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Renault selling part of Nissan stake to partner for $824 million

Renault SA is selling around 5% of its stake in partner Nissan Motor Co., offloading the stock as part of a share buyback by the Japanese carmaker.  The move follows last month’s finalization of a plan for Renault to reduce its interest in Nissan. The stake sale is valued at around ˆ765 million ($824 million), but will result in a capital loss of ˆ1.5 billion, the French company said Tuesday.  Eventually, the two carmakers aim to equalize their cross-shareholdings at 15%, loosening the ties that kept them together in a carmaking alliance for two decades. The partnership between Nissan and Renault was jolted in 2018 by the arrest of Carlos Ghosn, chairman of both companies. Since then, they have drifted apart and are now charting separate paths. Given that NissanÂ’s shares are trading below the Tokyo Stock ExchangeÂ’s guideline of maintaining a price-to-book ratio above 1, the buyback will “help improve the situation,” said Bloomberg Intelligence analyst Tatsuo Yoshida. The cash will bolster Chief Executive Officer Luca de MeoÂ’s efforts to get Ampere, RenaultÂ’s electric-vehicle and software arm, going as he seeks to split off the unit and list it as a separate public entity as soon as April or May. Nissan has also agreed to invest in Ampere. Renault transferred its 28.4% stake in Nissan into a trust in early November to pave the way for a reduction of its holding. Even so, there will still be lock-up and standstill obligations. De Meo said last month that Renault would begin offloading the stake “very soon” in early 2024, so TuesdayÂ’s announcement was slightly earlier than anticipated. For Nissan, the buyback is well within the value of cash and equivalents, which stood at JPY1.6 trillion ($11 billion) yen at the end of September. Nissan said it will cancel all acquired shares.  “ItÂ’s good news for the stock that Nissan will retire the equivalent of 5% of its outstanding shares,” Yoshida said.  The Japanese carmaker is paying JPY568.5 for each share, the price at the close of trading in Tokyo on Tuesday. While NissanÂ’s stock has climbed 36% this year, itÂ’s at roughly half of its value from early 2017. Earnings/Financials Nissan Renault

Nissan unveils ZEOD RC at Nismo HQ in Japan [w/videos]

At Le Mans this past summer, Nissan unveiled the first prototype for the ZEOD RC, a new hybrid racecar which it intends to field at the famous French endurance race next year. Four months have passed since then, totaling eight month of development, and now Nissan has revealed the final form at the headquarters of its Nismo racing division.
The updated Nissan ZEOD RC benefits from a more streamlined shape with optimized cooling and improved aerodynamics. Although billed as an electric vehicle and not a hybrid, the ZEOD RC pairs a 1.6-liter turbo four with a pair of electric motors. Its regenerative braking system is derived from the Leaf RC, and after 11 laps, it's said to be capable of taking another around the Circuit de la Sarthe under electric power alone, making it the first racecar capable of doing so. Nissan has further stated that it hopes the lessons it garners from this project will help in its development of a new LMP1 to challenge for overall victory at Le Mans in the near future.
The ZEOD RC will be on display at Fuji Speedway this weekend during the six-hour FIA World Endurance Championship race there, after which it will continue its development at the hands of former GT1 champion Michael Krumm and gamer-turned-racer Lucas Ordonez, who will be getting it ready for (and possibly drive it at) next year's 24 Hours of Le Mans. There it will compete - faster than most GTE sportscars, says Nissan - in the Garage 56 spot that once was awarded to the DeltaWing, which Nissan sponsored and to which the ZEOD RC looks conspicuously similar.

Fiat contemplating sub-brand to compete with Dacia, Datsun

You can add Fiat to the admittedly short list of automakers considering a low-cost brand to rival Dacia. The inexpensive Eastern European brand from Renault-Nissan has performed on the balance sheet like a premium model line, and the money the alliance is taking off the table is encouraging other players to deal themselves in. Pretty soon Nissan's Datsun sub-brand will join the Dacia party, going on sale in Russia, Indonesia and India and will claim even more rubles, rupiahs and rupees for the parent company. Volkswagen recently said it will make a decision this year on a budget line for the Chinese market. With the euthanasia of Lancia and plans to move the Fiat brand upmarket, company CEO Sergio Marchionne wonders aloud to Automotive News Europe whether there could be room for a new budget brand underneath Fiat.
We're told that the initiative has been in the idea box for five years and even moved to the stage of name considerations, like Innocenti, but worries about profit kept it from realization. If such a range were to be developed, Marchionne says it couldn't be built in Italy and stay within budget, and the company is "analyzing its manufacturing capacity outside of Europe to see if a low-cost brand is viable."