July 17, 2006

GM, Nissan and Renault issue statement on possible alliance

Detroit, Michigan – General Motors, Renault and Nissan have stated that an exploratory discussion was held regarding the possibility of creating an industrial alliance among the three automakers. The discussion was held between Carlos Ghosn, President and CEO of Renault, SAS and Nissan Motor Co. Ltd., and Rick Wagoner, Chairman and CEO of General Motors Corp.

The companies agreed to cooperate in an expeditious, confidential review of the potential benefits and feasibility of achieving them.

In a statement, Wagoner and Ghosn said, “We had a good discussion today, and are looking forward to having our teams work together to explore our ideas. It is important to let our teams work on this review without distraction and, therefore, we will not be providing further public comments about it at this time.”

It is expected the review will take approximately 90 days; following it, the companies will consider whether further exploration of the alliance concept is warranted.

BusinessWeek magazine also reported that Toyota is “looking at different opportunities that they could propose to GM.”

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