Renault Chief Executive Officer Luca de Meo has said selling Nissan shares would give him more options to speed development of more affordable EVs.

Renault announced this Thursday that it will sell an additional 5% of its stake in Nissan to the Japanese group, with which it maintains an alliance aimed at equalizing cross-shareholdings. In a statement,

After two sales of Nissan shares on 13 December 2023, and on 28 March 2024, Renault Group has announced a third transaction with the intention to sell to the Japanese automaker up to 195,473,600 Nissan shares, representing approximately 5% of Nissan capital.

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.

Japanese carmaker Nissan will buy back 5% of its own shares from its French partner Renault, the companies said on Thursday. Renault said the deal would result in a 494 million euros ($551 million) cash inflow for the company,