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Nissan didn't have much say in merger talks, but it had what FCA wanted

TOKYO — Nissan wasn't consulted on the proposed merger between its alliance partner Renault and Fiat Chrysler, but the Japanese automaker's reluctance to go along may have helped bring about the surprise collapse of the talks. While Nissan Motor Co. had a weaker bargaining position from the start, with its financial performance crumbling after the arrest last year of its star executive Carlos Ghosn, it still had as its crown jewel the technology of electric vehicles and hybrids that Fiat Chrysler wanted. The board of Renault, meeting Thursday, didn't get as far as voting on the proposal, announced last week, which would have created the world's third biggest automaker, trailing only Volkswagen AG of Germany and Japan's Toyota Motor Corp. When the French government, Renault's top shareholder with a 15% stake, asked for more time to convince Nissan, Fiat Chrysler Chairman John Elkann abruptly withdrew the offer. Although analysts say reviving the talks isn't out of the question, they say trust among the players appears to have been broken. "The other companies made the mistake of underestimating Nissan's determination to say, 'No,' " said Katsuya Takeuchi, senior analyst at Mitsubishi UFJ Morgan Stanley Securities in Tokyo. The Note, an electric car with a small gas engine to charge its battery, was Japan's No. 1 selling car, the first time in 50 years that a Nissan beat Toyota and Honda. Renault and Fiat Chrysler highlighted possible synergies that come from sharing parts and research costs as the benefits of the merger. But what Fiat Chrysler lacks and really wanted was what's called in the industry "electrification technology," Takeuchi said. With emissions regulations getting stricter around the world, having such technology is crucial. Yokohama-based Nissan makes the world's best-selling electric car Leaf. Its Note, an electric car equipped with a small gas engine to charge its battery, was Japan's No. 1 selling car for the fiscal year through March, the first time in 50 years that a Nissan model beat Toyota and Honda Motor Co. for that title. Nissan is also a leader in autonomous-driving technology, another area all the automakers are trying to innovate. "Although Nissan had no say, its cautionary stance on the merger ended up being very meaningful," Takeuchi said.

Fiat Titano revealed as rugged, body-on-frame pickup for global markets

Fiat has never sold a truck in the United States, but its name has appeared on a diverse selection of pickups in global markets. The brand's latest entry into the segment is named like a Nissan, shaped like a Peugeot, and due out on at least two continents in the coming months. Product planners opened a book about Greek mythology when the time came to name the truck. Nissan has already claimed the "Titan" nameplate, so Fiat picked the Italian spelling: Titano. The pickup's ties to Greece and Italy end there. It's a badge-engineered version of the Peugeot Landtrek, which was developed jointly with China-based Chang'an and has been on sale in a handful of countries since 2020. Like the Landtrek, the Titano stretches 212.2 inches long in double-cab configuration, 75.6 inches wide, and 71.6 inches tall. These figures make it about an inch longer, almost exactly as wide, and around three inches lower than the latest version of the Ford Ranger. Buyers in some markets, like Algeria, will also have a 209.8-inch long single-cab version to choose from. The line-up also includes several trim levels ranging from basic variants with black bumpers and steel wheels to more upmarket-looking versions with alloy wheels and a touchscreen. On the Algerian market, power for the Titano comes from a 1.9-liter turbodiesel four-cylinder engine rated at 147 horsepower and 258 pound-feet of torque. Rear-wheel-drive and a six-speed manual transmission come standard, and four-wheel-drive is optional. The truck offers a 2,500-pound payload, though its towing capacity hasn't been published, and it features old-school rear leaf springs in the name of simplicity. Fiat singled out Algeria and Brazil as the Titano's main markets, though the model could later land in other countries. On the Brazilian market, it will join a pair of unibody models called Strada and Toro, respectively. Don't expect to see it in the United States, however.

Why FCA-PSA merger is no quick fix for their China problem

BEIJING — Fiat Chrysler and Peugeot owner PSA's merger is unlikely to provide a quick fix to their problems in China, as both companies have long struggled to find the right products at the right price for the world's top car market, analysts say. The companies said on Thursday they aimed to reach a binding deal in the coming weeks to create the world's fourth-biggest automaker by production volume. But scale alone will not make Italian-American Fiat Chrysler Automobiles (FCA) and France's PSA Group more competitive in a market where they have been slow to adapt to trends and win over consumers, leading their sales to lag far behind foreign rivals such as Volkswagen and General Motors. PSA does not have enough competitive SUV models, and neither company has enough electric and plug-in hybrid vehicles, or enough cars packed with hi-tech features for Chinese tastes, analysts say. In a market where 28 million cars were bought in 2018, FCA sold just 155,215, while PSA sold 257,723, according to consultancy LMC Automotive. At the end of September, FCA had a market share of 0.5% in China's passenger car market, while PSA's was 0.6%. Analysts say they have been squeezed by Japanese and local brands, which have product line-ups better suited to Chinese tastes at cheaper prices. "Both companies are very home-market centred and have failed to adapt to shifts in Chinese market preferences," said Bill Russo, head of Shanghai-based consultancy Automobility Ltd and a former senior Asia-based Chrysler executive. "Neither company has recognized and delivered on the trends of shared, connected and electric vehicles,” Russo said. That makes them ill-prepared to deal with further shifts in the Chinese market, which saw annual sales contract for the first time since the 1990s last year and is expected to see another drop this year. "China's overall market is experiencing a transmission and adjustment period," said Alan Kang, a Shanghai-based senior analyst at LMC Automotive. "It is very hard for these two companies, which do not have enough competitive up-to-date products, to quickly recover with the merger." FCA has a partnership in China with Guangzhou Automobile Group, which said on Thursday it backed the merger. PSA has been trying to reboot its operations in China.