Nissan Motor Co. and Renault SA said Wednesday they have finalized a deal to equalize their stakes in one another and that the Japanese company will invest up to 600 million euros ($663 million) in the French carmaker's new electric vehicle unit.

Under the agreement, Renault will reduce its 43.4 percent stake in Nissan to 15 percent while the Japanese firm retains its 15 percent stake in its partner, in a move that will significantly change the structure of the alliance formed in 1999, Japan's Kyodo News Agency reported.

Source: Qatar News Agency