PARIS/TOKYO (Agefi-Dow Jones)–Automakers Renault and Nissan are struggling to strike a deal that would reshape the alliance they form with Mistubishi, with intellectual property one of the sticking points, officials said. people familiar with the matter at the Wall Street Journal.
So far, talks between Renault and Nissan have led to an agreement under which the French automaker would sell part of its 43% stake in the capital of the Japanese automaker, reducing it to 15%. The Nissan shares to be sold by Renault would be placed in an independent financial trust and then later sold at a predetermined price, the sources said.
In exchange, Nissan would support Renault’s “Renaulution” plan by investing in its new entity dedicated to electric vehicles. The diamond group is preparing to create two separate divisions within the company to manage the eventual abandonment of thermal vehicles: one that would focus on electric vehicles and software, “Ampere”, and another for its traditional business of combustion engines and hybrids, “Horse”.
Renault and Nissan hoped to be able to reach a non-binding preliminary agreement to redesign their alliance at the end of October, but several sticking points have delayed the conclusion of such an agreement, sources at the two manufacturers said.
According to several people familiar with the matter, the way in which the intellectual property jointly developed by Nissan and Renault would be transferred to “Ampere” constitutes a major sticking point.
In addition, Nissan does not want the technology it developed with Renault to be shared with Chinese auto giant Zhejiang Geely Holding Group, which plans to take a stake in “Horse”, the people added.
Renault and Nissan said at the beginning of October that they were discussing new initiatives aimed at strengthening “cooperation and the future” of their alliance, which is more than two decades old. Partners reported exploring a set of common strategic initiatives across markets, products and technologies.
-Nick Kostov, River Davis and Sean McLain, The Wall Street Journal
(French version and contribution Dimitri Delmond) ed: VLV
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October 31, 2022 09:25 ET (13:25 GMT)