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Automobiles

With Daimler stake sale, Nissan sheds piece of Ghosn's legacy

Tie-up that was fueled by leaders' rapport stalled after their departure

Daimler CEO Dieter Zetsche, left, and Nissan Motor Chairman Carlos Ghosn speak at the Frankfurt International Motor Show in 2015. The tie-up between the automakers has stalled in recent years since both executives left their post. (Photo courtesy of Nissan) 

TOKYO -- The sale of Nissan Motor's 1.5% stake in German automaker Daimler signals a retreat from a partnership that was driven by the personal connections of former Nissan chief Carlos Ghosn and has borne little fruit since his 2018 arrest.

The shares will be sold to institutional investors by the end of June, according to the Japanese company's announcement Tuesday. Nissan said it will earn about 1.15 billion euros ($1.38 billion) from the sale, at a price of 69.85 euros per share, with the proceeds to be invested in areas including electrified vehicles. The move follows a similar step by Renault, a Nissan alliance partner.

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