishi Motors Naoko
Renault Group Philippine de Schonen+33
6 13 45 68 email@example.com
Nissan Motor Co.,
Ltd. Tak Ishikawa or Tomoko ShimizuTel.: +81
- 06022023_Alliance Press release_EN
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