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FCA withdraws its offer to merge with Renault

UPDATE: Fiat Chrysler Automobiles released a statement confirming that it has withdrawn its merger offer, saying "it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully." The full statement can be read below our original story, which continues below. Fiat Chrysler has withdrawn its $35 billion merger offer for Renault, the Wall Street Journal and Bloomberg News reported on Wednesday. A source said that FCA had informed Renault it had withdrawn the offer after Renault's board of directors failed to reach a decision on the merger during a meeting that ran late into the night Wednesday. Instead, the board granted the French government's request to postpone its vote. The government wanted time to persuade Renault's reticent alliance partner Nissan. Renault's board issued a press release that said simply that it was "unable to take a decision due to the request expressed by the representatives of the French State to postpone the vote to a later Council." WSJ reported that Nissan's two members on Renault's board were balking, while the rest of the board favored the merger. The French government wouldn't it back the deal unless Nissan agreed to maintain its role in the Renault-Nissan alliance, sources said. Nissan had received little advance warning of the merger proposal and was balking. Apparently the French government thought Nissan could be brought around if given more time. "We should take our time to make sure that things are done well," French Finance Minister Bruno Le Maire told French television on Wednesday. When the French requested a delay and Renault's board granted it, FCA withdrew. The French state, which owns 15% of Renault, had also been seeking more influence over the merged company, firmer job guarantees and improved terms for Renault shareholders in return for blessing the $35 billion tie-up. The merger would have created the world's third-biggest automaker with combined sales of 8.7 million vehicles per year, and was intended to cut costs as the parties develop electric and autonomous vehicles. Read Fiat Chrysler Automobile's full statement below: FCA withdraws merger proposal to Groupe Renault June 5, 2019 , London - IMPORTANT NOTICE The Board of Fiat Chrysler Automobiles N.V. ("FCA") (NYSE: FCAU / MTA: FCA), meeting this evening under the Chairmanship of John Elkann, has resolved to withdraw with immediate effect its merger proposal made to Groupe Renault.

Mitsubishi Europe boss says two new PHEV crossovers due next year

In an interview with Automotive News Europe, Mitsubishi's European CEO Bernard Loire told the publication, "In the second half of next year we will have a replacement of the current Outlander. It will be on an alliance platform. There also will be another smaller SUV coming at the same time." The statements came in response to a question about expanding the automaker's plug-in hybrid lineup, leading readers to expect that by this time next year, Mitsubishi will have two crossover PHEVs on the market. The current Outlander has been on the market since late 2012, the plug-in hybrid showing for the 2014 model year. We've already seen fairly polished versions of fourth-generation Outlander prototypes out testing, sporting looks inspired by the Engelberg Tourer concept revealed at this year's Geneva Motor Show. Some suspect the 2.0-liter four-cylinder in the current PHEV powertrain will make way for a 2.4-liter mill as in the Engelberg, paired with high-efficiency motors on both axles. The show car also touted features like all-wheel drive improved with active yaw control and enhanced anti-lock braking software. Figure on an EV range that improves the current Outlander PHEV's 22 miles, going perhaps as far as the Engelberg's 43 miles. Loire didn't give away anything about the second model, but an Autocar report from earlier this year quoted "a senior source" as saying "We will not have a unique nameplate" for the second battery-electric vehicle. The magazine said the Eclipse Cross and Outlander Sport are in line for series hybrid powertrains, without indicating which might come first. Loire told AN the brand's doing fine with respect to Europe's coming CO2 legislation, so it doesn't need to make rash moves. With the Eclipse Cross forming 20% of sales on the Continent, the middle crossover would be a rational choice for the next plug-in hybrid, especially since it's retiring the 2.2-liter diesel option around the end of 2020. On the other hand, the Outlander Sport will be 10 years old next year, a replacement can't be far away. The new plug-ins come with the realignment of Mitsubishi's crossover range. The Outlander, sitting on a new architecture shared among the Renault-Nissan-Mitsubishi alliance, will grow into a proper mid-size choice; the prototype spotted in Michigan is clearly larger than the current vehicle.

Renault's ambitious EV strategy relies on historic nameplates

PARIS — Renault unveiled a more ambitious strategy for electric vehicles (EVs) on Wednesday, betting on new, affordable versions of its iconic small cars of the past to catch up with Volkswagen in the fast-growing sector. The French carmaker's Chief Executive Luca de Meo said it would launch 10 new EVs by 2025 and that all-electric vehicles would account for up to 90% of its models by 2030, dropping its reliance on hybrids to hit the target under a previous plan. Renault is betting that an electric version of its classic Renault 5 compact car, which was discontinued in the 1990s, will capture the imagination of today's drivers when it goes on sale in the first half of 2024. At a live-streamed presentation on Wednesday, the company also offered a fleeting glimpse of its new electric "4ever." model. Two sources close to the company said it was a revival of the Renault 4 hatchback which went out of production last century. "Today is an historic acceleration of Renault Group's EV strategy," de Meo said in a statement. De Meo said that new, purpose-built electric car platforms and a cluster of production sites in northern France would allow Renault to deliver EVs at a lower cost. The first of its new EVs will be the MeganE hatchback which is due to go on sale in the first half of 2022. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. By 2030, Renault and its alliance partners, Nissan and Mitsubishi, will be producing 1 million EVs globally a year, up from the 200,000 they made in 2020, the French carmaker said. Tesla, the world's most valuable carmaker, is already close to hitting that target, with sales of between 840,000 and 1 million EVs projected for this year. Shrinking share Renault's Zoe model, the biggest-selling battery electric car in its segment in Europe for years, is losing ground to models such as Volkswagen's ID.3 compact electric car. Figures from database EV-Volumes.com showed Volkswagen's share of the EV market in Europe soared to 25% last year from 14% in 2019, overtaking the Renault-Nissan-Mitsubishi alliance, whose share shrank to 19% from 23% in 2019. In the first quarter of 2021, Renault's share fell further to 15%, tying with Tesla for third place behind Volkswagen on 21% and Stellantis on 17%, EV-Volumes.com data showed.