Nissan and Renault are all set to start their first joint venture since their re-alliance in India. The duo plans to invest $600 million in India to expand their car lineup, add jobs and decarbonize a manufacturing plant in Chennai, the companies said in a joint statement on February 13, 2023.
The major motive behind this initiative is the operational projects unveiled by the auto manufacturers last week in London. As part of the agreement, Renault will reduce its stake in Nissan over time to 15% from 43%, to equalize their cross-ownership, and Nissan plans to invest in Renault’s electric-vehicle unit that is being carved out of the French carmaker.
The duo will produce six new vehicles in the South Asian nation — including two electric cars — for domestic and international customers. The investment will add as many as 2,000 jobs at the Renault Nissan Technology & Business Center in Chennai, the companies said, and make the factory there carbon neutral by 2045.
The six new models include three from each company, all engineered and built on common platforms in Chennai. They include four SUVs and two EVs.
“The new models will not only be aimed at Indian customers but will also signal a significant increase in exports from India,” the companies said in a release.
