Daimler, parent company of Mercedes-Benz, will continue to work with Renault but is dissolving its equity ties with the French carmaker.
Automotive news in Europe reports that Daimler is selling its € 316 million ($ 493 million) stake in the French carmaker.
It is the latest step in the dissolution of equity ties in the three-way partnership between Daimler, Renault and Nissan.
In May 2021, Nissan sold its entire 1.15 billion euro ($ 1.79 billion) stake in Daimler, with Renault selling its stake in Daimler a couple of months earlier in March 2021.
Both Nissan and Renault reported huge multi-billion dollar losses in the 2019-20 financial year, exacerbated by the global COVID-19 pandemic.
Daimler’s industrial partnership with Renault remains unchanged and will not be affected by the decision, according to a statement released to Automotive news in Europe.
At present, Daimler still has a 3.1% stake in Nissan, but this is expected to be dumped in the future.
In 2010, all three companies announced that they have a minority stake in each other with the aim of producing shared engines, vehicles, platforms and production facilities.
This saw the companies jointly develop the second-generation Smart ForFour and third-generation Renault Twingo city cars, neither of which were sold here.
The Infiniti brand as a whole and the X-Class ute were cut in Australia in 2020 following poor sales.
He also plans to reveal a Class T people mover based on the same Kangoo bones.
Fully electric versions of both of these vehicles are planned, with the eCitan joining the range from the second half of 2022.
Mercedes-Benz claims the eCitan has a range of 285km in WLTP tests and can charge 10 to 80 percent in 40 minutes.
He also says not to expect payload or towing losses on the traditional Citan internal combustion van.
Mercedes-Benz says both of these models are being evaluated for the Australian market.