Renault, a French automaker, said on Thursday that Nissan, a Japanese company, contributed 174 million euros ($187 million) to its own fourth-quarter profits as it restructures its 24-year partnership with the latter.
The total contribution for 2022 was 526 million euros, which was an increase from 352 million euros in 2021 and the biggest amount since 2018.
Nissan contributed 1.5 billion euros to Renault’s profits in 2018, a turning point for the alliance after Carlos Ghosn, its architect and creator, was arrested on suspicion of financial malfeasance.
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A weaker yen and better expense control helped Nissan Motor Co. announce a better-than-anticipated 155% increase in third-quarter operating profit on Thursday.
On February 16, Renault will release its own full-year financial results. As part of the partnership’s restructuring, Renault will reduce its current 43% stake in Nissan to 15%. The reduced interest will be held in a French trust, with Renault continuing to receive dividend payments.
($1 = 0.9300 euros)
