FRENCH carmaker Renault, Japanese alliance partner Nissan and Germany’s Daimler will unveil partnership plans today in Brussels, France’s industry minister said.
Renault and Daimler have been discussing a partnership as carmakers worldwide seek to become more competitive by sharing technology costs and gaining scale.
The automobile sector is scrambling to meet tightening emission rules as it emerges from a savage downturn. German new car sales figures for March yesterday showed a fourth consecutive monthly fall as that market struggles to cope without government subsidies.
French Industry Minister Christian Estrosi said Renault’s board held an extraordinary meeting over the alliance. He later told a parliamentary hearing France had approved the plans, pledging that France would remain the principal shareholder in Renault, with its 15 per cent stake.
“We have approved the closer ties between Renault and Nissan, and Daimler to allow us to have a more significant alliance,” Estrosi said, adding that alliances allowed the car sector to share heavy investments and be more competitive.
City A.M. Reporter