Renault SA and Nissan Motor Co unveiled their first joint project since announcing a revival of their carmaking alliance last week.
The pair will invest $600 million in India to expand their car lineup, add jobs and decarbonize a manufacturing plant in Chennai, the companies said in a joint statement on Monday.
The initiative is a key element of the operational projects unveiled by the auto makers in London last week. As part of the agreement, Renault will reduce its stake in Nissan from 43% to 15% over time to equalize its cross-ownership, and Nissan plans to invest in Renault's electric-vehicle unit called Being built from the French carmaker.
The South Asian country will produce six new vehicles - including two electric cars - for both domestic and international customers. The investment, the companies said, will add over 2,000 jobs at the Renault Nissan Technology and Business Center in Chennai, and make the factory carbon neutral by 2045.
Nissan Chief Operating Officer Ashwani Gupta said in a Bloomberg Television interview ahead of an event on Monday to announce Renault and Nissan's future operations in India: "To achieve growth potential, we will focus on expanding our operations, especially in India. Will consider expanding. Want to use the assets of the alliance."
The six new models include three from each company, all engineered and built on common platforms in Chennai. These include four SUVs and two EVs.
"The new models will not only be targeted at Indian customers, but will also signal a significant increase in exports from India," the companies said in a release.
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