Nissan says not considering termination of alliance with Renault
Denying a media report about a possible break-up that sent their shares skidding to multi-year lows, French carmaker Renault and Japanese partner Nissan Motor said their partnership is in no danger of being dissolved.
Renault chairman Jean-Philippe Senard told Belgian newspaper L’Echo that the partnership, which also includes Japan’s Mitsubishi Motors Corp, is “solid, robust, everything but dead.”
Nissan said it was “in no way considering dissolving the partnership,” in reaction to “speculative international media stories.”
The Japanese automaker said in a statement, “The alliance is the source of Nissan’s competitiveness and through the alliance, to achieve sustainable and profitable growth, Nissan will look to continue delivering win-win results for all member companies.”
Renault shares reached six-year lows on Monday as investors worried that Nissan’s 20-year cost-sharing relationship with the French group would be headed for a break-up without Carlos Ghosn keeping it together.
Since Ghosn’s arrest in Tokyo in November 2018 on allegations of financial wrongdoing which he denies, longstanding tensions in the Franco-Japanese relationship have escalated.
A report from the Financial Times on Monday that Nissan executives are making contingency plans for a split with Renault seemed to intensify a sell-off in shares of the French manufacturer.
In Tokyo on Tuesday, Nissan shares sank to their lowest in 8-1/2 years.