US: Renault signs up to US online exchange
Renault will transfer its annual parts procurement to the exchange, despite Volkswagen's decision on Wednesday to spurn the US-based alliance in preference for its own business-to-business marketplace.
In announcing its decision, which had been expected, Renault said it saw massive potential in linking up with the US-based exchange.
"The business potential of the platform as a whole, including both auto and parts makers, represents more than $1,000bn," said a spokesman for Renault.
Renault said it anticipated considerable cost-savings from the development of further cooperation between manufacturers and suppliers, which would reduce the time taken to develop new products.
Renault and Nissan will form a joint team to work alongside the big three US carmakers in the development of the exchange platform.