Economy

Renault shares hit six-year low on rumors of Nissan split

Renault shares hit six-year low on rumors of Nissan split”

Nissan executives are making contingency plans for separating from Renault, Automotive News Europe quoted the Financial Times as saying.

The plans for independence had been accelerated by the Japanese company since former chairman Carlos Ghosn fled Japan, where he was accused of financial crimes, to his childhood home of Lebanon, the paper reported.

A recent tweet made by Yamaha Music Japan Co advising people of the dangers of putting someone inside an instrument case has gone viral, given that it was widely seen as an allusion to how former Nissan Motor Co Chairman Carlos Ghosn fled Japan late past year. The company could terminate the long standing partnership in engineering and technology and is considering further changes to Nissan's board, according to the report. There have been recent efforts made to improve relations on both sides, but the Financial Times reports that the partnership - which produces 10 million cars annually - has soured. Many executives at the Japanese firm believe Renault is a drag on its success.

Renault chairman Jean-Dominique Senard is said to be revealing several combined projects in coming weeks to show that the Alliance is still on good terms, but people within Nissan claim his efforts to present unification badly misread the general mood of workers.

Nissan's contingency planning has ramped up since the dramatic escape of Ghosn, the former head of the Renault-Nissan alliance, from Japan in late December, it said. Both carmakers also share the 0.8-litre and 1.0-litre petrol engines that power the models on the platform.

The Renault-Nissan Alliance was first created in 1999, after the French carmaker purchased shares in Nissan.



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