Nissan to Buy Back $551 Million in Shares in Renault Realignment
- Stake sale hands Renault cash to develop more affordable EVs
- Carmakers are reworking their alliance after years of tension
Photographer: Kiyoshi Ota/Bloomberg
Nissan Motor Co. will buy back ¥79.9 billion ($551 million) worth of its shares from Renault SA, part of an agreement to rebalance its alliance with the French carmaker.
The Japanese company plans to acquire around 195.5 million shares using its net cash position, it said Thursday. The deal hands Renault additional funds for the development of electric vehicles as it competes with Chinese automakers pushing into Europe.