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French carmaker Renault is reducing its stake in Japanese carmaker Nissan Motor from about 43 percent currently to 15 percent, AFP and Kyodo reported.

The executives of the two companies reached this agreement after negotiations to equalize the stakes that each of them owns in the other.

Record decline in production and sales of new cars

This is a major change to the decades-long alliance between the French and Japanese automakers.

Nissan, which owns a 15 percent non-voting stake in Renault, has sought for years to achieve a more balanced distribution of capital in the joint venture with its French partner, Kyodo recalled.

At the same time, Nissan invested in the electric car and software company Ampere, which was created by Renault. 

reduced share