Three auto giants sign partnership deal

PARIS, April 7 (UPI) -- Three auto giants, Renault, Nissan Motor and Daimler, signed a cost-sharing agreement in Paris Wednesday they said was required to increase competitiveness.

"Right away, we are strengthening our competitiveness in the small and compact car segment and are reducing our CO2 footprint," said Daimler Chief Executive Officer Dieter Zetsche at a signing ceremony in Paris.

The three auto companies agreed to share technology related to smaller cars and power trains, The New York Times reported.

Renault already owns 44 percent of Nissan, while Nissan owns 15 percent of Renault. The new deal gives Nissan and Renault 1.55 percent of Daimler and gives Daimler 3.1 percent in each of the other two companies.

Through cost avoidance, however, Carlos Ghosn, chairman and chief executive officer of Nissan and Renault, said the combined companies would save $3.6 billion through 2015.

Daimler expects to save about the same amount, Zetsche said.