Nissan Motor Co is likely to pull out from a venture capital fund it runs with alliance partners Renault SA and Mitsubishi Motors, as part of the Japanese automaker’s drive to cut costs and conserve cash, sources said.
Nissan will formally take a decision on whether to leave the fund, Alliance Ventures, by the end of this month, the two Nissan insiders told Reuters, declining to be identified because the information has not been made public.
A Nissan spokeswoman said it was speculation and declined to comment. A Mitsubishi spokesman said no decision had been made.
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. China sales plunged 80% last month.
