PARIS - Renault, Nissan Motor Co and Mitsubishi Motors Corp said on Wednesday that they aimed to produce nearly half of their car output under a new alliance scheme dividing up their production by 2025.
The auto makers are aiming to cut costs by sharing out their production more systematically.
They said in a joint statement that Nissan would take the lead in some regions such as China and North America, while Renault would be the reference for Europe among other markets.
The companies aim to cut investments per car model by up to 40% for vehicles that fall under the scheme.
(Reporting by Sudip Kar-Gupta and Gilles Guiilaume; Writing by Sarah White; Editing by Matthieu Protard)