Renault and Nissan will accelerate integration between them by speeding up joint projects in development, manufacturing, purchasing and human resources. Renault-Nissan have raised their combined savings goal by 7.5 percent to "at least" EUR4.3 billion ($5.83 billion) by 2016 by sharing more technology and resources.
Renault-Nissan chief executive Carlos Ghosn had previously aimed for EUR4 billion in cost savings. "Renault and Nissan's partnership is fundamentally based on mutual respect and an attitude where all 'win-win' projects move forward on the fast track," Ghosn said in the statement.
"With the new convergence projects, we will continue on the same path and with the same principles of respect and transparency -- at an accelerated pace." As part of the plans, Renault-Nissan disclosed new executive appointments.
The carmaker has named Christian Vandenhende (managing director of Renault-Nissan Purchasing Organization) as new purchasing convergence project leader and Tsuyoshi Yamaguchi (Renault-Nissan director of common platforms and parts) as new the r&d convergence project leader.
Renault-Nissan also appointed Shouhei Kimura (Nissan's vice president for vehicle production engineering) as manufacturing and logistics convergence project leader and Marie Francoise Damesin (Renault's personnel chief) as human resources convergence project leader.
Renault and Nissan started their sales and production alliance in 1999. Renault owns 43 percent of Nissan, while the Japanese carmaker owns 15 percent of the French carmaker. The alliance resulted to EUR2.69 billion in savings in 2012.