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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.

Icon's 1966 Fiat Giardinetta is a quaint electric city car

If city cars are the ideal candidates for electric powertrains, then the compact Fiat 500 is near perfect for the green technology. Fiat currently offers a brand-new 500e, but for those who like an old-school vibe, Icon 4x4 has just the number. In collaboration with Stealth EV, Jonathan Ward and his team converted a gorgeous 1966 Fiat 500 Giardinetta to full battery electric. Dubbed the Fiat Giardinetta EV Derelict, due to the maintenance of the original car's exterior, this 1966 gem was able to fit electric components while keeping its four-seat configuration. The car has six Tesla-sourced batteries, two in the front and four in the rear to keep things balanced. It uses an Orion battery management system and an AC35 motor. The suspension was bolstered up with coilovers, a bigger panhard bar was added, and the car now uses upgraded disc brakes. Hilariously, it has similar, if not better, specs than Fiat's current 500e. Icon and Stealth EV claim the car has about 80 horsepower and about 100 pound-feet of torque. Using a single-speed gearbox, it revs up to 5000 rpm, and due to the electric powertrain, has 100 percent of its torque the entire way up. The battery kit was able to achieve 120 miles of range at 65 mph in a test run, and the company estimates it could reach 150 miles on a single charge when driven in less taxing city conditions. Keep in mind, this car only has heat but no air conditioning (cold air was possible, but it would be pricey and isn't really necessary when it already has a retractable top). Extra Icon modifications included new weather stripping, new glass seals, and added Dynamat to quiet the old car down. Icon also reupholstered the seats with marine-rated vinyl and incorporated a few Italian leather accents. According to Stealth EV, similar battery modules are available for around $1,500 (remember there are six of these modules in this Fiat) and the kit is not a one-off-specific job. Now that they have the CAD specs, the setup could be replicated fairly easily. We suddenly want a completely impractical mini station wagon. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

FCA earnings improve in first quarter

Following on the recent global financial releases from Ford and from General Motors for the first quarter of 2015, FCA is now putting out its own numbers, and things look quite good for the company. The automaker posted adjusted earnings before taxes and interest of $895 million, a 22-percent jump from Q1 2014, and net profits of $103 million, a $296-million boost from last year. Revenue was also up 19 percent to $30 billion. Despite the favorable figures, actual worldwide shipments fell slightly by 2 percent to 1.1 million vehicles. FCA is giving some credit for these strong Q1 results to the automaker's performance in the NAFTA region. Shipments grew 8 percent to 633,000 vehicles, and net revenue jumped a strong 38 percent to $18.1 billion. Adjusted earnings reached $672 million, compared to $425 million in 2014. The company especially praised the Jeep Renegade, Chrysler 200, and Ram 1500 for helping the bottom line. The numbers could have been even higher, but the corporation admitted that "higher warranty and recall costs" partially drug things down. For the full year in 2015, FCA expects to ship between 4.8 and 5 million vehicles worldwide and post up to $5 billion in adjusted earnings. There should be about $1.3 billion in net profit, as well. FCA CLOSED Q1 WITH NET REVENUES OF ˆ26.4 BILLION, UP 19% AND ADJUSTED EBIT AT ˆ800 MILLION, UP 22% 30/04/15 FCA closed Q1 with net revenues of ˆ26.4 billion, up 19% and adjusted EBIT at ˆ800 million, up 22%. Net industrial debt was ˆ8.6 billion, up ˆ0.9 billion. Full year guidance confirmed. Worldwide shipments were 1.1 million units, 2% lower than Q1 2014, reflecting strong performance in NAFTA and weak market conditions in LATAM. Jeep's positive performance continued with worldwide shipments up 11% and sales up 22%. Net revenues were up 19% to ˆ26.4 billion (+4% at constant exchange rates, or CER). Adjusted EBIT was ˆ800 million, up ˆ145 million from Q1 2014, with all segments except LATAM posting positive results. The positive impact of foreign exchange translation was offset by negative impacts at a transactional level. Net profit was ˆ92 million, up ˆ265 million compared to the net loss of ˆ173 million in Q1 2014. Net industrial debt was ˆ8.6 billion, up ˆ0.9 billion from year-end mainly due to timing of capital expenditures and working capital seasonality. Liquidity remained strong at ˆ25.2 billion. The Group confirms its full-year guidance.