Renault and Nissan have agreed to a major overhaul of their decades-long alliance, reducing the former’s stake in the latter and putting them on equal footing.

The move follows a series of financial struggles for both automakers, including a significant drop in sales due to the coronavirus pandemic.

Under the new agreement, Renault will reduce its stake in Nissan from 43.4% to 15%. The French automaker will also receive a €5 billion ($6 billion) payment from Nissan.

Meanwhile, Nissan will increase its stake in Renault from 15% to 19.7%, while Renault will also reduce its stake in Mitsubishi Motors from 34% to 17%.

The new agreement is expected to provide a much-needed boost to both automakers, allowing them to focus on their core business and develop new products and technologies.

The automakers are also expected to make further changes to their alliance, including the appointment of new joint executives and the creation of a new joint venture.

The move is seen as a major step forward in the restructuring of the two companies and will likely have a major impact on the automotive industry.