Renault-Nissan Aims to Double Alliance Savings

Nissan Motor Co. and Renault SA say they plan to boost the annual savings from their partnership to €4 billion ($5.2 billion) by 2016 from an estimated €2.1 billion ($2.7 billion) this year.

The companies are studying ways to increase joint purchasing, shared production in Europe and development of vehicles on their "common module family" platform.

Nissan will make the bulk of the cost reductions, according to the alliance. The company says it aims to reduce the cost of 15 key models by 15% over the three years ending in March 2014.

Nissan eventually expects to share more than half its components with Renault compared with 7% now and source locally all parts used at its plants in emerging markets.

Separately, the partners deny a Reuters report that they are considering unspecified changes to their cross-equity holdings. Renault owns 43.4% of Nissan, which in turn owns 15% of the French carmaker.