In the latest sign of auto industry marriages, Mercedes-Benz' parent company Daimler and the Renault-Nissan Alliance made their relationship official today at a news conference in Brussels, Belgium.
The two groups announced a broad strategic cooperation that includes an equity exchange that gives the Renault-Nissan Alliance a 3.1% stake in Daimler, and Daimler a 3.1% in Renault and a 3.1% stake in Nissan.
The newly-wed trio also revealed that they have agreed upon specific projects including the sharing and development of common powertrains and vehicle platforms that will be implemented with immediate effect.
Under the agreement, the two groups will co-develop a new platform that will be used on the successor to the current Smart Fortwo, a new four-seater Smart and the next-generation Renault Twingo.