Nissan to sell overall Daimler stake for $1.4 billion
07 May, 2021
Nissan on Wednesday announced the sales of its entire 1.54 percent stake in German auto giant Daimler for about 1.15 billion euros ($1.4 billion), carrying out a similar maneuver by its French spouse Renault.
JAPAN automaker has been trying to be profitable again and get over the reputational damage due to the departure of its now-fugitive former innovator Carlos Ghosn.
Nissan said the divestment allows it to "further strengthen and enhance its business competitiveness, including investments to market electrification".
Its professional cooperation with Daimler remained unchanged, the business said, adding: "The two groups continue to collaborate in several areas."
In March, Renault also announced the sales of its entire 1.54 percent stake in Daimler following the French automaker booked a record damage in 2020, its performance hit by the pandemic.
Nissan has upgraded its full-year forecast, projecting a net lack of 530 billion yen ($4.8 billion) for the fiscal calendar year to March, smaller than its earlier estimate.
Nissan, which includes maintained it is partnership with Renault and Mitsubishi, will announce twelve-monthly results next week.
Source: japantoday.com