Nissan says it won't part with Renault

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"Nissan is in no way considering dissolving the alliance," the Japanese automaker said in a statement Tuesday that it referred to the global alliance between cars Nissan (NSANF). Renault (RNLSY) and Mitsubishi Motors.
The statement In response to the growing number of reports in recent days, Nissan was concerned about the tense relationship with Renault after the former boss's downfall Carlos Ghosn and examined contingency plans to break away from the French automaker.

Ghosn is currently in Lebanon after boldly escaping from Japan Last month. He was arrested in Tokyo in late 2018 for suspecting financial misconduct, which led to his fall on Nissan and the alliance. Ghosn has repeatedly denied the allegations, alleging that his arrest was caused by Nissan executives who opposed his plans to deepen the Japanese company's integration with Renault.

Ghosn has developed and global auto alliance Since his arrest, there has been talk of his demise.

The three automakers share ownership, technology and manufacturing facilities. The setup has brought financial benefits. The pooling of resources between the three manufacturers saves them more than 5 billion euros annually, according to the companies.

Nissan highlighted the benefits of holding onto Renault and Mitsubishi on Tuesday.

"The alliance is the source of Nissan's competitiveness. To achieve sustainable and profitable growth, Nissan will continue to try to achieve win-win results for all member companies," said the company.

At a broad press conference in Lebanon last week, Ghosn blew up the alliance for missing a "great opportunity" that he could take advantage of after his fall Fiat Chrysler (FCAU) on board.

"It's incredible," said Ghosn. "How can you lose that? How can you lose a huge opportunity to become the dominant player in this industry?"

Fiat Chrysler agreed last year to partner with French automaker Peugeot instead.
Nissan says it will still take legal action against Carlos Ghosn

Ghosn also claimed that Nissan's campaign against him was destroying the company and reputation, and distracting the attention of top management.

"Nissan's market cap has dropped since I arrested more than $ 10 billion," he said. "You lost over $ 40 million a day."

Nissan's shares have fallen 38% since Ghosn's arrest in November 2018, causing the company's market valuation to decrease by nearly $ 10 billion.

The company announced last week that despite its flight from Japan, it is still taking "reasonable legal action" against Ghosn.