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FCA compromises with France, moving Renault merger bid forward

FRANKFURT/PARIS – Renault directors were preparing to review Fiat Chrysler's $35 billion merger offer on Tuesday, after the Italian-American carmaker resolved differences with the French government overnight, three sources said. The compromise on French government influence over a combined FCA-Renault may clear the way for Renault's board to approve a framework agreement beginning the long process of a full merger, unless new issues surface at the meeting. France, Renault's biggest shareholder with a 15% stake, had been pressing for its own guaranteed seat on the new board and an effective veto on CEO appointments. But after late-night talks with FCA Chairman John Elkann, the French government has accepted a compromise that would see it occupy one of four board seats allocated to Renault, balanced by four FCA appointees, the sources said. Renault would also cede one of its two seats on a four-member CEO nominations committee to the French state, they said. Renault, FCA and the French government all declined to comment on the discussions. The same evening that the compromise was was negotiated, activist hedge fund CIAM wrote to the board of Renault to say it "strongly opposed" a planned $35 billion merger with Fiat Chrysler. Calling the deal "opportunistic," the fund said the current deal terms strongly favored Fiat Chrysler and offered no control premium. (Reporting by Arno Schuetze and Laurence Frost; additional reporting by Giulio Piovaccari in Milan and Simon Jessop; editing by Jason Neely and Rachel Armstrong) Government/Legal Chrysler Fiat Mitsubishi Nissan Renault merger

Detroit automakers gain market share simultaneously for first time in 20 years

While monthly sales figures might be an easy way of tracking the progression of the auto industry and individual automakers, looking at market share might be more indicative of how each company is actually standing up against its competitors. For the Detroit Three automakers, they have collectively lost almost 30 percent of the market over the last 20 years, but now, for the first time since 1993, Ford, General Motors and Chrysler have each posted market share gains at the same time.
According to Automotive News, Ford's share increased the most by 0.7 percent, GM was up 0.5 percent and Chrysler rose marginally by 0.2 percent, giving the Detroit automakers a total market share of 45.6 percent. As for the Japan's Big Three, the article reports that Toyota is up by 0.7 percent, Nissan is down the same amount and Honda has seen "little change."

IIHS study finds minivans are unsafe for second-row passengers

The Insurance Institute for Highway Safety (IIHS) updated its moderate overlap front crash test in late 2022, and it found that four minivans struggle to protect second-row passengers. The agency stresses that minivan manufacturers need to prioritize safety for the rear occupants. While the minivan is no longer a common sight in driveways across America, it remains relatively popular among buyers with kids and gear to haul around. The IIHS tested four models: the Chrysler Pacifica, the Kia Carnival, the Toyota Sienna and the Honda Odyssey. These vans were put through an updated test that places a dummy the size of a small woman or a 12-year-old child in the seat directly behind the driver. IIHS explains that, for a vehicle to earn a "good" rating, there can't be an excessive risk of injury to the head, neck, chest or thigh. None of the four minivans achieved that distinction; the Pacifica, the Carnival and the Sienna got a "marginal" rating, while the Odyssey scored a "poor" rating. IIHS also points out that, with the exception of the Sienna, these vans lack a seatbelt reminder for the second-row passengers. Chrysler Pacifica View 5 Photos "The restraint systems in all four vehicles leave the second-row occupant vulnerable to chest injuries, either because of excessive belt forces or poor belt positioning. That's concerning because those injuries can be life-threatening," said Jessica Jermakian, the IIHS vice president of vehicle research, in a statement. IIHS stresses, in spite of these results, the back seat remains the safest place for children to travel in. In the Sienna, the rear dummy "submarined" (or slid forward) beneath the lap belt while the shoulder belt moved toward the neck. In the Carnival and the Pacifica, the seatbelt put too much force on the dummy's chest. IIHS adds that, alarmingly, the Pacifica's side curtain airbag did not deploy during the crash test and that the forces exerted on the dummy's neck were high in the Carnival. In the Odyssey, the forces exerted on the head and on the neck were even higher, and the dummy's head came too close to the front seatback in spite of the seatbelt. On a brighter note, all four vans earned a "good" rating for front-passenger protection. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Chrysler Honda Kia Toyota Safety Minivan/Van IIHS crash test Insurance Institute for Highway Safety