Nissan, Renault, Mitsubishi Motors agree to form new venture for advanced R&D: Kyodo

Business

FILE PHOTO: The logo of the Renault-Nissan-Mitsubishi alliance pictured at a Renault, Nissan and Mitsubishi chiefs’ joint news conference in Yokohama, Japan, March 12, 2019. REUTERS/Kim Kyung-Hoon/File Photo

TOKYO (Reuters) – The Nissan Motor Co (7201.T), Renault SA (RENA.PA) and Mitsubishi Motors Corp (7211.T) alliance has agreed to form a new company focused on research and development of advanced automotive technologies, Kyodo News said.

The three companies will announce a concrete plan in January, Kyodo reported on Sunday, citing people familiar with the matter. The new venture also aims to strengthen the alliance, in which relationships have frayed since the arrest and ouster of former supremo Carlos Ghosn, according to the report.

Renault, Nissan and Mitsubishi plan to appoint a general secretary to the helm of their partnership to boost cooperation and reboot joint operations.

A new leadership team was installed at Nissan from Sunday, headed by 53-year-old Makoto Uchida, who ran the automaker’s China business. Renault is also looking for a new chief executive, with the head of finance, Clotilde Delbos, in charge on an interim basis.

Ghosn was arrested a year ago in Tokyo on charges of financial misconduct, which he denies.

Nissan did not immediately respond to requests for comment.

Reporting by Kevin Buckland; Editing by Tom Hogue

Products You May Like

Articles You May Like

Tyre Nichols not seen to resist in police beating video
Tyre Nichols: Police unit is disbanded after death
Nadhim Zahawi committed a serious breach of ministerial code, says Sunak
Chris Mason: Zahawi sacking raises questions over Sunak’s judgement
Pakistan mosque blast: At least 32 killed after attack in Peshawar

Leave a Reply

Your email address will not be published. Required fields are marked *