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Renault, Nissan, Mitsubishi unveil new joint board
CAR-MAKERS Renault, Nissan and Mitsubishi Motors announced the creation of a joint board on Tuesday, as they seek to plot a future for their alliance after the downfall of former boss Carlos Ghosn.
The new board structure will be headed by Renault chairman Jean-Dominique Senard and replaces two previous bodies based in the Netherlands - one joining Renault and Nissan, the other combining Nissan and Mitsubishi Motors.
"We have decided to join our forces again, to enhance the strength of our collaboration." Mr Senard told reporters. This is a "new start" for the alliance, Mr Senard said.
Ghosn, recently released on bail in Japan ahead of a trial over alleged financial misconduct, is widely credited with creating the three-way alliance, which now outsells all other rival groups.
As boss of Renault, he took what many observers at the time thought was a gamble by saving Nissan from the brink of bankruptcy and tying it to the French firm.
In a complicated management structure, Renault - itself 15-per cent held by the French state - owns a 43-per cent stake in Nissan.
However, the Japanese firm has outperformed Renault recently and it is thought that many Nissan executives were unhappy with the French company's dominance within the alliance. AFP