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Renault has denied the breakdown of the alliance with Nissan

Summary

Renault Deputy CEO Has ‘No Doubt’ Nissan Alliance Survives Description video: Jul.30 — Renault Deputy Chief Executive Officer Clotilde Delbos discusses the automaker’s alliance with Nissan Motor Company, talks with unions on cost and job cuts, and her growth outlook […]

Renault Deputy CEO Has ‘No Doubt’ Nissan Alliance Survives

Description video:
Jul.30 — Renault Deputy Chief Executive Officer Clotilde Delbos discusses the automaker’s alliance with Nissan Motor Company, talks with unions on cost and job cuts, and her growth outlook as she expects the first half to “be the floor.” She speaks on “Bloomberg Surveillance.”

Renault has denied the breakdown of the alliance with Nissan

Renault shares regained lost positions after denying information about the end of the alliance with Nissan Motor.

Market worries about the state of the long-term Franco-Japanese alliance drove Renault and Nissan stocks to multi-year lows.

The union, which also includes Mitsubishi Motors Corp, is «solid and durable», – said Renault chairman Jean-Philippe Senard in an interview with the Belgian newspaper L&# 39; Echo.

French Finance Minister Bruno Le Maire also expressed his opinion that reports of the desire of the leadership to break the alliance were deliberately provocative..

He also expects Renault to name a new CEO one of these days to replace Thierry Bollore, who was fired in October..

Luca de Meo, who previously worked at Volkswagen, is seen as a prime candidate for replacement, but a strict non-competition clause in his previous contract could be an obstacle to gaining a leadership position.

Nissan also confirmed it is not considering disbanding the alliance.

«Our partnership is the source of Nissan’s competitiveness», – said in a statement by the Japanese automaker.

Concerns about the future Renault-Nissan collaboration arose after the November 2018 arrest of Carlos Ghosn, a man who did more than anyone else to preserve the aforementioned alliance..

These fears were re-energized after he fled Japan last month, where he is accused of financial irregularities..

The Financial Times reported Monday that Nissan executives are devising a contingency plan to sever relations with Renault, seemingly to speed up the sell-off of the French manufacturer..

Renault has denied the breakdown of the alliance with Nissan

At the opening of trading in Paris on Tuesday, Renault shares rose 1.3%, then sagged 0.49%.