DETROIT (May 23, 3:40 p.m. EDT) — The new automotive e-business exchange finally has its own name — Covisint.
The venture, formed by General Motors Corp., Ford Motor Co. and DaimlerChrysler AG in February, had gone by the temporary title of Newco until the official naming May 16.
Nissan Motor Co. Ltd. and Renault SA also have joined the business, which aims to have the automakers transfer all purchases to a Covisint-controlled, online program. The automakers combined will have annual sales worth more than $1 trillion through the company.
The name — pronounced "KO-vis-int" — represents the concepts of "connectivity, collaboration and communication," the "visibility" of the Internet and "integrated" solutions, company officials said.
