Daimler signed an international alliance with Renault-Nissan last week so the three carmakers can share technology and reduce cost with their global production.
The car manufacturers will collaborate on several projects like production of small cars, commercial units, and engines. The partnership will also pump in skills and knowledge to produce more efficient 
vehicles to meet the stricter fuel and emission standards around the globe.
The effects of the tie-up is far different from the Chrysler and Daimler-Benz pact which has very little benefit to both parties and weakens the position of the American carmaker in the market.
The participating companies will continue to market their brands separately and operate independently. They will work together for next generation products like the Twingo cars and the Smart ForTwo. There will also be new models like the Smart ForFour (much better than the Smart ForTwo, seriously, I tested it!) expected to roll out in the United States. The new vehicles will come by 2013 and will be assembled in Renault Factories in Slovenia and France.