(Reuters) Nissan Motor Co. shares fell more than 5% on Monday after reports emerged that its top shareholder Renault SA could reduce stake.
Renault is said to have hinted of plans to reduce its stake in Nissan, as part of its move into the e-mobility solutions. The company has been pushing with plans to split its EV and combustion-engine entities as it plays catch up with Tesla.
Any Renault plans will need to be okayed by its alliance partner Nissan. Thierry Pieton, Renault’s finance chief, says the company was “in the loop,” pointing out that it is weighing options.
The reported move by Renault is a shift from a January hint that the two automakers will work together to produce electric cars. The companies had earmarked a $26 billion plan for the endeavor in the next five years.
Renault owns 43.4% of Nissan shares, while the latter has a 15% non-voting stake in the former. The unequal ownership has been a source of conflict in Japan.
7201: TYO is down -5.05%, RNO: EPA is down -2.80%
