Nissan’s 2022 contribution to Renault results highest in four years

PARIS (Reuters) – French carmaker Renault, which is revamping its 24-year old alliance with Nissan, said on Thursday the Japanese firm contributed 174 million euros ($187 million) to its own results in the fourth quarter.

The total contribution for 2022 stood at 526 million euros, the highest amount since 2018 and up from 352 million euros in 2021.

In 2018, Nissan contributed 1.5 billion euros to Renault’s earnings, a watershed year for the alliance which was thrown into turmoil by the arrest of its architect and founder Carlos Ghosn amid accusations of financial wrongdoing.

Nissan Motor Co earlier on Thursday posted a better-than-expected 155% jump in third-quarter operating profit, boosted by a weaker yen and cost management.

Renault, which under the overhaul of the partnership will cut its stake in Nissan to 15% from 43% now, will announce its own full-year results on Feb. 16. The stake that is being cut will be placed in a French trust, with Renault continuing to cash in on related dividends.

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(Reporting by Gilles Guillaume; writing by Silvia Aloisi; Editing by Richard Lough)