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Nissan to sell entire Daimler stake for $1.4 billion

·1-min read

Nissan on Wednesday announced the sale of its entire 1.54 percent stake in German auto giant Daimler for around 1.15 billion euros ($1.4 billion), following a similar move by its French partner Renault.

 The Japanese automaker has been trying to become profitable again and recover from the reputational damage caused by the departure of its now-fugitive former leader Carlos Ghosn.

 Nissan said the divestment will allow it to "further strengthen and enhance its business competitiveness, including investments to promote electrification".

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 Its industrial cooperation with Daimler remained unchanged, the company said, adding: "The two groups continue to collaborate in several areas."

 In March, Renault also announced the sale of its entire 1.54 percent stake in Daimler after the French automaker booked a record loss in 2020, its performance hit by the pandemic.

 Nissan has upgraded its full-year forecast, projecting a net loss of 530 billion yen ($4.8 billion) for the fiscal year to March, smaller than its earlier estimate.

 Nissan, which has maintained its partnership with Renault and Mitsubishi, will announce annual results next week.

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 si/qan