Reuters was first to report Nissan Motor Co is likely to pull out from a venture capital fund it runs with alliance partners Renault and Mitsubishi Motors, as part of the Japanese automaker’s drive to cut costs and conserve cash. The move comes as Nissan – which has seen its earnings slump – is now facing a downturn in China, its biggest market, due to the impact of the coronavirus outbreak. It also highlights the extent of the automaker’s cost-cutting under new CEO Makoto Uchida, who is under pressure for a quick turnaround.
Reuters first to report Nissan to pull out of venture fund with Renault
10 March 2020, 12:00 am 1 minute
Type: Reuters Best
Win Types: Exclusivity
Story Types: Exclusive / Scoop