In a statement on Friday, Japanese automaker Nissan Motor Co said, it was too early to say whether it would spin off its electric vehicle (EV) business like Renault is seeking to do.

“It’s too early to consider because of our diversified market portfolio and diversified product portfolio,” said Nissan COO Ashwani Gupta.

Earlier in April, Renault had said all options were on the table for separating its EV business, including a possible public listing of its EV business, as it seeks to catch up with rivals.

This move had led to speculations that the French automaker could consider lowering its stake in Nissan.

Renault has a 43.4% stake in Nissan, which in turn has a 15% non-voting stake in Renault. The structure of their partnership has been a source of friction in Japan.

“As an alliance member, Nissan would support Renault’s endeavors”, said Gupta. “At the same time, Nissan needs to focus on both electric vehicles and internal-combustion engine cars that include the hybrids”.

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Tags: Ashwani Gupta, automaker, electric vehicle, EV, EV business, hybrids, Japan, Japanese, market portfolio, Nissan COO, Nissan Motor Co, product portfolio, public listing, Renault, separate, separating, spin off