Tokyo, May 2021: In a bid to become profitable once more and to recover its reputation from the damage caused by the actions of its now-fugitive former boss Carlos Ghosn, Nissan announced plans on Wednesday that it was going to sell it the entirety of its 1.54% stake in Daimler, the German automobile giant.
The decision comes after a similar move by the French automaker and partner Renault, and the shares owned by Nissan are worth 1.15Billion Euros. The company in a statement said divesting the shares would help it to once more strengthen and improve its competitiveness and will allow it to focus more on investments in electric vehicles. Its cooperartion relationship with Daimler will remain unchanged. According to a statement, “The two groups continue to collaborate in several areas.”
Earlier in the year, after seeing a record loss in 2020 and performance hits thanks to the pandemic, Renault divested its entire 1.54% in Daimler in a move similar to Nissan.
The automobile giant Nissan meanwhile which will result full annual rrsults this week, continues to partner with Renault and Mitsubishi also updated its full-year forecast for the net loss, projecting an amount of 530 billion yen ($4.8 billion) for the fiscal year to March, lesser than initial estimates.
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