AsianFin -- Nissan Motor plans to further reduce its ownership stake in longtime French partner Renault, CEO Ivan Espinosa told the Nikkei business daily in an interview published Monday.

The move comes after both automakers agreed in March to lower their mutual shareholding thresholds from 15% to 10%. Under the terms of that agreement, any share divestments must be coordinated between the two companies and are subject to a right of first refusal.