Renault and Nissan, two of the leading manufacturers of automobiles, made an agreement with the Tamil Nadu (TN) government for Rs. 5,300 crore (USD 600 million).
- In accordance with the agreement, the Renault-Nissan alliance would collaborate together on six new vehicles, including two new completely electric vehicles, for domestic and international customers from their base in Chennai.
Key Points:
i.The companies have unveiled a new long-term strategy for India that will raise production, step up research and development (R&D), and switch to carbon-neutral manufacturing.
ii.Out of the six new models, the two firms would create each 3 on joint platforms while maintaining the unique, distinctive styling of their own brands.
- A total of four new C-segment sport utility vehicles (SUVs) will be among them.
- Renault and Nissan will launch two new A-segment electric vehicles in India.
iii.It will be built on the heritage and expertise of both brands in mass-market electrification, which began over a decade ago with the Nissan LEAF and Renault Zoe.
Renewed Partnership
- The new framework agreement will change the ownership of Renault Nissan Automotive India Private Ltd. (RNAIPL) to 51% Nissan and 49% Renault.
- Renault Nissan Technology Business Centre (RNTBCI) will be 51% Renault and 49% Nissan.
Backdrop
On February 6, 2023, the Renault-Nissan-Mitsubishi Alliance announced new initiatives to advance their collaboration after receiving approval from the boards of directors of Renault Group and Nissan Motor Co., Ltd.
Tamil Nadu Launches New EV Policy, aims to Attract Rs. 50,000 Crore Investments
i. K. Stalin, Chief Minister (CM) of Tamil Nadu (TN), has unveiled the new e-vehicle policy “Tamil Nadu Electric Cars Policy 2023” to establish Tamil Nadu as the ideal destination for manufacturing electric vehicles (EV) in Southeast Asia.
- The policy is valid for 5 years from the date of announcement or until a new one is announced.
- The new EV policy seeks to bring in Rs. 50,000 crores in investment and generate 1.5 lakh jobs.
The previous 2019 EV policy period ended in 2022.
Key Points:
i.The new EV policy also aims to establish these cities as e-mobility solution pilot cities: Chennai, Coimbatore, Tiruchirappalli, Madurai, Salem, and Tirunelveli.
ii.Each of these cities will designate a smart city commissioner as a nodal officer to coordinate and promote EV adoption.
Recent Related News:
During the World Economic Forum (WEF) 2023 Summit, Mahindra & Mahindra Ltd (M&M) announced that the Maharashtra government has approved its proposal to establish a Rs. 10,000-crore electric vehicle (EV) plant in Pune (Maharashtra) under its industrial promotion scheme for EVs. [January 2023]
About Tamil Nadu (TN):
Chief Minister – M.K. Stalin
Governor – Ravindra Narayana Ravi
National Park – Mukurthi National Park; Mudumalai National Park
Wildlife Sanctuary – Point Calimere Wildlife Sanctuary; Indira Gandhi Wildlife Sanctuary
