Renault-Nissan and Daimler announce alliance

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Daimler AG and the Renault-Nissan alliance officially announced at a news conference in Brussels, Belgium this morning, that the three automakers would share ideas on future products. The deal has been rumored for many months already, and that Daimler has been looking for a partner to help it into the small car segment.

In the agreement, an equity exchange that will give the Renault-Nissan Alliance a 3.1% stake in Daimler and Daimler a 3.1% in Renault and a 3.1% stake in Nissan. The partnership strategic main points are:

First, cooperate on developing the next-generation smart fortwo and Renault Twingo, including electric versions, as well as on expanding the smart and Twingo families.

Secondly, widespread powertrain sharing and co-development on future projects with applications across passenger cars and light commercial vehicles, specifically:

-The sharing and co-development of diesel and gasoline engines from the Renault-Nissan Alliance; to be used in the new smart and Renault Twingo and to be adapted and modified with Mercedes- Benz characteristics for its new generation of premium compact cars.

-Collaboration in the field of light commercial vehicles.

-One-time cross-shareholding amounting to 3.1% of each partner’s equity capital.

-Additional synergies encompassing selective common purchasing opportunities, exchange of operational benchmarks and best practices to be shared across both groups.

This agreement will provide a long-term framework to work closely on future areas of cooperation between Renault, Nissan and Daimler.

Sources Renault, Daimler