Overview

• Renault moved its 35.71% participation in Nissan from the equity method to a fair-value financial asset, triggering a €9.5 billion impairment in its first-half results.
• The accounting change, effective June 30, 2025, isolates future Nissan performance from Renault’s income statement.
• The noncash loss does not alter Renault’s liquidity position or its dividend calculation for 2025.
• The one-off write-down closes out past divestment losses and paves the way for further sales as the Alliance reduces cross-shareholdings.
• Nissan’s share price has plunged from ¥1,500 to ¥350, and the automaker plans 20,000 job cuts by fiscal 2027 amid its own deep restructuring.