Renault-Nissan-Mitsubishi plan to deepen cooperation

Nissan Sunderland

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Renault and Japanese partners Nissan Motor and Mitsubishi Motors unveiled steps to standardize platforms further and push for more joint purchasing to reduce costs, which each company focusing on its strengths.

The carmakers will adopt a "leader-follower scheme to enhance efficiency and competitiveness" while also letting one take the lead in each region of the world.

In a statement the company said the scalable plan will shift the company's strategy from its past focus on inflated expansion.

The decision came despite government efforts to keep the plant open, Foreign Minister Arancha Gonzalez Laya said.

In order to improve the company's outlook, Nissan has instituted a four-year plan to reduced production capacity and model range to save £2.29billion.

Media outlets reported that people lit candles during the protest while unions have said they plan to form a human chain around Nissan's main Barcelona plant later on Thursday.

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When it comes to bakkies, according to CarAdvice, Mitsubishi will take the lead, with Nissan and Renault following.

The decision puts 2,800 jobs at risk in Spain but removed a short-term threat to most of the 6,700 jobs at Britain's biggest auto plant in Sunderland.

Renault owns 43% of Nissan, while Nissan owns 15% of Renault.

Renault Chairman Jean-Dominique Senard said the plan would bring savings of as much as 20% in some areas.

"Now is the time to rebuild", he said. Today we adjust our model accordingly.

On the anvil are the launch of two more electric vehicles and four more e-POWER vehicles, increasing electrification ratio to 60 per cent of sales.

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The alliance says it wants to find efficiencies across the group, particularly by running factories at full capacity. Renault will handle next-generation B-SUVs, A/B passenger cars and electric powertrains for each of these segments.

Under the latest initiative, Nissan Motor Co. will focus on China, North America and Japan; Renault on Europe, Russia and South America and North Africa, and Mitsubishi on Southeast Asia and Oceania, for the benefit of the entire alliance. What that means is the three companies are changing the fundamentals of how they leverage their respective capabilities depending on the region, the engineering, or other fields of expertise.

The shared technology will also include electric cars and autonomous driving, platforms and vehicle bodies, the executives said.

"The companies' product portfolio updates will follow the leader-follower scheme, and leader and follower vehicles will be produced using the most competitive set-up".

Nissan's leadership has struggled to right the firm since the 2018 arrest of former boss Carlos Ghosn on financial misconduct charges, which he denies.

These include Daimler, which he said continues as a positive relationship, despite the early abandonment of the Navara-based X-Class ute.

How major United States stock indexes fared Wednesday
The yield on the 10-year Treasury fell 2.58% to 0.68% while yield on the 30-year Treasury dropped 0.35% to 1.434%. The S&P 500 - a gauge of U.S. retirement and education savings accounts rose 44.36 points, or 1.5%, to 3,036.13.

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