Japanese auto company Nissan has announced that it is selling its entire 1.54 percent stake in German auto giant Daimler. The move comes shortly after French partner Renault did the same. The two companies exchanged stakes with Daimler over a decade ago to strengthen their industrial partnership and now, both have deemed the cross-shareholding no longer necessary.
According to Japan Times, Nissan’s divestment was largely due to its mission to “further strengthen and enhance its business competitiveness, including investments to promote electrification.” Daimler responded by stating that the industrial cooperation between the two companies will remain unchanged, citing “The two groups continue to collaborate in several areas.”
Back in March 2021, Renault announced the sale of its 1.54 percent stake in Daimler after the French automaker reported a record loss in 2020 due to the pandemic. Nissan was also greatly affected by the events of COVID-19, projecting a net loss of $4.8 billion USD for the fiscal year to March. Though that is the case, it is still a smaller loss than its earlier estimates.
Nissan still maintains a strong partnership with Renault and Mitsubishi and will announce its annual financial results later this month.
Elsewhere in automotive, Bentley confirmed its first fully electric car will be an SUV.
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