TECH - Nissan Continues Its Global EV Growth Pursuit | Benzinga
On March 27th, Nissan Motor Co Ltd (OTC: NSANY) revealed it will be investing in Renault SA (OTC: RNLSY), more precisely, its EV unit Ampere. Interestingly, Nissan decided to deepen its partnership with Renault even after the French automaker ditched the unit’s listing plans due to sluggish market conditions.
Reshaping The Longstanding Partnership With Renault
Renault plans to sell a stake of about 2.5% in Nissan shares to the 91-year-old Japanese car maker, with the deal possibly could generating up to 362 million euros ($392 million). This is Renault’s second share sale as it looks to cut its Nissan stake from about 43% to 15%, as Renault sold a 5% stake in Nissan back to Nissan in December, as part of its share buyback program. The deal resolved the cause of long-term friction, along both automakers to move forward at a time of unparalleled changes as the industry undergoes its biggest transformation to date.
Back in December, Nissan confirmed it plans to invest about 600 ...