French carmaker Renault ended the first quarter of the year with a big move, officially selling its stake in Daimler AG amounting to $1.4 billion (P67 billion). This was done to secure funds for its turnaround efforts following a record annual loss.
Now, its alliance partner Nissan has also done the same. The Japanese carmaker has now also offloaded its entire stake in Daimler, equivalent to 16,448,378 shares or 1.54% of the company’s issued shares amounting to roughly $1.38 billion (P66 billion).
Nissan said that the proceeds from the sale will allow the company to “further strengthen and enhance its business competitiveness, including investments to promote electrification.”
In spite of this, however, Nissan also confirmed that its partnership with Daimler “remains unchanged and is not impacted by the sale” and that the two will still continue to collaborate in several areas.