Areas of convergence that have been identified by the trio include engineering, manufacturing, purchasing and supply chains.
On Thursday, the Renault-Nissan-Mitsubishi alliance stated it would boost the speed of convergence of technologies between the trio as they collaborate on key areas as part of a bigger, broader strategy to boost profits and lower costs.
The alliance stated it aims to extend its convergence in the areas of engineering, manufacturing, purchasing and supply chains; the trio has also named many new project leaders for some of its key business areas.
“We are accelerating convergence to support our member companies with rising synergies,” said Carlos Ghosn, the head of Renault who is also the chief executive and the chairman of the alliance, in a statement.
He went on to add, “The Alliance will turbo-charge the performance and growth of its member companies, while preserving the autonomy and distinct strategies of Renault, Nissan and Mitsubishi Motors”.
In September 2017, the 3 companies unveiled a 2022 mid-term plan which targets an increase in annual synergies to more than 10 billion euros, up from 5 billion in 2016.
Members of the alliance have forecast a jump in sales of upto 14 million units, up from 10.6 million units in 2017.