METI chief, French counterpart affirm support for Nissan-Renault alliance amid rapid industry changes

The Japanese and French economy ministers agreed Monday to support the alliance between Nissan Motor Co. and Renault SA in its bid to improve competitiveness in an auto industry rapidly shifting to electrified and self-driving vehicles, the Ministry of Economy, Trade and Industry said. The telephone talks between Hiroshige Seko and French counterpart Bruno Le Maire came as the major auto alliance partners review their capital relationship after the arrest of former Nissan and Renault Chairman Carlos Ghosn last November for alleged financial misconduct. In a joint press release, the two ministers said they would support the two companies' discussions and their unified will to maintain and strengthen their cooperative relationship. The French government is the largest shareholder in Renault, which has a 43.4 percent stake in Nissan. Nissan in turn holds a 15 percent nonvoting stake in the French peer, a capital structure regarded by Nissan CEO Hiroto Saikawa as unbalanced.