Nissan contributed 49 million euros ($51.1 milllion) to Renault Group’s first quarter net income, the companies said Thursday.
Renault Group holds a 43 percent stake in Nissan, which in turn holds 15 percent of Renault. Plans to reapportion the ownership shares have been a point of contention for years, friction that only intensified after the November 2018 arrest of former Nissan and alliance Chairman Carlos Ghosn.
Nissan’s contribution has shrunk considerably since the years when Ghosn ran the alliance. In 2018, it was 1.5 billion euros, which represented 46 percent of Renault Group’s net profits.
In 2020, with both companies suffering deep losses partly tied to the pandemic, but also to lingering management turmoil following Ghosn’s arrest, Nissan’s contribution was negative 4.97 billion euros.
That figure improved to a positive contribution of 380 million euros in Renault’s 2021 fiscal year.
Nissan’s 2021 fiscal year results, released on Thursday, showed the automaker returning to profitability after three years of losses. Operating profit was 247.3 billion yen ($2.03 billion).
Renault’s net profit in 2021 was 888 million euros.