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Renault keeps 15% stake in Nissan, transfers majority of shares to French trust

Renault and Nissan completed a landmark deal to rebalance their 24-year-long alliance, paving the way for a new relationship after years of acrimony between the two partners. The automakers on Wednesday announced the creation of a French trust to which Renault transferred 28.4% of Nissan shares. The companies first disclosed plans for the trust in January. Renault Group and Nissan now have a cross-shareholding of 15% with lock-up and standstill obligations, the companies and junior alliance partner Mitsubishi Motors Corp. said in a statement. Renault managers in recent weeks have reiterated that staff should no longer share information with their Nissan counterparts, according to people familiar with the situation, after the French carmaker announced in September that aspects of the alliance would be unwound by year-end.  Taken together with the deal to equalize their cross-shareholdings at 15%, the developments are the clearest indications yet that members of one of the world’s biggest automotive tie-ups are increasingly going their separate ways. Renault told employees in September it was moving away from common structures with Nissan in favor of a new, project-by-project approach to working together. The dissolution of the companiesÂ’ joint purchasing organization means the two will no longer pool information on a regular basis due to antitrust concerns. The sell-down of shares held by the trustee will be coordinated with Nissan, which will have the right of first offer to purchase the stock. The trust will have no obligation to sell the shares within a specific or pre-determined period of time. The new alliance deal presented to investors in London in February followed months of tense negotiations that nearly collapsed late last year due to sticking points on intellectual property and disagreement over the valuation of RenaultÂ’s electric-vehicle and software arm Ampere, in which Nissan has agreed to invest. The alliance dates back to 1999, when Renault rescued Nissan with a cash injection and the two formed one of the biggest auto partnerships in the industry. Rivalries and mutual suspicion mounted over the years and came to a head when former leader Carlos Ghosn openly contemplated merging the two companies, contributing to his downfall.

Takata air bag recall list

The National Highway Traffic Safety Administration confirmed yesterday that 33.8 million vehicles with Takata airbags are going to be recalled. It's the largest recall in automotive history. The already record-breaking rate of automotive recalls this year shows no signs of slowing down, especially since millions of cars with defective airbags made by global supplier Takata are under ongoing scrutiny. The federal government is warning owners that inflator mechanisms in the air bags can rupture, causing metal fragments to fly out when the bags are deployed. The faulty air bags have already been blamed for multiple deaths. How do you know if your vehicle is safe? The National Highway Traffic Safety Administration released an updated list of vehicles under recall. Sometimes however, the government's website will crash and the list may not be complete. Check your VIN at the NHTSA website to make sure. The list of cars affected by the recall has not been released, but seem to span multiple models over the years for many of the automakers.

2019-22 Mitsubishi Outlander Sport recalled for transmission fault

Mitsubishi says 76,508 Outlander Sports from the 2019 to 2022 model years need to return to dealers for updated software, according to a recall notice from the National Highway Traffic Safety Administration. Some code released for the electronic control unit managing the continuously variable transmission can suffer a fault if the unit loses power temporarily. In such instances, when power is restored, the software can command the CVT to reset to the lowest 'gear' possible. If this occurs at high speeds, the engine over-revs, and a piston can come into contact with an exhaust valve which then causes the engine to stall. It also kiboshes the engine. This is a bad possibility anywhere, but especially on the highway. It took Mitsubishi engineers about two years to figure out the problem, during which the company has dealt with 50 reports and warranty claims, but says it knows of no injuries or accidents due to the problem. The only Outlander Sports involved in the recall are those with a CVT that need a mechanical key to be started, built from July 31, 2018 to and May 11, 2022. Models with the manual gearbox or push-button start aren't affected. For now, the 2011 to 2018 Outlander Sport isn't included, the software change said to coincide with the 2019 model year. Dealers will install new software that decides on the proper CVT target ratio after a transmission control unit reset.    The automaker said it will begin notifying owners by mail on August 24. Those with questions can call Mitsubishi Motors North America customer service at 888-648-7820 and cite recall number SR-22-004. They can also get in touch with the National Highway Traffic Safety Administration at 888-327-4236 and refer to campaign number 22V563.  Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.