Renault and Nissan have revealed details of their revamped alliance, which aims to equalise the partnership and push ahead with new ways of working.

The new Renault-Nissan-Mitsubishi Alliance is expected to complete in the fourth quarter of 2023 following regulatory approval

The previous 24-year alliance between the two had led to turbulent relations and the new 15-year deal under consideration looks to address this while also enhancing collaboration in areas such as battery technology.

The agreement includes a previously announced cut in Renault’s stake in Nissan that gives the two parties equal 15% voting shares in each other. Previously, Renault had owned 43.4% of Nissan but the remaining 28.4% of shares will now go into a French trust that Nissan will have the first rights to buy if Renault seeks to sell them.

The deal, which includes existing Alliance member Mitsubishi, also factors in collaboration in markets worldwide, including Latin America, Europe and India.

Nissan has also said it intends to invest up to 15% in Ampere, Renault’s EV and software subsidiary in Europe, while Mitsubishi is also mulling investing.

“We regard Ampere as an enabler for Nissan to participate in new business opportunities in Europe,” said Nissan chief executive, Makoto Uchida.

The carmakers have also said they’ll explore EV charging tie-ups while continuing to share technologies on their European cars, including potential usage of common 800-volt architecture.

Other initiatives under exploration for Europe include Renault sharing its forthcoming FlexEVan eLCV – its first Software-Defined Vehicle and due from 2026 – with Nissan.

Renault and Mitsubishi will also work together on the development of the next-gen ASX and Colt, based on the Renault Captur and Clio.

Nissan and Renault Group would also explore possible collaborations on the next generation of C-segment electric vehicles for beyond 2026.

The deal will also see Nissan and Mitsubishi Motors become customers of Renault Group’s Horse project, an initiative to achieve further scale and market coverage for its low-emission internal combustion engine (ICE) and hybrid powertrain technologies.

These initiatives would complement ongoing areas of technology collaborations such as all solid-state battery led by Nissan, software-defined vehicles and advanced driver assistance systems (ADAS) & autonomous driving.

The new Renault-Nissan-Mitsubishi Alliance is expected to complete in the fourth quarter of 2023 following regulatory approval.