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Daimler Defends New Alliance With Renault-Nissan

Says alliances critical to overcome its own limitations.

by on Apr.14, 2010

Daimler AG CEO Dieter Zetsche is defending the company's new alliance with Renault-Nissan as a critical part of its survival.

In the face of some intense skepticism among German shareholders, Daimler AG CEO Dieter Zetsche defended the company’s new alliance with Renault-Nissan, during the German maker’s boisterous annual meeting.

The deal, announced last week, involves cooperation on a range of new vehicles – including Daimler’s next-generation Smart cars – engines and other components.  There is also a small equity swap designed, Zetsche said at the time, to underscore the seriousness of the new partnership.

“The cooperation agreed upon with Renault-Nissan is an important step for the Group on the way to establish a highly efficient business system,” Zetsche told more than 5,000 restless shareholders meeting in Berlin.

The alliance with Renault will enhance Smart’s position as a youthful brand offering, but also assist with models like the Mercedes-Benz A- and B-Class, said Zetsche, insisting there is a growing market for practical and attractive urban vehicles.