Chai Shai Chaishai with me
Business

Nissan will invest up to 600 million euros in a new Renault electric vehicle (EV) unit.

On Wednesday, the two automakers completed the details of their renewed alliance, with Nissan agreeing to spend up to 600 million euros ($663 million) in Renault’s electric vehicle division Ampere.

After months of often heated negotiations over matters including the sharing of future intellectual property, the two automakers have finally reached an agreement to finalize the parameters of their revamped alliance, putting them on more equal footing.

According to Nissan (NSANF), it is consistent with its role as a strategic investor to take a seat on Ampere’s board of directors.

Ampere, according to some estimates, might be worth as much as 10 billion euros. With a maximum investment of 600 million euros, Nissan’s share of Ampere would be at 6%, down from the 15% it had previously indicated in February.

CEO Makoto Uchida of Nissan stated that the Ampere investment “complements and strengthens Nissan’s ongoing electric push in Europe.”

The firms claimed the upgrade will be finished in the fourth quarter of 2023, pending necessary regulatory approvals.

Following the signing of the agreement, Renault (RNLSY) reaffirmed its intention to cut its position in Nissan from roughly 43% by placing 28.4% of its Nissan shares into a French trust, so leveling the playing field between the two automakers.

Show More

Related Articles

Leave a Reply

Your email address will not be published.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

Back to top button