TOKYO (Reuters) -Nissan Motor ( NSANF ) CEO Ivan Espinosa said that the company plans to reduce the automaker's stake in French partner Renault, the Nikkei business newspaper reported on Monday.

Selling its entire 5% stake in Renault would raise about 100 billion yen ($640 million) at current share prices, funds Nissan ( NSANF ) plans to use for new vehicle development amid challenging business conditions, the report said.