Nissan, Renault Invest $600M To Produce Six New Models In India

Nissan Motor Co NSANY and Renault SA RNLSY are set to collaborate on six new production vehicles in India for domestic and international customers.
An initial investment of around $600 million is planned to support the new projects, which is expected to create 2,000 new jobs at the Renault Nissan Technology & Business Centre in Chennai.
The production will include two new fully electric vehicles, uplifting the Renault-Nissan center into an international export hub.
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The six new models will comprise of three for each company and will include four new C-segment SUVs.
"India was the first Alliance plant and India will be at the centre of this new chapter of the Alliance, with new vehicles, new R&D activities and new export markets taking our joint operations to the next level,” said Guillaume Cartier, Chairperson for Nissan’s Africa, Middle East, India, Europe and Oceania region.
Under the new framework agreement, Renault Nissan Automotive India Private Ltd (RNAIPL) will move to ownership of 51% Nissan - 49% Renault.
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Price Action: NSANY shares closed lower by 0.29% at $7.39 on Friday.