Renault, Nissan, Mitsubishi reaffirm commitment to alliance

phys.org | 11/29/2018 | Staff
TimHyuga (Posted by) Level 3
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Automakers Renault, Nissan and Mitsubishi reaffirmed their committment to their alliance on Thursday as their leaders held their first meeting since the shock arrest of boss Carlos Ghosn.

"We remain fully committed to the Alliance," the three firms said in a joint statement as Ghosn remains in custody in Japan on allegations of financial misconduct.

Ghosn - Glue - Three-way - Structure - World

The talismanic Ghosn was seen as the glue binding together a complex three-way structure which counts as the world's top-selling auto company, with some 10.6 million vehicles rolling off the production lines last year.

His arrest revealed brewing resentment and unrest within the Franco-Japanese partnership.

Nissan - Executive - Nissan - Hiroto - Saikawa

Nissan chief executive Nissan Hiroto Saikawa, Renault's interim boss Thierry Bollore and Mitsuibishi's Osamu Masuko conversed via video, sources and the Nikkei daily reported.

Issues of governance were not meant to be raised in the meeting and no vote was planned, the sources told AFP.

Statement - Thursday - Firms - Alliance - Success

In their joint statement on Thursday, the three firms said their "alliance has achieved unparalleled success in the past two decades".

Renault is the dominant member of the alliance, holding 43 percent of the shares in Nissan, but the Japanese firm outsells its French counterpart—sparking frustration in Tokyo.

Finance - Minister - Bruno - Le - Maire

French Finance minister Bruno Le Maire on Tuesday warned that there was no question of a change in the balance of power between Renault, which is 15 percent...
(Excerpt) Read more at: phys.org
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