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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

Chevy Volt outsells Nissan Leaf for first time since October 2013

It's been a rough summer so far for both the Chevy Volt and the Nissan Leaf, the first two plug-in vehicles from major automakers that ushered in the modern plug-in era. In June 2015, sales were down from their 2014 levels. The Leaf was down 11.6 percent and the Volt was down 31.1 percent. For July 2015, things didn't get much better. July 2015's Volt sales of 1,313 were down 35 percent from July 2014 and are down 34.8 percent for the year-to-date. Nissan, on the other hand moved only 1,174 Leafs last month, down 61.1 percent. So far this year, Leaf sales are down 30.2 percent. What's interesting with this steep decline in Leaf sales is that allowed the Volt to outsell the Leaf for the first time since October 2013. Back then, the Volt sold 2,022 compared to the Leaf's 2,002 units. So far, Nissan has sold 83,312 Leafs in the US since the EV went on sale in late 2010. Chevy has sold 80,292 Volts. Even though Tesla doesn't release monthly sales figures, there's a good chance that the pricey Model S was once again the best-selling EV in the US in July, as it was in the first three months of 2015. At that time, Tesla delivered an average of just under 2,000 Model S EVs a month. We might get some insight into more recent numbers during the quarterly investor call on Wednesday. As we've said before, the low sales for the aging plug-ins can be explained by the fact that both the Leaf and the Volt are due for upgrades. The second-gen Volt is coming in a few months. Nissan is being cagey about when the updated Leaf will arrive, but given these latest sales figures, we wouldn't be surprised if the undisclosed timetable gets move up somehow. Related Video: The video meant to be presented here is no longer available. Sorry for the inconvenience.

Nissan introduces new Lannia sedan in China [w/videos]

Take a good look at the vehicle you see here, because you may never see it again. That's because it was designed specifically for the Chinese market and is not likely to ever be exported far beyond its borders. It's called the Nissan Lannia, and it's the production version of the Friend-Me concept showcased two years ago in Shanghai and the Lannia concept unveiled in Beijing last year. It's a sedan targeted specifically at trendsetting Chinese buyers in their 20s and 30s, designed and developed locally by Nissan Design China and unveiled at the Shanghai Motor Show. The styling bears many hallmarks of the Japanese automaker's latest design language, particularly up front with its V-shaped grille treatment and sharply shaped headlights. The C-pillar looks signature Nissan as well, but leads to what looks like rather ungainly rear proportions somewhat disguised by dynamic styling elements. Details remain few and far between, but you can bet it packs a small engine driving the front wheels through a continuously variable transmission. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Introducing the All-New Nissan Lannia April 20 – Shanghai – Nissan unveiled the all-new Lannia at Auto Shanghai 2015 on Monday, a culmination of vision taking the car from concept to reality. Two years ago in Shanghai, Nissan introduced the Friend-Me Concept, followed by the Lannia Concept in 2014 at the Beijing Motor Show, and Lannia is the tangible expression of the company's commitment to China. Building on Nissan's longstanding success in the sedan market, it's the first product developed and designed for young Chinese generations, especially those in their 20s and 30s, seen as the nation's trendsetters. "Edging forward is not enough. The market in China is moving very fast, especially with the post-1980s generation," says Titus Liu, Creative Design Manager at Nissan Design China. "They do not want to stick with the status quo, so we are dedicated to finding the next great breakthrough. This is important for us." Design and development was led by Nissan Design China, backed by the Nissan Global Design Center. Lannia's styling speaks to rising Chinese who want to set themselves apart as both edgy and sophisticated, resulting in a stylish new look for a sedan that goes against conventions.