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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.

Demand for electric car rentals unplugged by range anxiety

It's the hurdle that electric vehicles must clear to be launched into the mainstream: range anxiety. But this time it isn't prospective customers who worry about running out of juice, Bloomberg reports, but renters who return to car rental agencies before their lease is up and trade their EVs in for more traditional gasoline-powered autos and gas-electric hybrids.
"People are very keen to try [electric vehicles], but they will switch out of the contract part way through ... they think they can't get to a charging station," says Lee Broughton, head of sustainability at Enterprise. Enterprise customers who rent EVs reportedly trade them in 1.6 days into the rental period on average, which compares unfavorably to the six- to seven-day rental periods of traditional, fuel-burning automobiles.
Christopher Agnew, an analyst at MKM Holdings LLC, says that longer range would help rental customers' range anxiety, especially since they are usually renting vehicles in unfamiliar places.

Common Nissan Maxima vs. Subaru Legacy breakdowns

The Nissan Maxima and Subaru Legacy are both popular sedans. Similarities can be seen in price, styling, and performance. What are some common repair problems seen in each model? When do they occur and how much do they cost to fix? What about how to pay for car repairs? Let's find out. Check Engine Light Both Maxima and Legacy owners dread the appearance of this little light. In the Nissan, it's most likely a failed ignition coil. This part transforms the car battery voltage into a higher voltage required for starting. This problem appears more often in Maximas with over 140,000 miles. The cost to replace the ignition coil runs around $400, parts and labor. The check engine light on the Subaru Legacy is more often due to a failed oxygen sensor. The O2 sensor measures the oxygen level in the exhaust and can affect fuel consumption. This part fails more frequently in models with over 110,000 miles. The repair costs around $200. Legacy Sound System Problems It's not uncommon for the Legacy to have sound system failures at 140,000 miles or more. The speakers might not work or only function intermittently. Hitting a bump might also cause the radio to shut off. Repair costs here can vary, but the typical charge is around $600. Nissan Check Engine Light Part 2 The Nissan check engine light also may appear due to oil leaking from the camshaft position sensor. Difficulty with stalling and acceleration might occur as well. The repair costs around $250 and is more frequent in models with over 104,000 miles. Big-Ticket Items Some repairs are especially costly. In Maximas with over 120,000 miles, the power steering pump may begin to malfunction. This produces a clunking or knocking sound when driving over uneven terrain. Steering might be affected with abnormal noises heard when turning the steering wheel. A Nissan Maxima power steering pump replacement costs around $1,250, parts and labor. Now, if you begin to feel your Legacy vibrating or shuddering at around 116,000 miles, it may be a transmission problem. It's more noticeable when the car shifts gears. Legacy transmission repair can be expensive, costing up to $2,000 or more. Even more costly is a Subaru Legacy head gasket failure, seen more often at 110,000 miles or more. AC malfunction, fluid leaks, and engine overheating can occur when the head gasket fails. The repair costs are around $3,000.