Nissan says it is too early to predict EV unit spin-off
Reuters
Published May 12, 2022 10:59PM ET
Updated May 12, 2022 11:30PM ET
TOKYO (Reuters) - It is too early to say whether Nissan (OTC:NSANY) Motor Co would spin off its electric vehicle (EV) business division like its alliance member Renault (EPA:RENA) is seeking to do, a senior executive of the Japanese automaker said on Friday.
"It's too early to consider because of our diversified market portfolio and diversified product portfolio," Nissan COO Ashwani Gupta said.
The French carmaker said in April all options were on the table for separating its EV business, including a possible public listing, as it seeks to catch up with rivals such as Tesla (NASDAQ:TSLA) and Volkswagen (ETR:VOWG_p).
But the move has raised speculation that Renault may consider lowering its stake in Nissan.
Renault owns 43.4% of Nissan, which in turn has a 15% non-voting stake in the French company, and the structure of their partnership has long been a source of friction in Japan.
As an alliance member, Nissan would support Renault's endeavors, Gupta told reporters.
At the same time, Nissan needs to focus on both electric vehicles and internal-combustion engine cars that include the hybrids, he said.
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Written By: Reuters
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