Renault Eyes 'Very Small And Reduced' Deal With Nissan: Report

Renault SA RNLSY is reportedly trying to loosen its cooperation pact with Nissan Motor Co. NSANY with a deal to revamp their long-standing alliance.

Former Nissan Motor chairman Carlos Ghosn said the companies are eyeing a "very small and reduced" cooperation between them, Reuters reported.

"With the latest agreement, they're trying to go for a mini alliance with a very reduced scope of cooperation," Ghosn told reporters in Tokyo via video stream.

Of late, the companies were in the news as Nissan reportedly planned an investment worth 100 billion yen ($725 million) in Renault's new electric vehicle unit. The Japanese automaker expressed its plans to revamp its partnership with Renault via the investment in the EV unit called Ampere.

Related: Nissan Motor Mulls ~$725M Investment In Renault's Ampere Unit: Report

Price Action: NSANY shares traded lower by 0.50% at $8.00 on the last check Tuesday.