Tip News

January 17, 2020

Nissan denies reported plans to split with Renault - Tip News

Nissan denies reported plans to split with Renault

Nissan denies reported plans to split with Renault
'Renault and Nissan have been uneasy partners since former boss Carlos Ghosn was arrested' - By: AFP/File Kenzo TRIBOUILLARD

Nissan is "in no way" planning to end its partnership with Renault, the Japanese auto giant insisted Tuesday after a report suggested a divorce was possible in the wake of the Carlos Ghosn scandal.

Britain's Financial Times, citing "several people with knowledge of the matter", said Monday that said senior executives at the scandal-hit firm were speeding up work on secret plans for a potential parting of ways with France's Renault.

But in a statement, Nissan firmly denied the claims. "Nissan is in no way considering dissolving the alliance," the statement said.

"The alliance is the source of Nissan's competitiveness," the firm said, adding that it will look to continue delivering "win-win results for all member companies."

The partnership, which also includes Japan's Mitsubishi Motors, has been troubled since the shock arrest of its former chief Ghosn on charges of financial misconduct.

Ghosn, who last month jumped bail in Japan and fled to Lebanon, claims the charges against him were cooked up by disgruntled Nissan executives hoping to block his plans to more closely integrate the automaker with Renault.

In a news conference in Lebanon, he claimed the alliance was now on the rocks and directionless.

The alliance's new chief, Jean-Dominique Senard, earlier hit back at the reports of a planned split, telling Belgian daily L'Echo the claims had "no connection to the current situation of the alliance".

"The Renault-Nissan alliance is not dead! Soon we will show you why," he said in an interview published Tuesday.

"I ask myself, where does this sort of information come from? I am not sure it comes from a place of goodwill," Senard said.

At the close on the Tokyo market, Nissan dropped 2.96 percent to 618 yen despite the firm company denial.

The 20-year partnership between Nissan and Renault, whose alliance is based on cross-shareholdings without a joint structure, has been badly shaken by the Ghosn scandal.

But Senard said the alliance was "nowhere near" the point of collapse and insisted its leaders were busy "recreating its original spirit" and planning future investments.

A source close to Nissan told AFP that the leaks probably came from "a few disgruntled souls" inside the company who wanted to "vent their frustration", adding that rebuilding trust between the two firms "will take time".

burs-sah/ric/dan

Short link: https://tipnews.com/u/MTE5NjQx

See also:

Related articles

China's Xi arrives in Myanmar on billion-dollar charm offensive

China's Xi arrives in Myanmar on billion-dollar charm offensive

Chinese President Xi Jinping touched down in Myanmar's capital Friday on a state visit aimed at buttressing the embattled government of Aung San Suu Kyi and driving through multi-billion-dollar infrastructure deals.The wide highways and manicured lawns of Nay

US homebuilding hits 13-year high, led by apartments

US homebuilding hits 13-year high, led by apartments

Construction of new US housing shot to a 13-year high last month, government data showed Friday, a sign that homebuilders were racing to catch up with pent-up demand.The surge was led a sudden boom in apartments, where construction hit its fastest pace in 33 y

US industrial output falls 1% in December vs 2018: Fed

US industrial output falls 1% in December vs 2018: Fed

The output of US industry fell 1 percent in December last year compared to the same month of 2018, driven by drops in a manufacturing sector impacted by bitter trade wars, the Federal Reserve reported Friday.American manufacturing, which has been in recession

Greta warns world leaders at climate protest before Davos

Greta warns world leaders at climate protest before Davos

Swedish climate campaigner Greta Thunberg issued a warning to world leaders at a protest in the Swiss city of Lausanne on Friday, days before the start of the Davos summit of the world's political and business elites."So far during this decade we are seeing



HELLO, PLEASE TAKE A MOMENT TO RATE THIS POST Nissan denies reported plans to split with Renault

Sending comment Close