Since announcing a restructuring of their car-making alliance last week, Renault SA and Nissan Motor Co. have unveiled their first collaborative project.
According to a joint statement released by the two firms on Monday, the two would spend $600 million in India to increase their automobile lineup, create jobs, and decarbonize a production facility in Chennai.
The program is a crucial component of the operational projects that the automakers revealed last week in London. As part of the agreement, Renault would gradually lower its shareholding in Nissan from 43% to 15% in order to equalize their cross-ownership. Nissan also pledges to invest in Renault’s newly formed electric vehicle division.
Six new vehicles, including two electric cars, will be produced by the two for both domestic and foreign consumers in the South Asian nation. According to the firms, the investment might result in 2,000 new employees being created at Chennai’s Renault Nissan Technology & Business Center, which will also enable the facility to become carbon-neutral by 2045.
Ahead of a ceremony to officially unveil Renault and Nissan’s future activities in India on Monday, Nissan Motor Co. Chief Operating Officer Ashwani Gupta stated in an interview with Bloomberg Television that his company wants to make use of the alliance’s capabilities, particularly in India.
Three of the new models from each firm are included in the group of six that were designed and constructed in Chennai. There are two EVs and four SUVs among them.
According to a press statement from the corporations, “the new models will not only be marketed to Indian consumers but will also indicate a considerable growth in exports from India.”
