After altering its accounting for the investment, French automaker Renault announced on Tuesday that it will post an unusual loss of almost 9.5 billion euros ($11.2 billion) on its interest in Nissan Motor in the first half.
Renault is gradually reducing its interest in the Japanese company, which is struggling with declining sales and is frantically trying to raise cash, as the two businesses sever their links and adjust to a two-decade collaboration.
35.7% of Nissan is owned by Renault, of which 17.05% is directly held and the remainder is held in a trust.
It stated that going forward, any shift in the holding’s value will be immediately recorded in equity and evaluated using Nissan’s share price, with no bearing on the company’s net income or dividend payments.
It further stated that operational projects and cooperation between the two companies will remain unchanged.
With current CEO Luca de Meo scheduled to leave on July 15 and take the helm at luxury company Kering, Renault, which releases its first-half results on July 31, is also looking for a new CEO. $1 is equivalent to 0.8483 euros.
Additionally, As part of a larger shift to sustainable mobility, Renault is getting ready to electrify the Duster, one of its best-selling SUVs. Although the Duster has long been renowned for its tough, reasonably priced appeal, the next electric model seeks to preserve that very quality in its next chapter, including the possibility of going anywhere with its 4×4 capabilities.
Although the Duster is marketed under the Dacia name worldwide, the Renault badge will still be displayed on the car in India. According to a recent Autocar article, the Duster EV may make its global premiere around 2027 and arrive in India after that, contingent on infrastructural readiness and market demand.
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The CMF-BEV platform, an EV-focused variation of the CMF-B architecture that currently supports the ICE-powered Duster, will serve as the foundation for the electric Duster. Renault’s affordable EV push in the upcoming years will be built on this platform, which was created by the Renault-Nissan-Mitsubishi alliance and covers anything from small city cars to medium SUVs.
