Nissan and Renault are investing $600 million in India to produce new vehicles.
On Monday, it was announced that Nissan (OTC: NSANY) Motor Co. and Renault SA (OTC: RNLSY) would invest $600 million to produce six new models in India.
According to a statement from the Japanese and French automakers, Chennai will serve as an export centre as they work on the projects from their base there.
They claimed that the six models, of which each manufacturer will produce three, will be constructed on shared platforms and exported as well. The new models will include four sports utility vehicles and two electric vehicles, the first EVs to be released by Indian automakers (SUVs).
The automakers revealed information on their revised alliance and new collaborative initiatives in Europe, India, and Latin America last week.