Nissan, Renault, Mitsubishi Motors agree to form new venture for advanced R&D

The Nissan Motor Co, Renault SA and Mitsubishi Motors Corp alliance has agreed to form a new company focused on research and development of advanced automotive technologies, Kyodo News said.

The three companies will announce a concrete plan in January, Kyodo reported on Sunday, citing people familiar with the matter. The new venture also aims to strengthen the alliance, in which relationships have frayed since the arrest and ouster of former CEO Carlos Ghosn, according to the report.