The agreement, which came after months of tense talks, includes the previously announced reduction of Renault’s stake in Nissan to put the two on a more equal footing, extending for an initial period of 15 years a partnership that has been in place since 1999 and also includes Mitsubishi Motors.
“Previously the alliance was more about synergies… and global volumes,” Nissan chief operating officer Ashwani Gupta told Reuters. “The next 15 years is about how we become the number one value creator for each other and our shareholders.”
The lopsided relationship between the two car makers, which was deeply strained by the 2018 arrest of its architect and former chairman, Carlos Ghosn, amid financial scandal, had long been a source of friction among Nissan executives.
While Renault bailed out Nissan two decades ago, it is the smaller automaker by sales.
“I consider that what we have agreed is a much better set-up than what we have had in the…