Renault and Nissan have partnered to make a stronghold in the Indian auto market. Under this partnership, both companies will launch sporty cars in the market. Renault-Nissan is set to invest $600 million (around Rs 5,300 crore) in its research and development (R&D) to introduce more models of electric vehicles in India.
Ashwani Gupta, director and chief operating officer of Nissan Motor Company, said the alliance would invest $600 million, or Rs 5,300 crore. Also, six new projects will be started, including sporty and electric cars. These cars will also get the new Renault-Nissan batch. Additionally, additional investment will be made in the Magnite model to promote exports. Renault-Nissan expects to create 2,000 jobs in R&D.
The Renault-Nisaan agreement is currently in the first stage and has been brought in as a binding framework agreement by the end of the first quarter of 2023. Its definitive agreement is expected to be completed in the fourth quarter of 2023. This agreement can be continued for 24 years, and under the partnership, all three alliance members can use new technology and innovation.
For information, let us tell you that apart from India, both companies are also starting their projects in Latin America and Europe. Renault Group and Nissan will collaborate on several new vehicle projects to manufacture cars in India and export them to other countries, said a statement.
