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FCA-Renault revival may hinge on willingness to cut Nissan stake

Fiat Chrysler Automobiles and Renault are looking for ways to resuscitate their collapsed merger plan and secure the approval of the French carmaker's alliance partner Nissan, according to several sources close to the companies. Nissan is poised to urge Renault to significantly reduce its 43.4% stake in the Japanese company in return for supporting a FCA-Renault tie-up, two people with knowledge of its thinking also told Reuters. It is still far from clear whether any concerted effort to revive the complex and politically fraught deal can succeed. FCA Chairman John Elkann abruptly withdrew his $35 billion merger offer in the early hours of June 6 after the French government, Renault's biggest shareholder, blocked a vote by its board and demanded more time to win Nissan's backing. Nissan representatives had said they would abstain. The failure, which FCA and Renault blamed squarely on the French government, deprived both companies of an opportunity to create the world's third-biggest carmaker with 5 billion euros ($5.6 billion) in promised annual synergies. It also shone a harsh light on Renault's relations with Nissan, which have gone from frayed to fried since the November arrest of former alliance Chairman Carlos Ghosn, now awaiting trial in Japan on financial misconduct charges he denies. REVIVAL TALKS Italian-American FCA — whose brand stable encompasses Fiat runabouts, Jeep SUVs, RAM pickups, Alfa Romeo luxury cars and Maserati sports cars — has so far turned a deaf ear to suggestions by French officials that its merger proposal could be revisited. But since the breakdown, Elkann and his French counterpart Jean-Dominique Senard have had talks about reviving the plan that left the Renault chairman and his Chief Executive Thierry Bollore upbeat about that prospect, three alliance sources said. Renault and a spokesman for FCA declined to comment. One of Elkann's senior advisors on the Renault merger bid, Toby Myerson, was expected at Nissan headquarters in Yokohama on Monday for exploratory discussions with top management, two people with knowledge of the matter said. Nissan CEO Hiroto Saikawa is likely to attend. Myerson did not respond to a message from Reuters seeking comment. The meeting comes amid mounting strains that may preclude compromise, after Senard warned Saikawa that Renault was prepared to block key Nissan governance reforms in a dispute over board committees.

Nissan shareholders oust Carlos Ghosn from board of directors

TOKYO — Nissan's shareholders approved on Monday the ouster from the Japanese automaker's board of its former chairman, Carlos Ghosn, who is facing allegations of financial misconduct. The approval, which was expected, was indicated by applause from the more than 4,000 people gathered at a Tokyo hotel for a three-hour extraordinary shareholders' meeting. Other votes had been submitted in advance. Ahead of the vote, Nissan's top executive apologized to shareholders for the scandal at the Japanese automaker and asked them to approve Ghosn's dismissal. Chief Executive Hiroto Saikawa and other Nissan executives bowed deeply in apology to shareholders attending the extraordinary meeting at a Tokyo hotel. Shareholders also approved the appointment of French alliance partner Renault SA's Chairman Jean-Dominique Senard to replace Ghosn. Renault owns 43 percent of Nissan. Senard, introduced to shareholders at the meeting's end, thanked them and promised to do his best to keep the automaker's performance on track. "I will dedicate my energy to enhance the future of Nissan," said Senard. The shareholders also gave a green light to removing from the board a former executive direct, Greg Kelly, who has been charged with collaborating with Ghosn in the alleged misconduct. Angry shareholders demanded an explanation for how wrongdoing on an allegedly massive scale had gone unchecked for years. The meeting was closed except to stockholders but livestreamed. One shareholder said Nissan's entire management should resign immediately. Saikawa said he felt his responsibility lay in fixing the shoddy corporate governance at Nissan first, and continuing to lead its operations. Another shareholder asked if Nissan was prepared for a damage lawsuit from shareholders since its stock price has plunged. "I deeply, deeply apologize for all the worries and troubles we have caused," Saikawa said. "This is an unprecedented and unbelievable misconduct by a top executive." He outlined the findings of an internal investigation, such as payments of a consultation fee to Ghosn's sister for 13 years. The investigation has also found too much power had been focused in one person, he said. Ken Miyamoto, 65, a Nissan shareholder, said he was disappointed. "It is really such a pity as he was a brilliant manager," Miyamoto said of Ghosn before heading into the meeting.

Next-generation Mitsubishi Outlander spied for the first time

Having been around relatively unchanged since the 2014 model year, it's about time that we're finally seeing a new generation of Mitsubishi Outlander crossover. This is the first prototype we've seen, and it's rather thinly disguised. From what we can tell, it will draw heavily from the Engelberg Tourer concept that was shown at this year's Geneva Motor Show (we still find that name strange, by the way). The next-generation Outlander's grille seems to have the now-trademark broad, metallic grille shared with the Eclipse Cross and recently refreshed Outlander Sport. It also has lights that spear off the top corners of the grille. In this application, they appear to simply be daytime running lights. The main illumination probably comes from the large rounded lamps below them. The grille and the shapes of the lights match the Engelberg concept, too. Mitsubishi Engelberg Tourer concept View 12 Photos Also matching the Engelberg Tourer is the side profile. We can see that the roof panel is separated from the rest of the body, making it perfect for contrasting colors like those on the concept. The glass area kicks up at the rear just before the vertical edge at the rear. This creates a thick, upright D-pillar, just like the concept. The back of the Outlander is pretty clean and simple, and the taillights are thin and wide. The taillights extend forward into sharp points. All of these features are similar to the concept. With so much of the exterior mirroring Mitsubishi's earlier concept, we're expecting the Outlander to use a similar, if not identical powertrain. The concept featured a plug-in hybrid powertrain very much like the current Outlander PHEV, but with a 2.4-liter inline-4 engine rather than a 2.0-liter unit. Electric range was an estimated 43 miles, which also improves on the existing Outlander PHEV's 22 miles. This all seems very plausible for the new production Outlander PHEV. The powertrain for non-hybrid Outlanders is more of a mystery. Base models may get the Eclipse Cross's turbocharged 1.5-liter inline-4. We'll have to wait to see if the V6 option sticks around. This prototype looks pretty far along in development, so we expect to see the production model shown within a year.