The dream of bringing Renault, Nissan and Mercedes-Benz closer together is dead for now.
Overnight Nissan confirmed it is selling its shareholding in Daimler to institutional investors.
Before today Nissan held almost 16.5 million shares in Daimler, or about 1.54 per cent of the German automaker’s common stock.
The sale will add to €1.149 billion ($1.78 billion) to Nissan’s coffers. Money, it says, that will be used to “promote electrification”, as well as “strengthen and enhance its business competitiveness”.
Renault sold its holding in Daimler in March.
Both automakers recorded mammoth multi-billion dollar losses in the last financial year thanks to structural issues and the global COVID-19 pandemic.
In 2010 Renault and Nissan each purchased 1.55 per cent of Daimler, with the German company buying 3.1 per cent in Renault and Nissan.
As part of the burgeoning partnership driven by Daimler’s Dieter Zetsche and Renault-Nissan’s Carlos Ghosn, there were shared engine programs, the jointly developed Smart ForFour and Renault Twingo, and a shared manufacturing facility in Mexico.
Despite the share sell off, the automakers insist the “industrial partnership” between the three companies remains in place.
Indeed, new versions of the Mercedes-Benz Citan van and T-Class people mover will be based on third-generation Renault Kangoo that was unveiled earlier this year.