Nissan denies reported plans to split with Renault

Andrew Cummings
January 14, 2020

Ghosn's detention is related to accusations that he significantly underreported his income during his time as a chairman of the Renault-Nissan-Mitsubishi Alliance. "Ltd" class="local_link" >Nissan Motor on Tuesday denied a media report that it is preparing for a potential split from French partner Renault - a prospect that sent the Japanese automaker's stock falling to the lowest price since September 2011.

Nissan's stock on Tuesday fell 3% from last week to 617.8 yen, before closing at 618 yen.

The former chief executive of Renault Carlos Ghosn, who fled Japan while awaiting trial on financial misconduct charges, is seeking the payment of a retirement payment by the French carmaker that he says was unfairly withheld.

The 20-year partnership between Nissan and Renault, whose alliance is based on cross-shareholdings without a joint structure, has been badly shaken by the Ghosn scandal.

Ghosn has filed a complaint with a French employment tribunal in Boulogne-Billancourt outside Paris, where Renault is headquartered, a source close to Ghosn told AFP, confirming a report in Le Figaro daily.

"Recently, there have been speculative global media reports on Nissan's stance towards the Alliance". It said that "Through the alliance, to achieve sustainable and profitable growth, Nissan will look to continue delivering win-win results for all member companies".

Concerns emerged about the future of the Renault-Nissan partnership after the November 2018 arrest in Japan of Ghosn, the man who did more than anyone else to hold together the disparate alliance of often-contrasting carmaking cultures. This has reportedly accelerated since Ghosn fled charges of financial misconduct in Japan late previous year.

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