Nissan and Renault reach major milestone on new basis for partnership

(January 31, 2023, Yokohama) Recently, after several months of constructive negotiations, Nissan Motor Co. and Groupe Renault have reached an important milestone on a new basis for cooperation, which has been presented to the board of directors for approval. In order to further strengthen the cooperation between alliances and create greater value for all stakeholders, this discussion reached a consensus on the following three aspects:

• Reshape partnerships with high value-creating operational projects

• Major projects in Latin America, India and Europe are deployed and implemented from three aspects: market, vehicle and technology.

• Increase strategic agility with new initiatives that partners can engage with

• Nissan plans to invest in Ampere, a unit of the Renault Group that focuses on electric vehicles and software, becoming a strategic investor in the company.

• Accelerate the improvement of operational efficiency through balanced governance and cross-shareholding mechanisms
  • Nissan Motor and Renault Group will maintain a 15% cross-shareholding and fulfill share lock-up obligations and suspension obligations. Both parties are free to exercise the voting rights attached to the 15% direct shareholding, and the voting rights held are capped at 15%.
  • Groupe Renault will transfer 28.4% of Nissan shares to a French trust, whose voting rights will remain “neutral” for most decisions, but before the sale of the shares, Groupe Renault will retain the corresponding economic interests (dividends and proceeds from the sale of shares) ).
  • In the case of reasonable business operations, Groupe Renault will instruct the entrusted party to sell the entrusted Nissan shares in a coordinated and orderly manner, but the entrusted party is not obliged to sell the shares within a preset specific period.
  • The Alliance Operating Board (AOB) will continue to serve as the coordinating body.

The above-mentioned agreement is in the finalization stage, and the related transaction still needs to be approved by the boards of Renault Group and Nissan Motor.

Alliance members plan to issue a statement as soon as the board approves it.