April 27, 2024 04:28 (IST)
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Renault-Nissan Alliance delivers annual synergy target one full year ahead of schedule
Paris, July 5 (IBNS) Renault-Nissan Alliance generated €4.3 billion in synergies in 2015, one year ahead of schedule and an increase of 13 percent from 2014.
Purchasing, engineering and manufacturing were the main contributors.
Renault and Nissan generate “synergies” by working together to reduce costs, avoid spending and increase revenue. Only new synergies — not cumulative — are taken into account each year. Synergies help Renault and Nissan meet their financial goals and deliver higher-value vehicles to customers.
Renault and Nissan, which together sell one in 10 cars globally, converged four key functions in 2014: Engineering, Manufacturing Engineering & Supply Chain Management, Purchasing and Human Resources. While Renault and Nissan remain separate companies, each function is led by a common Alliance Executive Vice President.
“Convergence in four of our key business functions has resulted in creating value by reducing costs, avoiding expenses and increasing revenues. Thanks to the convergence, the Alliance expects to generate at least €5.5 billion in synergies in 2018,” said Carlos Ghosn, Chairman and CEO of the Renault-Nissan Alliance.
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