- Nissan Motor Co Ltd (OTC:NSANY) is reportedly devising software and electric vehicles (EVs) growth plans without Renault SA (OTC:RNLSY) in the picture.
- The decision comes as the two companies’ workout the terms of their alliance.
- Nissan is scouting for a partnership that will enable software development to connect its vehicles to cloud-based services, reported Reuters.
- The company is also working on a plan for battery and plug-in EVS for the Asian and North American markets.
- The report further noted that rebalance of the alliance will see Renault cut its stake in Nissan to 15% from 43%.
- The deal, which is expected to be finalized by mid-2023, will also see Nissan investing in the French automaker’s EV business Ampere.
- Nissan executives had alleged that Renault did not pay the fair share of costs covered for development and innovation.
- “Even if Renault gets something from Nissan, benefits moving in the other direction are hard,” the report quoted a person with knowledge of the matter.
- Price Action: NSANY shares closed lower by 1.05% at $7.51 on Thursday.
EV Stock NIO Drops After Q1 Print, What’s Going On?
NIO Inc. reported Q1 2024 revenue of 9.91 billion yuan, down 7.2% YoY and 42.1% QoQ. Vehicle deliveries and revenue also decreased. Loss per share was $0.33. Q2 delivery guidance is 54,000-56,000 units with expected revenue growth. NIO stock down 33% in 12 months.
