The French carmaker, which owns 35.71% of Nissan, said the financial hit from the change has no impact on its cash position nor on the calculation of its dividend.

Renault will book a one-off loss of about 9.5 billion euros ($11 billion) on its stake in Nissan Motor, the French carmaker said on Tuesday, writing down its years-long investment in its Japanese partner that is battling slumping sales.

The situation is desperate here in the U.S., which is Nissan’s largest single market. Vinay Shahani, who heads up U.S. sales for Nissan, told dealer representatives that early Q2 sales figures were nothing short of an “ absolute catastrophe .”