Citing sources within Renault, the report outlines the possibility of Renault selling a part of its 43 percent share at Nissan to raise “billions of euros” to fund its EV development. Nissan is most likely first in line to re-acquire some of its shares, re-balancing the 23-year-old alliance which was considered as “lopsided” in favor of Renault.

If Renault opts to reduce their stake at Nissan to 15 percent (matching Nissan’s stake in Renault), they could possibly raise some 4.65 billion euros. It is unlikely that Renault would share its entire stake since it would weaken the alliance.

Another possibility is Renault might share its Nissan stake to another automaker altogether. That unlikely automaker emerging as a would-be investor is China’s Geely.

It must be remembered, Renault and Geely reached a joint production deal earlier this year for a South Korean auto plant. The French automaker and the Chinese automotive giant may also cooperate in China.

It’s understood that the Russian invasion of Ukraine triggered Renault’s decision to sell some of its stake at Nissan after they were forced to shutter its operations in Russia amounting to around 2.2 billion euros (USD 2.4 billion).

Renault is also looking to spin off its EV business as a separate unit. Nissan could then become a partner in the French automaker’s hybrid and combustion-engine business operations.