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France's Macron says Renault-Nissan partnership is a 'jewel' to be strengthened

TOKYO — French President Emmanuel Macron on Wednesday called for further synergies and alliances to strengthen the Renault-Nissan partnership in a global market. "The Renault-Nissan alliance is a jewel in the industry," Macron told French expatriates in Tokyo. "We created a giant which we must not only preserve but develop synergies and alliances to strengthen it in the face of international competition." His comments appeared to leave open the possibility both of a deeper integration of the 20-year-old Renault-Nissan alliance, which has been shaken by the scandal over its former chief Carlos Ghosn, and tie-ups with other manufacturers. Last month, Renault and Italian-American group Fiat Chrysler Automobiles (FCA) announced they were in merger talks. But the discussions were called off after FCA grew frustrated with the role the French state was playing, especially its need to secure agreement from Nissan over how to move the merger forward. Since the break-off of the FCA talks, Renault executives have been looking to rebuild ties with Nissan, which is keen to reduce the influence the French state has in the alliance via its 15% stake in Renault. Renault owns 43% of the Japanese automaker, which in turn holds a 15%, non-voting stake in its partner. Nissan on Tuesday threw cold water on hopes for a quick fix to strained relations with France's Renault SA , saying inequality between the partners could unravel their two-decade-old automaking alliance. Macron said on Wednesday France would remain vigilant that Carlos Ghosn's presumption of innocence and the former Renault-Nissan leader's rights to defend himself in a Japanese lawcase are respected. "It's not up to the French president to interfere publicly in a judicial case," Macron said. "Japanese justice is independent." "We will be vigilant, just like with all our citizens across the world who have to answer to the law, through consular activity, so that the defendant's rights and presumption of innocence are respected in that case."

Nissan Titan Pro-4X, Hyundai Kona and Mitsubishi Outlander PHEV | Autoblog Podcast #621

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Consumer Editor Jeremy Korzeniewski and Senior Editor, Green, John Beltz Snyder. They talk about cars they've driven recently, including the 2020 Nissan Titan Pro-4X, Hyundai Kona and Mitsubishi Outlander PHEV. Then they talk news, starting with Volvo's new pick-up and drop-off service. Then they talk about Q1 U.S. sales figures. Lastly, they discuss the possibility of new styles of motorcycle from Harley-Davidson, including a flat-track bike and a cafe racer. Autoblog Podcast #621 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2020 Nissan Titian Pro-4X 2020 Hyundai Kona Ultimate AWD 2020 Mitsubishi Outlander PHEV Volvo Valet U.S. car sales plummet Harley-Davidson cafe racer and flat track motorcycles Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Nissan to pull out of venture fund with Renault in cost-cutting drive, insiders say

TOKYO — Nissan is likely to pull out from a venture capital fund it runs with alliance partners Renault and Mitsubishi Motors, as part of the Japanese automaker's drive to cut costs and conserve cash, two sources said. Nissan will formally take a decision on whether to leave the fund, Alliance Ventures, by the end of this month, the two Nissan insiders told Reuters, declining to be identified because the information has not been made public. The likely move comes after Nissan's junior partner, Mitsubishi Motors Corp, told an alliance meeting last week that it would no longer continue to inject money into the fund, one of the sources said. The decision to leave the Amsterdam-based fund was all but a done deal, the other source said, adding: "Of course we're out. The house is on fire." A Nissan spokeswoman said it was speculation and declined to comment. A Mitsubishi spokesman said no decision had been made. The move comes as Nissan — which has seen its earnings slump — is now facing a downturn in China, its biggest market, due to the impact of the coronavirus outbreak. China sales plunged 80% last month. It also highlights the extent of the automaker's cost-cutting under new CEO Makoto Uchida, who is under pressure for a quick turnaround. Alliance Ventures is aimed at finding "learning opportunities" for the alliance through investing in startups, and is supposed get up to $200 million (153.3 million pounds) a year from the three alliance partners, although it never achieves that full amount, the first source said. It was set up under former alliance head Carlos Ghosn, whose dramatic arrest in Japan culminated in an escape to his childhood home of Lebanon in December. Ghosn faces multiple charges in Japan, including of under-reporting earnings and misappropriation of company funds, all of which he denies. According to its website, the fund was set up with a $200 million initial investment and aims for up to $1 billion by 2023. Portfolio companies include WeRide, a Chinese robo-taxi startup and Tekion Corp, a cloud-based retail platform for cars. "It wasn't established by Ghosn as a way to make money. It was for those learning opportunities we get from investing in smart startups," the first source said. "But given the tough financial situation we are facing, we are looking at investment return." Reporting by Norihiko Shirouzu; Editing by David Dolan/Louise Heavens/Susan Fenton.