(Boursier.com) — Renault defies the gloomy trend this weekend in Paris, on a gain of 2.1% to 24 euros. In addition to a quarterly publication higher than analysts’ expectations, even if the manufacturer had not sold so few vehicles worldwide for 13 years (-17.1% to 552,000 units), the title benefits from a significant wave speculative.
The diamond group indicated that “all options were on the table” for its plan to separate electrical and thermal activities, including a possible IPO of its battery-powered vehicles in the second half of 2023. Thierry Piéton, new chief financial officer of Renault, added during a conference call with analysts that the project should obtain the approval of its partner Nissan, held “in the loop” of the work of the four teams which will work on the new structure by ” capital market day” scheduled for the fall. He also indicated that it was too early to discuss the consequences of the project for the Renault-Nissan-Mitsubishi alliance and to say how Nissan would position itself vis-à-vis the new structure.
‘Bloomberg’ believes its side to know that Renault could seek a partner for its historical activity (thermal cars). One option would be China’s Zhejiang Geely Holding Group, which controls Volvo Car. Renault struck a joint production deal with Geely earlier this year for a South Korean plant and the two players said they could also cooperate in China.
In addition, Renault is considering reducing its presence in Nissan to raise fresh money and support its transition to electric vehicles. Citing people familiar with the matter, the agency says such a decision could also ease long-standing tensions between the two partners related to the two players’ cross-shareholdings: Renault owns 43% of Nissan, while the group Japanese only owns 15% of the French company and does not have the right to vote. Nissan may be willing to buy back some of its 1.83 billion shares held by Renault. But the latter could also favor other buyers for part of its shares. By reducing its shares in Nissan to 15%, a level equivalent to that of its Japanese partner in its own round, Renault could collect around 4.65 billion euros at current prices.
Negotiations to reshape the Renault-Nissan alliance – which have not been discussed publicly – could take several months, ‘Bloomberg’ sources say, however. Ashwani Gupta, chief executive of Nissan, will travel to Paris next week to chat with Renault boss Luca de Meo ahead of a wider meeting between Renault and Nissan executives in Tokyo next month.
The fact remains that during the presentation, at the start of the year, of the manufacturer’s ambitious roadmap dedicated to electric vehicles and connected mobility, Jean-Dominique Senard declared that this plan should help to make the links between companies “totally unbreakable” partners. The president of Renault had also taken care to underline: “the question of the shareholding is not on the table today… It is not the subject at the time when we speak”. Three months have passed since…
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