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Renault to propose joint holding company with Nissan, Nikkei reports

TOKYO — Renault SA will propose to Nissan Motor Co a plan to create a joint holding company that would give both firms equal footing as the French automaker seeks further integration with its Japanese partner, the Nikkei newspaper reported on Friday. Under the proposal, both firms would nominate a nearly equal number of directors to the new company in which ordinary shares in both Nissan and Renault would be transferred on a balanced basis, the newspaper said, without citing sources. This would effectively dilute the stake held by the French government in Renault to around 7-8 percent, from its current 15 percent, it added. The new company would be headquartered in a third country, such as Singapore. Renault plans to make the proposal to Nissan soon, the Nikkei said, having modified an earlier merger idea that Nissan rejected on April 12. Nissan declined to comment on the issue. The Financial Times newspaper reported that both Nissan and the Japanese government have refused to engage in merger talks with Renault. The report of the proposal comes as the outlook for the alliance — one of the world's top automaking partnerships — has clouded since the arrest in November of its main architect, Carlos Ghosn, for suspected financial misconduct. It also comes as Nissan's financial performance struggles following years of focusing on volume sales over building its brand, particularly in the United States, its biggest market. Nissan slashes its forecast This week, the Japanese automaker slashed its profit forecast for the year just ended to its lowest in nearly a decade, citing weakness in its U.S. operations. Renault for years has been vying for a closer merger with Nissan, which it rescued from the brink of bankruptcy two decades ago. Ghosn had been working to achieve a deeper integration before his arrest on financial misconduct charges in November last year. While the automakers have been consolidating many of their operations over the past decade, including procurement and production, many executives at Nissan have opposed an all-out merger with Renault. Instead, Nissan has argued for a more equal footing with Renault, which holds a 43 percent stake in its bigger partner. Nissan holds a 15 percent stake in Renault. It was unclear whether Renault would hold the casting vote in major decisions at the new company, as it did in Renault-Nissan B.V., a strategic management company jointly held by both companies that oversaw operations for the partnership.

What $40k worth of lights and chrome does to a JDM truck

Japan's dekotora truck culture allows big rig drivers to express themselves by decking out their vehicles with a plethora of blinking lights and shining chrome. While we occasionally catch glimpses of this automotive lifestyle in the US, this short documentary called Dekotora, Another Roadside Attraction takes viewers inside the dekotora truck scene with someone who actually drives one everyday. Takuya Sosogi carries fresh vegetables between markets and claims he has covered the over 2 million kilometers (1.2 million miles) in his dekotora. He also has spent around 5 million yen ($46,200 at current rates) to make his Mitsubishi Fuso light up the night. At this point the truck has become among the most important parts of his life. Sosogi believes that taking good care of his rig is akin to looking after himself. Despite the blinking lights and polished metal, Sosogi's truck is almost subdued by dekotora standards. Some of the rigs feature lighting rigs that rise high into the sky and sport crazy body modifications. Watch the entire documentary above for a look into this fascinating Japanese automotive subculture. Related Video:

Jeep Wrangler and Mitsu PHEV driven, and Ford is up to something | Autoblog Podcast #539

On this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Green Editor John Beltz Snyder and Associate Editor Joel Stocksdale. We talk about driving the 2018 Jeep Wrangler and Mitsubishi Outlander PHEV we had at our office. We speculate about the Ford Maverick and Michigan Central Station, talk Porsche Cayenne E-Hybrid news, and help spend a listener's money on a pair of vehicles. Autoblog Podcast #539 Your browser does not support the audio element. Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars in the office: Jeep Wrangler and Mitsubishi Outlander PHEV Ford trademarks Maverick and Timberline Ford to buy Michigan Central Station? Porsche Cayenne E-Hybrid details Spend my money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Green Podcasts Rumormill Ford Jeep Mitsubishi Porsche Car Buying Used Car Buying Crossover SUV Electric Hybrid Luxury Off-Road Vehicles michigan central station