RENAULT and Nissan have agreed on a deal which will put the automobile manufacturing giants on a more equal footing as the partnership looks to build a more constructive relationship.

Renault is reducing its stake in the Japanese carmaker to 15 per cent, down from about 43 per cent, which balances the companies' crossshareholdings more equally. The leftover 28.4 per cent will be transferred to a French trust.

Nissan will invest in Ampere, Renault's new electric vehicle , becoming a strategic shareholder.

"The ambition is to strengthen the ties of the Alliance", the motor companies said in a statement yesterday.

(c) 2023 City A.M., source Newspaper