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Nissan shares slide 5% after report Renault exploring stake reduction

TOKYO — Shares of Nissan Motor Co slumped 5% on Monday, their biggest fall in more than a month, following a report that top shareholder Renault may consider lowering its stake in the Japanese automaker. Bloomberg reported on Friday that Renault may consider lowering its Nissan shareholding as part of plans to separate its electric vehicle business. The French car maker has been pushing ahead with plans to split its electric and combustion-engine businesses in an attempt to catch rivals such as Tesla and Volkswagen On Friday, Renault said all options were on the table for separating the electric vehicle business, including a possible public listing in the second half of 2023. Any plans would be subject to approval from alliance partner Nissan, Renault finance chief Thierry Pieton said, adding the Japanese automaker was "in the loop" as Renault weighed up its options. Renault and Nissan have declined to comment on the report. Shares of Nissan fell to 509.8 yen in Tokyo, marking their biggest one-day decline since early March and underperforming an almost 2% drop in the Nikkei index. The car makers' two-decade-old alliance, which includes Mitsubishi Motors, was rocked by the 2018 ouster of alliance founder Carlos Ghosn amid a financial scandal. They have since pledged to pool more resources. In January they said they would work more closely together to make electric cars. They detailed a $26 billion investment plan for the next five years. But their unequal relationship has long been a source of friction in Japan. Renault owns 43.4% of Nissan, which in turn has a 15% non-voting stake in its shareholder. Renault bailed out Nissan two decades ago, but is now the smaller automaker by sales. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Earnings/Financials Green Mitsubishi Nissan Renault

Renault board names Ghosn stand-ins, as tensions with Nissan increase

PARIS/TOKYO — French carmaker Renault tapped its chief operating officer and a senior board member to fill in for embattled boss Carlos Ghosn, after an investigation by alliance partner Nissan led to his arrest on suspicion of financial misconduct. Thierry Bollore, Ghosn's operational second-in-command, will become deputy chief executive, while lead independent director Philippe Lagayette assumes the function of interim chairman, Renault said after a board meeting late on Tuesday. But the board refrained from firing Ghosn while awaiting more detail on the allegations — in a decision that could also buy more time for an accelerated, permanent succession process. "Mr. Ghosn, temporarily incapacitated, remains Chairman and Chief Executive Officer," Renault said in a statement. "During this period, the board will meet on a regular basis under the chairmanship of the lead independent director." Ghosn, one of the car industry's best-known leaders, was arrested on Monday after Nissan said he had engaged in years of wrongdoing, including personal use of company money and under-reported earnings. The Japanese company plans to remove him as chairman on Thursday. The French government, Renault's biggest shareholder, had begun to distance itself from Ghosn, calling for new interim leadership before the meeting, as the Japanese investigation expanded to include Renault-Nissan alliance finances. "Carlos Ghosn is no longer in a position where he is capable of leading Renault," Finance Minister Bruno Le Maire said earlier in the day. "Renault has been weakened, which makes it all the more necessary to act quickly." Statements by Le Maire, Renault and its board all echoed French preoccupations over the future of the alliance first articulated by President Emmanuel Macron within hours of Ghosn's arrest on Monday. Following talks between Le Maire and his Japanese counterpart Hiroshige Seko on Tuesday, the ministers reaffirmed their "shared wish to maintain this winning cooperation." But in a sign that Nissan may now seek to loosen its French parent's hold on the partnership, the Japanese company informed Renault it also had evidence of potential wrongdoing at Renault-Nissan BV, the Dutch venture overseeing alliance operations under Renault's ultimate control, three people with knowledge of the matter told Reuters.

Nissan seeks tech tie-up without Renault as alliance nears end of road

Nissan is developing growth plans in areas such as software and electric vehicles (EVs) independent of Renault SA as the automakers work to finalize terms of a sharply limited alliance, said seven people with knowledge of the matter. Japan's third-biggest automaker by sales is seeking a partner outside the auto industry to develop software that connects vehicles to cloud-based services, two people involved in discussions said, without elaborating on candidates. That would address a relative weakness for Nissan as it tries to make cars "smarter and more connected," one of the people said. It is also working on an expanded strategy for all-battery and plug-in EVs for North American and Asian markets that will be for Nissan alone, they said. The revelations come as the alliance oversight board met this week to discuss a rebalance that will see Renault cut its stake in Nissan to 15% from 43% — matching the size of Nissan's stake in Renault — and Nissan gain reciprocal voting rights. Under the deal, to be finalized by mid-year, Nissan will also invest in the French automaker's new Ampere EV business. Imbalance had long riled Nissan executives who complained Renault did not pay its fair share of costs for innovation and development. Nissan's emerging strategy reflects a belief within the automaker that the 23-year-old alliance has run its course for many of the biggest challenges it faces, the people said. While Nissan sees continued savings in shared parts procurement with Renault, it has no plan to provide engineering support to Ampere, said two of the people, who all asked not to be identified because talks between the pair are ongoing. It also has no plan to provide its e-Power hybrid technology to a gasoline powertrain-focused joint venture Renault has with China's Zhejiang Geely Holding Group Co Ltd and Saudi Aramco Base Oil Co JSC, two of the people said. GOING SOLO Such go-it-alone thinking is shaping a longer-term plan that could be announced by year-end focusing on improved operational performance, electrification and software allowing self-driving and other "connected car" features, one of the people said. "Even if Renault gets something from Nissan, benefits moving in the other direction are hard," a second person with knowledge of Nissan's stance said.