Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Renault-Nissan rejig how they manage Daimler partnership - sources

Stock MarketsJun 24, 2021 10:16AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The logos of car manufacturers Nissan and Renault are pictured at a dealership Kyiv, Ukraine June 25, 2020. REUTERS/Valentyn Ogirenko

By Gilles Guillaume

PARIS (Reuters) - The Renault-Nissan-Mitsubishi alliance is set to scrap a role overseeing ties with Daimler (OTC:DDAIF) in favour of individual relations with the German group, three sources told Reuters, as they try to better manage a partnership that has not met initial hopes.

The shift comes as alliance-level executive Jacques Verdonck, who was in charge of the cooperation with Daimler, retires at the end of the month, the sources familiar with the matter said.

France's Renault (PA:RENA) will instead rely on its head of partnerships, Sandra Gomez, while Nissan (OTC:NSANY) will do the same with Catherine Perez.

Mitsubishi will also have a person in charge of partnerships, the sources said, adding the bilateral approach was in line with the new "leader-follower" strategy of the alliance. That involves leaning on the strengths of each carmaker in certain areas.

Renault and Daimler declined to comment, while Nissan could not immediately be reached for comment.

The plan marks another shift following the end of the Carlos Ghosn era at the alliance. The architect of the Franco-Japanese partnership, who also extended the collaboration to Daimler, was arrested on financial misconduct charges in Japan in late 2018, before fleeing to Lebanon in 2019. He denies any wrongdoing.

His exit strained already difficult relations between Nissan and Renault, which are now working to get back on track with cost-saving joint production projects among other steps.

The partnership with Daimler - which owns high-end brand Mercedes-Benz, contrasting with the more accessible models produced by the others - has also looked in danger of losing steam. Nissan and Renault, both hit by losses, recently sold down their stakes in the German group.

Collaborations on Renault's compact Twingo car and Daimler's Smart model are set to end, and some targets for industrial cooperation have been downgraded over the years.

But Daimler still has a factory in Mexico with Nissan, and has been exploring the possibility of jointly developing at least one large van model with Renault.

An industry shift towards electric vehicles could yet yield other opportunities, one of the sources said.

"The collaboration with Daimler is at present made up of Renault-Daimler projects, Nissan-Daimler ones and some between the three," another of the sources said, with yet another saying that the changes reflected a more pragmatic approach.

Renault-Nissan rejig how they manage Daimler partnership - sources
 

Related Articles

Germany stocks higher at close of trade; DAX up 2.82%
Germany stocks higher at close of trade; DAX up 2.82% By Investing.com - Dec 07, 2021

Investing.com – Germany stocks were higher after the close on Tuesday, as gains in the Technology, Retail and Transportation & Logistics sectors led shares higher. At the close in...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email