Friday, September 22, 2023
News Renault and Nissan Postpone an Announcement About a Planned Restructuration

Renault and Nissan Postpone an Announcement About a Planned Restructuration

The Renault-Nissan Alliance postponed an announcement about its upcoming restructuring due to internal disagreements.

  • The Renault-Nissan Alliance has been tumultuous over the last few years.

  • Both companies had planned an announcement about a future restructuring this week.

  • Sources say Renault wants Nissan to invest in its EVs and Nissan wants more independence from Renault.

In order to improve their rocky relationship, Renault and Nissan are working on a restructuration of their alliance but disagreements still seem to persist between both companies.

Indeed, both companies were expected to make an announcement this coming Wednesday but this has now been postponed.

Created in 1999, the Renault-Nissan Alliance has not always been a smooth one, particularly since Carlos Ghosn, the former CEO of Renault and the Renault-Nissan Alliance, was arrested by Japanese authorities on suspicions of financial mismanagement.

New Nissan Logo | Photo: Nissan

This event heightened the tensions that were already present in the alliance since Nissan and Mitsubishi, which is also part of the alliance, removed Ghosn as CEO shortly following his arrest while Renault and the French government continued to support him for a while.

This highlights one of the main criticisms made by Nissan which is that Renault has too much control over the alliance with its 43% stake in the Japanese automaker.

Unsurprisingly, sources cited by Reuters say that Nissan’s desire to see Renault sell some of its shares in order to level the playing field between the two companies is part of the reason this week’s announcement has been cancelled.

Renault is not entirely happy with the current situation either since it wants Nissan to invest more money into its electric vehicle program in Europe.

In addition, both companies have yet to agree on a way to share intellectual property after the planned restructuring.

These issues could be resolved as soon as next week when Renault and Nissan are expected to make another announcement following a meeting in London.

Source: Reuters

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