Reuters is reporting that Daimler AG, Renault SA and Nissan Motor Co. have entered into an alliance that will have the German and French-Japanese automakers working together on the development of small cars, commercial vehicles and future powertrains.
Under the terms of the agreement, Daimler will take a 3.1 per cent stake each in Nissan and Renault, while Nissan and Renault will each take a 1.55 per cent share of Daimler.
The agreement is part part of a longer-term plan by Renault-Nissan’s CEO to broaden the company’s cooperation with other vehicle makers, control costs and to share the costs and work involved in developing and rolling out new technologies to meet stricter emissions regulations.
Daimler CEO Dieter Zetsche said in a statement that his company could tap new synergies through the deal. “Our skills complement each other very well.”
“Right away, we are strengthening our competitiveness in the small and compact car segment and are reducing our CO2 footprint, both on a long-term basis.”