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Nissan Motor Co., Ltd. (OTC:NSANF)(OTC:NSANY) is reportedly planning an investment worth 100 billion yen ($725 million) in Renault SA's (OTC:RNLSY) new electric vehicle unit.
The Japanese automaker on Thursday expressed its plans to revamp its partnership with Renault via the investment in the EV unit called Ampere, Reuters reported, citing news from the Japanese newspaper the Yomiuri Shimbun.
On Jun. 19, 2023, Renault discussed its innovative and profitable plan for Ampere, including its envisioned initial public offering. Renault said Ampere is a "growth story," shooting for a 30% compounded annual revenue growth rate (CAGR) until 2030.
Also Read: Nissan Reveals Executive Committee Changes To Accelerate NEXT Progress
The report further quoted a Nissan spokesperson who said the investment amount is yet to be finalized.
Nissan and Renault expect the total value of Ampere will be between €8 billion to €10 billion, with Nissan investing below 10% of that amount, the Yomiuri added, as noted by Reuters.
Also See: Renault & Geely Automobile Ink JV Deal To Create Powertrain Technology Giant
Price Action: NSANY shares closed lower by 0.16% at $8.24, and RNLSY shares closed higher by 1.23% at $8.64 on Thursday.
