Nissan to invest up to €600m in new Renault EV unit

Nissan and Renault on Wednesday finalised the terms of their revamped alliance, with the Japanese automaker committing to invest up to €600m (R11.6bn) in its partner's electric vehicle unit Ampere.

The agreement to finalise the terms of their overhauled partnership will put the two carmakers on more equal footing and caps months of sometimes tense negotiations over issues such as the sharing of future intellectual property.

The investment in Ampere is consistent with Nissan being a strategic investor and securing a board seat on the new company, Nissan said.

The companies said the overhaul was subject to regulatory approvals and completion was expected in the fourth quarter of 2023.