Nissan, Renault, Mitsubishi agree to form new venture for R&D

The Nissan Motor, Renault and Mitsubishi Motors alliance has agreed to establish a new company focused on research and development of advanced automotive technologies, Kyodo News stated.

The three companies will declare a solid plan in January, Kyodo reported on Sunday, citing people knowledgeable about the matter. The new venture also aims to strengthen the alliance, in which relationships have frayed since the arrest and removal of Carlos Ghosn, according to the report.

Renault, Nissan, and Mitsubishi prepares to appoint a general secretary to the helm of their partnership to increase cooperation and reboot joint operations.

A new leadership team was set up at Nissan from Sunday, headed by 53-year-old Makoto Uchida, who operated the automaker’s China business. Renault is looking for a new chief executive as well, with the head of finance, Clotilde Delbos, in charge on an interim basis.

Ghosn was arrested a year ago in Tokyo on charges of financial misbehavior, which he rejects.