Daimler, Nissan and Renault announce three-way tie-up
German carmaker Daimler is to give Renault and Nissan a 3.1% stake in its business as part of a global tie-up of the brands, it has been announced, according to BBC.
In exchange, Daimler will take a 3.1% stakes in both Renault and Nissan, who have been in an alliance since 1999. The deal will see the companies remain separate, but allow them to share technology and development costs.
The carmakers will also co-operate to make electric cars and light commercial vehicles, Nissan said.
The companies will co-operate on the development of the Smart car brand - made by Daimler - and a new Renault Twingo, including electric versions, the companies said. The companies also said that the cars would be based on "jointly-developed architecture", but would still differ from each other in terms of product design.