Renault looks to Foxconn, other tech groups to offload Nissan stake

French carmaker Renault is reported to be in talks with Taiwan’s Foxconn to sell its stake in Nissan as part of a wider search for a buyer, after Nissan and Honda failed to cut a deal so far.

Earlier, on 23 December, when Nissan and Honda announced the merger move, Renault, which is Nissan’s largest shareholder, said it would consider all options based on the best interests of the group and its stakeholders.

Renault also said it is independently pursuing and executing strategy as also projects already launched under its partnership with Nissan.

Reports also said it was a meeting of senior official at Foxconn’s electric vehicle division (who was formerly with Nissan) with Renault’s chief executive Luca De Meo in December for talks about acquiring the shares held in trust that triggered Nissan’s negotiations with rival Honda. 

While talks with the iPhone contract manufacturer Foxconn is just a starter, Renault said, it would also look at options like global technology groups, including Apple.

Renault is also worried about the prospect of a collapse of merger talks between the Japanese carmakers, which would further dent chances of selling Nissan stake for its worth.

Renault has been reducing its stake in Nissan ever since the 2023 restructuring of their alliance, but still holds a 36 per cent stake in Nissan, which includes an 18.7 per cent stake held in a French trust. 

Nissan, however, has the first right of refusal, which would make it difficult for Renault to sell its stake without an agreement with the Japanese carmaker.