Nissan’s stock value has taken a significant hit following the sale of a substantial stake by the Mercedes-Benz pension trust. The news comes as the Japanese carmaker simultaneously unveils a completely redesigned version of its popular Roox kei car, packed with new technology and a refreshed design.
Mercedes Pension Trust Offloads Nissan Stake
In a significant market move, the pension trust for German automotive giant Mercedes-Benz has sold its entire 3.8% holding in Nissan Motor. The sale of approximately 140 million shares was finalised at a price of ¥341.30 per share. This represented a 5.98% discount on the previous day’s closing price of ¥363, which had been a two-month high for the stock.
Following the announcement, Nissan’s shares fell by 6.3% in trading on the 26th of August.
According to sources familiar with the matter, the offering was heavily oversubscribed, attracting more than ten times the number of available shares. Demand was reportedly driven by long-term investors based in Europe and the United States, with the top ten investors securing approximately 70% of the allocation. The sale was managed by bookrunners Citigroup and Morgan Stanley.
A spokesperson for Mercedes-Benz explained that the Nissan shares, which were transferred to the pension fund in 2016, are no longer considered strategically important. The sale is being described as part of a routine portfolio cleanup.
Nissan Reveals Fully Redesigned Roox Kei Car
In a separate development, Nissan has unveiled the new version of its Roox model, marking the vehicle’s first full redesign in five years. The updated kei car, scheduled to go on sale this autumn, will be produced at Mitsubishi Motors’ Mizushima Plant in Kurashiki, Okayama Prefecture.
The new model boasts a significant technological upgrade, featuring a Google-integrated “Nissan Connect” infotainment system, the latest Around View Monitor, and a large digital display. The driver assistance systems have also been enhanced with improved side and rear detection capabilities. In response to customer feedback that the previous model appeared small for its class, the exterior has been redesigned to give it a more substantial presence.
Interestingly, Nissan has decided to discontinue the “Smart Simple Hybrid” system offered on all current grades. The company stated this decision was made to balance rising costs against the system’s fuel efficiency benefits. The cost savings have been reinvested into the new advanced features. Nissan assures that despite the removal of the hybrid system, engine improvements will ensure the new Roox achieves fuel economy on par with the outgoing model.
A Nod to a Classic Design?
The design of the new Roox features a “rounded-corner square” motif, which is apparent in the headlights, door handles, and even the interior elements like the headrests. Nissan says the aim was to create a friendly, individualistic look and an interior that feels as relaxing as a living room. A unique two-tone paint option, which separates the colours below the car’s beltline rather than at the roof, has also been introduced.
The boxy, yet soft aesthetic has drawn comparisons to Nissan’s past iconic model, the Cube. “We didn’t set out to create a new Cube, but as we pursued a square and boxy style, it ended up that way,” commented Yuki Tanaka, Chief Product Specialist at Nissan. “The resemblance has been received very positively by our dealerships. We’re lucky that it seems to evoke the same good impression that the Cube did.”