Japan automaker Nissan reports profit rise despite China stumble, outlines Renault alliance

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Nissan and Renault have redefined its French-Japanese auto alliance into a more equal one in cross-shareholdings. The disparity between the holdings has long been a cause of friction in the alliance, set up in 1999. Nissan is investing 600 million euros, or $663 million, in Ampere, Renault’s electric vehicle and software entity in Europe. Renault and Nissan will retain cross-shareholdings of 15% in each other. Nissan says its April-June profit more than doubled to 105.5 billion yen, or $753 million. Despites sales stumbles in China related to COVID, sales in other regions grew and the weak yen helped boost Nissan’s bottom line.