TOKYO (Reuters) -Nissan Motor CEO Ivan Espinosa said the automaker plans to reduce its stake in French partner Renault, the Nikkei business newspaper reported on Monday. Nissan and Renault had said in March they had agreed to reduce their required minimum stake in each other to 10% from 15%.

Nissan Motor plans to reduce its stake in French automaker Renault from 15% to 10%, according to CEO Ivan Espinosa.

Nissan and Renault had said in March they had agreed to reduce their required minimum stake in each other to 10 per cent from 15 per cent

Nissan Motor reportedly plans to trim its stake in French partner Renault in order to invest more in new vehicle development. In an interview with Nikkei, Nissan CEO Ivan Espinosa emphasised that the Japanese automaker's collaboration with Renault would continue to be robust,

FILE PHOTO: Denis Le Vot, Dacia CEO and Renault Group Chief Supply Chain Officer, speaks during a press conference on media day at the 2024 Paris Auto Show in Paris, France, October 14, 2024. REUTERS/Benoit Tessier/File Photo

Nissans CEO Ivan Espinosa announces plans to decrease the companys stake in Renault from 15% to 10% to help it fund new car development. Click for details.

Nissan Motor's CEO, Ivan Espinosa, announced plans to decrease the company's stake in French partner Renault, according to a Nikkei report.

Back in 2010, when Tesla was a fledgling EV company, Nissan launched the first mass-produced electric car and gave it a suitably environmentally conscious name: the Nissan Leaf. It was named World Car of the Year and European Car of the Year, becoming the car that led the way for so many other EVs to follow.

Nissan plans to cut its stake in Renault from 15% to 10% as part of a strategic shift in their alliance, aiming to invest more in vehicle development and respond to global competition. This move reflects changing dynamics in the two-decade-old partnership and follows Renault's CEO departure.