Nissan Reportedly Selling $1.2 Billion Shares In Daimler
- on June 01, 2021
- Categories: Latest
According to Automotive News, Nissan is considering selling all of its 1.5% shares in Daimler. The move comes after its partner company Renault did the same in March.
Nissan and Renault bought shares in Daimler a decade ago to fortify industrial alliance and spawn rebadged cars within the company’s lineups. The idea was to target the commercial vehicles division specifically. The coalition brought us the Mercedes X-Class – a midsize luxury pickup truck – based on the Nissan Navara (Frontier in the U.S.).
Automotive News revealed that pulling out of Daimler will not affect the collaboration between the automakers. People with a keen eye on this matter disclosed that the alliance had bigger plans that couldn’t materialise, so cross-shareholdings were no longer required. Actually, the plans never came under discussion.
Reportedly, Nissan shares will close at 69.85 euros (approximately US$83) a share. Selling its shares in Daimler, Nissan will get a little less than 1.2 billion euros (US$1.2 billion).
With both Nissan and Renault pulling out of Daimler, the future for these automakers seems bleak. It is important to note that Mercedes stopped developing the X-Class last year, after two years of introduction in the market.
As the X-Class was underpinned on the Navara platform, it was being developed in Nissan's factory in Barcelona, Spain. Honestly, the X-Class did well in select markets only, such as South Africa and Australia, so halting its production was always on the cards. It was also being considered a lot pricier than the other similar trucks.