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Nissan: Will continue to support Renault

Publish Date: 2022.05.17

  Nissan COO Ashwani Gupta said on Friday (May 13) that Nissan, which has a diverse market and product portfolio, is now considering whether to break up electric vehicles like Renault has done It's too early for business.


  In February, Renault Chief Executive Luca de Meo said the company would undertake major structural changes, and the sale of a stake in Nissan could help fund Renault's overhaul. In April, it was reported that in order to catch up with rivals such as Tesla and Volkswagen, Renault was considering splitting its electric vehicle business, or even considering it to go public independently.


  On Thursday, Renault further stated that it expects to implement a plan to spin off its electric vehicle and internal combustion engine businesses next year. Renault will also set up a company in France specializing in electric vehicles and software, which will employ about 10,000 people by 2023, according to a statement on the same day.


  At the same time, Renault will also develop gasoline and hybrid vehicles in lower-cost countries such as Spain, Portugal, Turkey, Romania and Latin America. The business' factories are also expected to employ 10,000 people. The Renault Group currently has about 160,000 employees.


  This series of moves has sparked speculation that Renault may sell some of its Nissan shares to raise billions of euros for its transition to electrification.


  Renault Chief Financial Officer Thierry Pieton also said that Renault is facing a variety of options, from a simple financial separation to splitting the electric vehicle business and listing it independently.


  For years, the Renault-Nissan alliance, which includes Mitsubishi Motors, has had an unbalanced cross-shareholding structure. Among them, Renault holds a 43.4% stake in Nissan, while Nissan holds a 15% stake in Renault but lacks voting rights. This complex ownership structure creates frequent friction between partners.


  "In order to ease long-term tensions with Nissan, Renault may seek other acquirers for some of its Nissan shares," a source familiar with the matter said. Both Renault and Nissan declined to comment.


  Sources say De Meo will travel to Japan this week to discuss the proposal with executives from Nissan and Mitsubishi.


  "As a member of the alliance, Nissan will support Renault's efforts," Gupta stressed in an interview with the media. "Nissan needs to focus on both the electric vehicle business and the internal combustion engine business, including hybrids."

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