(PTR date)
by Gilles Guillaume, Maki Shiraki and David Dolan
PARIS/TOKYO (Reuters) – Discussions between Renault and Nissan over the Japanese group’s investment in the electric entity of its French partner, in the midst of overhauling a twenty-year-old alliance, are stumbling over the sharing of technologies, have several sources familiar with the matter told Reuters.
The two groups confirmed this month that they are in discussions on the future structure of Renault Nissan and on a potential investment by Nissan in the “Ampère” entity, which Renault will create alongside a “Horse” entity dedicated to engines. thermal.
As part of these discussions, Renault could gradually reduce its stake in Nissan from 43% to 15%, Reuters previously reported, bringing the two manufacturers back to equal footing and marking a revolution for the Franco-Japanese alliance founded in 1999 and long embodied by the ousted CEO Carlos Ghosn.
Discussions are still in full swing but according to two sources familiar with the matter, an agreement remains to be found on the sharing of intellectual property (IP) and patents.
According to one of the sources, the automakers plan to make an announcement on November 15, but details have not yet been finalized and could still take weeks.
“What matters is what Nissan will bring in IP, engineering and joint projects,” one of the sources said. “As always in the industry, it’s what you really do in the real world that counts. The alliance can move and rebuild if it’s not just financial.”
According to another source, beyond the inventory of technical solutions already used by the two partners, Nissan is particularly vigilant about sharing its brand new technologies, in particular that of the solid battery that it is piloting within the alliance.
Renault and Nissan declined to comment.
The Japanese automaker has long been moved by a situation perceived as French domination within Renault Nissan. Many leaders of the Japanese group still see the relationship between the two groups as unbalanced, especially in terms of advanced R&D.
THE SHADOW OF POLITICS
In a global automotive industry engaged in a forced march towards electrification, the associated technologies are a strategic issue for companies as well as for France and Japan.
The French State, Renault’s main shareholder, supports the discussions in progress, but on condition that they help “to strengthen and develop the strategy for the future of the group (Renault) and of the alliance”, underlined the President Emmanuel Macron in an interview with Les Echos, last Sunday, on the eve of the Paris Motor Show.
The Minister of the Economy Bruno Le Maire in turn insisted on Tuesday at the Salon to say that he was waiting for guarantees on the maintenance of joint industrial and technological projects.
“The State will support any movement or development that would strengthen Renault, its development and possibly give new impetus to the alliance,” continued Friday the new director general of the State Participation Agency (APE) Alexis Zajdenweber.
“Obviously it’s a subject that we follow. The concrete, the industrial projects that they do together, that’s what is essential for the future of Renault.”
This insistence reached the Japanese Ministry of Economy and Trade (METI), said one of the sources, leading the METI to contact Nissan to question it on the file.
The Japanese Ministry of Economy and Trade did not respond to a request for comment from Reuters, while Bercy declined to comment.
In order to bring Renault back into the electric race, where it has been dethroned by newcomers like Tesla or heavyweights like Volkswagen or Stellantis, the general manager Luca de Meo must detail his project on November 8 next. “Ampere” and “Horse” entities.
According to three sources, an agreement has also not yet been reached on the amount that Nissan will invest in the electric entity, in particular because the final valuation of “Ampère” will not be known until next year, during its Initial Public Offering.
Bloomberg News reported that Nissan would invest between $500 million and $750 million for a 15% stake.
Renault is more eager than its partner to reach an agreement to meet the financing needs of the new activity, continued one of the sources.
“Nissan does not have an absolute need to participate,” she said, adding that the Japanese group must also be accountable to its shareholders for all its investments.
As for Mitsubishi, it will not position itself on “Ampère” until discussions with Nissan are completed.
“As for Renault’s electrical subsidiary, MMC has not yet started detailed work on its investment at this stage,” a spokeswoman for the third partner in the Franco-Japanese alliance told Reuters.
“If MMC invests in Renault’s new electric vehicle entity, however, it will only be a stake of a few percent,” another source said. “In order to maintain a good alliance.”
(With Satoshi Sugiyama in Tokyo and Leigh Thomas in Paris, edited by Matthieu Protard and Sophie Louet)