Companies

Nissan CEO eager to rebuild relationship with Renault

Yomiuri Shimbun file photo
Nissan Motor Co. President and Chief Executive Officer Makoto Uchida

Jiji Press

15:06 JST, November 10, 2022

TOKYO (Jiji Press) — Makoto Uchida, president and CEO of Nissan Motor Co., on Wednesday expressed a willingness to rebuild the Japanese automaker’s relationship with Frech partner Renault SA.

“The most important thing for us is to elevate the alliance to the next stage in order to increase Nissan’s competitive edge,” Uchida told a press conference.

Nissan hopes to lower Renault’s stake in the company from the current 43 pct to 15 pct. Nissan currently owns 15 pct of Renault.

Uchida said that Nissan is currently engaged in “an open and constructive discussion” with Renault.

On Nissan’s possible investment in a new electric vehicle unit of Renault, Uchida said that his company is considering the benefits to such a move.

On Tuesday, Renault CEO Luca de Meo said that an announcement will be made within a few weeks on the three-way alliance involving Nissan, Renault and Mitsubishi Motors Corp. .

Nissan raised its consolidated earnings forecasts for the year ending next March. The impact of higher commodity prices will be offset by the benefits of a weaker yen and cost cuts, the company said.

It raised its sales forecast to ¥10.9 trillion from ¥10 trillion and its net profit projection to ¥155 billion from ¥150 billion.