Share debate between Nissan and Renault focused on investments in electric vehicles

The CEO of the Japanese automaker Nissan announced that the talks with its partner Renault are focused on investments in electric vehicles and strengthening its competitiveness.

The two car companies began talks last month about the future of the partnership, which was formed when Renault bought a stake in Nissan in 1999.

According to sources familiar with the matter, there are less than two weeks left until the November 15 deadline for Nissan and Renault to negotiate to reach an agreement.

Nissan Chief Executive Makoto Uchida did not respond to questions about whether a deal could be reached this month, but said he speaks with Renault Chief Executive Luca de Meo every weekend and talks “will continue in next term.”

WE WANT TO INCREASE COMPETITIVENESS IN ELECTRIC VEHICLES

The companies also announced that Nissan is considering investing in Renault’s planned electric vehicle unit.

Uchida said the talks are aimed at increasing the competitiveness of the two companies at a time when there is economic uncertainty and the industry is pushing for a major transformation to electric vehicles.

The sources said the two sides were discussing the possibility of reducing Renault’s 43 percent stake in Nissan to 15 percent, and under what conditions it might be done.

Uchida did not comment on this issue. (REUTERS)