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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UPDATE: Fiat Chrysler Automobiles released a statement confirming that it has withdrawn its merger offer, saying "it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully."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 Fiat Chrysler has withdrawn its $35 billion merger offer for Renault, the Wall Street Journal and Bloomberg News reported on Wednesday. A source said that FCA had informed Renault it had withdrawn the offer after Renault's board of directors failed to reach a decision on the merger during a meeting that ran late into the night Wednesday.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 teases updated 2025 Outlander with tweaks throughout

There's an updated Mitsubishi Outlander PHEV on the way for the 2025 model year, four years after the launch of the fourth-gen. Europe released a bit of information on their version in July, one "specifically developed for the European market." Despite hype that the electrified SUV "is based on the Japanese I-Fu-Do-Do concept of authenticity and majesty," the outline we can make out in the European teaser image suggests exterior lines won't stray far afield. Now Japan has released a few artfully shaded images of what buyers can expect, along with additional details. Set beside the Euro tease, the DRL and headlight image portends that the "more refined and sophisticated face" won't be much different than today's face, so figure on the usual headlight and taillight revisions plus some tweaks to character lines. The development team promises a "greatly improved" interior based on customer feedback. We'll guess that statement is focused on lower trims; we've called the cabins of upper trims one of the Outlander PHEV's strongest advantages. The interior design philosophy was dubbed "Majesty Phase 2 - Refinement and further quality," and we know it means upper trims will get ventilated seats semi-aniline leather for the first time. The infotainment touchscreen should grow to 12.3 inches, replacing the 8- and 9-inch screen on today's trims and matching the size of the digital instrument cluster. The automaker has worked with Yamaha for a couple of years on vehicle-specific audio systems, there should be one on the way for the Outlander PHEV with branded speaker grilles and multiple sound profiles. Looks like there's a larger battery on the way as well, extending pure-electric range past today's 38 miles powered by a 20-kWh pack; this larger unit might add V2L capability so that the Outlander can use its energy to power a home. Mitsubishi might upgrade output of the naturally aspirated 2.4-liter four-cylinder, or boost output from the two electric motors. Engineers are definitely retuning the handoff between the ICE and battery for more electric driving and a smoother transition. Suspension tweaks creating a ride "one class above the rest" are coming, and new colors and wheel designs are a given.

Carlos Ghosn sues Nissan-Mitsubishi in the Netherlands

AMSTERDAM — Carlos Ghosn has launched a court case in the Netherlands against Japanese carmakers Nissan Motor and Mitsubishi Motors, who ousted him as chairman of their alliance last year on charges of embezzlement, Dutch newspaper NRC reported on Saturday. Ghosn is seeking 15 million euros ($16.8 million) in damages from the carmakers, as grave mistakes were made when he was sacked, NRC reported, citing his lawyer. "In the Netherlands, if you want to fire an executive you have to first tell him what he's being accused of, and you have to provide him with the evidence for the accusations. Neither of those things has happened," lawyer Laurens de Graaf told NRC. Ghosn fell from grace late last year when he was arrested in Japan and sacked by Nissan on charges of financial misconduct, which he denies. He has also been fired as the CEO and chairman of French carmaker Renault. Ghosn was freed in April from jail in Japan on a $4.5 million bail. Among other charges of fraud and misconduct, Nissan and Mitsubishi have said Ghosn improperly received $9 million in compensation from their joint venture. Suspect expenses Ghosn made when he chaired Renault and Nissan amounted to about 11 million euros, Renault's board said in June. Ghosn holds French, Lebanese and Brazilian citizenship, but opted for the fiscally more friendly Netherlands as his tax domicile in 2012. The holding company for the Nissan-Mitsubishi alliance is also incorporated in the Netherlands. The district court in Amsterdam is reviewing the case but has not set a trial date yet, NRC said. Government/Legal Hirings/Firings/Layoffs Mitsubishi Nissan Carlos Ghosn