AutoBeta(AutoBeta.net)11/08 Report--

On November 8, Renault and Nissan issued a statement announcing that the new alliance agreement between the two sides came into effect. According to the statement, Renault has transferred 28.4 per cent of Nissan's shares to a French trust company and now has a 15 per cent cross-shareholding with the latter and fulfills its share locking and suspension obligations.

Renault executives have reiterated in recent weeks that employees should no longer share information with Nissan's peers, according to people familiar with the matter. In September, Japan's Kyodo news agency reported that Renault had announced the termination of its joint procurement contracts with Nissan and Mitsubishi, reporting at the time that the three companies had been committed to reducing costs through the standardization of spare parts. but in the future, it will shift to a regional and product-by-product cooperation model.

Renault, Nissan and Mitsubishi are established car companies in France and Japan respectively, and the tripartite alliance has a long history of cooperation. In 1999, Renault bought shares in Nissan and the two sides formed a Renault-Nissan alliance; in 2016, the Renault-Nissan alliance acquired a 34% stake in Japan's Mitsubishi Motors, making Mitsubishi Group a member of the Renault-Nissan alliance. since then, the Renault-Nissan-Mitsubishi alliance has been formed. The Renault-Nissan-Mitsubishi Alliance jointly released Vision 2030 in 2020, in which Mitsubishi Motors' operations are focused on Southeast Asia and Oceania.

In February this year, the Renault-Nissan-Mitsubishi Alliance signed a contractual framework agreement on the restructuring of the alliance, extending the contract for 15 years. According to the restructuring agreement, the two sides will hold 15% of each other's shares and voting rights, respectively. Renault's stake in Nissan has been reduced from 43.4% to 15%. Before that, Renault held 43.4% of Nissan's shares, while Nissan held 15% of Renault's shares. After the reorganization of the alliance, the equal proportion of capital contribution can make the two sides in a more equal position. Both parties are free to exercise the voting rights associated with a 15 per cent direct stake, while Renault transfers 28.4 per cent of Nissan's shares to a French trust company, which has the right of priority. In addition, Nissan will invest in Ampere, the Renault electric vehicle division, with an investment proportion of up to 15%, making it a strategic investor in the company.

In July of the same year, Nissan and Renault announced that the Renault-Nissan-Mitsubishi alliance restructuring agreement had been finalized, under which Renault's stake in Nissan would be reduced from 43.4% to 15%, the same as Nissan's stake in Renault. In addition, Nissan will contribute up to 600m euros to Ampere, a new electric vehicle company formed by Renault. At that time, the industry believed that after restructuring, Nissan might have a greater say in operating independence, and Renault was willing to make concessions on the shareholding ratio, in addition to easing the long-strained investment relationship between the two sides, what is more important is that the process of car electrification in Europe is accelerated. Under the agreement, Nissan will launch new small electric cars based on Renault's CMF-BEV pure electric platform, and Renault's planned 2026 electric van, the FlexEVan, will also be shared with Nissan.

In a quarterly earnings call last month, Thierry Pieton, Renault's chief financial officer, told analysts that the sale of shares held by the trustees would be co-ordinated with Nissan and that Nissan would have the right to buy them first. In addition, Renault plans to use the proceeds from the sale of its stake in Nissan to continue to invest in its electric cars and software business Ampere, sports car business Alpin and recycling business.

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