Renault Sells Remaining 6.5% Stake in Volvo Trucks for €1.48-Billion
Now, they have sold the remaining 6.5% share they still had in the company, for €1.48-million, or $1.93-million. Following the completion of the deal, Renault Trucks will become a fully-fledged division of Volvo Trucks, with no connection whatsoever with Renault.
According to an industry analyst, Sascha Gommel, “It’s really positive for them because they need the cash to invest in the automotive business and this clearly distinguishes them from PSA [ . . . ] This puts them in a situation to invest in new models, in new technologies, unlike PSA which is really short with regards to cash-flow.”
This all means that Renault will now concentrate and dedicate itself fully to the development of passenger cars, and with some extra cash in the piggy bank following the sale of their shares, they seem to be doing better than PSA, which has recently announced additional job cuts.