French second largest auto maker Renault SA and Japanese Nissan Motor Co. announced Friday they will strengthen their alliance with a goal of an extra 1.5 billion euros (about 2.1 billion U.S. dollars) in cost savings this year, the two companies said in a statement.
Renault-Nissan Alliance was to "accelerate and deepen" the cooperation, which was expected to get both companies through the global economic crisis, the statement said.
"Today, we must move faster," said Carlos Ghosn, the chairman of the alliance. "Seeking synergies is no longer optional, but mandatory."
According to the statement, the 2009 savings will be shared equally between the two partners.
Renault and Nissan's 10-year-old alliance is based on cross shareholding. As results of the Renault-Nissan Alliance, Renault holds a 44 percent of stake in Nissan, while Nissan holds 15 percent of Renault's shares. The two companies shared technology, standardization of production methods, the extension of products lines and developing their global presence.