French carmaker Renault does not plan to sell its stake in Volvo, its Chief Operating Officer Patrick Pelata said, despite earlier saying that he was disposed to sell it.
Renault earlier said that the 20.7 percent stake in Volvo is not strategic but that the company would not be pushed into selling.
“For the moment, selling of shares in Volvo is not an intention that we wish to materialise in the short-term,” Pelata said during the launch of a Renault research facility in Romania.
Pelata had earlier said that he was disposed to sell the stake.
“And then we will see what needs to be done, taking into account the prices we could get for these shares and the financing needs. Renault does not have any financing or cash flow problems,” he added.
Pelata also said the group was currently focusing on the possibility of manufacturing its successful Dacia Duster brand in India.