Renault, Nissan to invest $600 million to expand lineup, add jobs in India

The two will produce six new vehicles in the South Asian nations- including two electric cars - for domestic and international customers

Renault SA and Nissan Motor Co. unveiled their first joint project since announcing a revamp of their carmaking alliance last week.

The pair will invest $600 million in India to expand their car lineup, add jobs and decarbonize a manufacturing plant in Chennai, the companies said in a joint statement on Monday. 

The initiative is a key element of the operational projects unveiled by the auto manufacturers last week in London. As part of the agreement, Renault will reduce its stake in Nissan over time to 15% from 43%, to equalize their cross-ownership, and Nissan plans to invest in Renault’s electric-vehicle