TOKYO (Kyodo) -- Nissan Motor Co. and Renault SA said Monday that they agreed to reduce the lower limit of their cross-shareholdings to 10 percent from the current 15 percent under their alliance.

Nissan and Renault aim to increase their management flexibility through share sales that will generate cash, the two automakers said in a joint release.

Nissan, currently undergoing restructuring, will not take a stake in Ampere, a new electric vehicle company established by Renault, retracting its earlier plan to invest up to 600 million euros, the two carmakers said.

Nissan and Renault revamped their decades-old capital alliance in 2023 to equalize the stakes each holds in the other. The French automaker agreed to reduce its stake in Nissan to 15 percent from 43.4 percent, while the Japanese firm retained its 15 percent stake in the French company.

The review was intended to increase Nissan's autonomy as dissatisfaction grew within the Japanese company over being controlled by a smaller firm.

The Japanese carmaker will also sell its 51 percent stake in Renault Nissan Automotive India Private Ltd. to the French automaker, making the Indian joint venture a wholly owned subsidiary of Renault.