Renault asks Nissan, Mitsubishi to bond and float Electric Vehicle company

The chairman of French automaker Renault says the firm has asked its two Japanese partners to join a planned electric vehicle company.

Jean-Dominique Senard is in Japan for talks with alliance members, Nissan Motor and Mitsubishi Motors.

Senard said in a chart with an international media organisation that the planned electric vehicle firm would be the best way to increase the value of the alliance.

He said it’s now up to Nissan and Mitsubishi to figure out the best way of joining it. He suggested making an investment to take on a share of the new business.

Senard also referred to Renault’s decision to completely withdraw from Russia. On Monday, the firm announced that 100 percent of its shares in Renault Russia would be sold to the city of Moscow. He said it was a painful decision but that there was no option considering the effects of Western sanctions on Russia.

He said his company thought the best way to protect the jobs of the company’s 45,000 Russian employees was with the help of the Russian state.

Senard said Renault has left open the possibility of resuming business in Russia once the situation improves.