Back in March this year, Renault announced it would sell its entire 1.54% stake in Daimler as part of efforts top generate funds for turnaround initiatives. Nissan, the French carmaker’s partner and fellow member of the Renault–Nissan–Mitsubishi Alliance has now done the exact same thing.

The Japanese company recently confirmed the sale of its 1.54% share in Daimler, which brought gross proceeds of approximately 1.149 billion euros with each share being valued at 69.85 euros. In an official release, Nissan said that the proceeds from the sale will allow it “to further strengthen and enhance its business competitiveness, including investments to promote electrification.”

Despite the sales, Nissan says that its industrial partnership with Daimler remains unchanged and both parties will continue to collaborate in several areas. In the past, the companies collaborated on a number of projects including the development of the Q30 and QX30, which were compact cars under Nissan’s luxury arm, Infiniti. More recently, there was the short-lived Mercedes-Benz X-Class based on the Navara.

According to Automotive News, there were larger initial plans that never materialised, so the cross-shareholdings were no longer deemed necessary. As it stands, Daimler still owns an equity in both Renault and Nissan, although the company has yet to reveal if it will continue holding on to those shares.