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December 18, 2009

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Home » Business » Auto

Renault seeks to tie up with partners

RENAULT SA is talking with potential partners, including Germany's Daimler, to cut costs or boost volumes as it struggles to get its crisis-ravaged finances in better shape.

The French car company's Chief Operating Officer Patrick Pelata said yesterday many discussions are taking place between car makers, and that Renault is seeking partnerships to share research and development costs for vehicles, engines and transmission systems.

He described talks with Daimler AG as "serious" but that the discussions were no further advanced than with other car makers and that there was no guarantee a deal will be struck.

"We are speaking with a lot of people," he said during a meeting with journalists at the company's headquarters in the Paris suburb of Boulogne-Billancourt.

"I can't say we are speaking more with Daimler than with others," he said.

Renault is no stranger to link-ups with others - it already shares development costs with Japanese partner Nissan Motor Co, in which it owns a 44 percent stake.

Pelata said Renault's priority is to find savings through its alliance with Nissan and to help struggling Russian car maker AvtoVAZ, in which Renault has a 25 percent stake.

AvtoVAZ is Russia's largest car maker but has been losing money for years. It plans to lay off a quarter of its 102,000 workers.

Renault has promised a 240 million euro (US$362 million) contribution in technology transfers, production machinery and technological expertise to the Russian car manufacturer.


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