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Renault-Nissan alliance reboot will kick off with five projects

Renault SA and Nissan Motor Co. are moving ahead with a plan to recalibrate a two-decades-old alliance that had weakened over time, starting with a range of industrial projects alongside an agreement to rebalance capital ties, according to people familiar with the situation. Top executives from the alliance partners held an operating board meeting on Thursday, giving a nod to bringing Nissan and Renault’s cross shareholdings to an equal level, as well as common projects as part of the reshaped cooperation, the people said. The partners also agreed on an alliance event to be held on Feb. 6 in London to present details of the plans, the people added, declining to be named discussing details before they are public. Under the landmark plan, Renault is expected to cut its 43% stake in Nissan to 15% via an orderly disposal of shares over time to eliminate lopsided capital ties that have been a source of friction for years. The tentative agreement comes after years of tension that at one point spilled over into Japanese-French politics when Renault-NissanÂ’s then-leader Carlos Ghosn weighed to merge the two companies.   The partners also agreed to continue collaborating on various industrial projects, a condition that was crucial for Renault to obtain approval for the rebalancing from its most powerful shareholder, the French government. Media representatives for Renault and Nissan declined to comment. The boards of directors of the respective companies will have to approve the agreement in meetings to be held in coming days, the people said.  Code name: ‘ReloadedÂ’ The redesigned alliance will allow Chief Executive Officer Luca de Meo to move on with a complex split of Renault into five separate businesses, including carved-out electric-vehicle business Ampere and to deepen ties with a series of other partners, including ChinaÂ’s Zhejiang Geely Holding Co. and Qualcomm Inc., the people said. “The interest for each of the partners is now to be able to move forward without, for example, RenaultÂ’s management getting distracted in endless trans-national politics,” says Stifel analyst Pierre-Yves Quemener. Failure of the talks would have been “a negative,” Quemener said.  Renault, Nissan and junior partner Mitsubishi Motors Corp. will embark on roughly five projects initially, codenamed “Reloaded,” with others to follow, the people said.

Nissan plans to have 1,700 CHAdeMO chargers by April, 2016

Grab a bite, charge your Leaf. That's sort of the premise behind quick chargers that provide about 80 percent of single-charge driving range in about a half hour of charging. And Nissan says it's doing its part to expand the number of those stations to please its growing list of constituents. The first 160 quick chargers using the CHAdeMO standard were installed in the US three years ago and that number totals about 800 today. About 300 more will be added by April 1, and by April 1, 2016, the number of quick chargers could reach about 1,700. Atlanta, Dallas, Los Angeles and San Francisco are among the cities leading the way in quick-charger availability. The Japanese automaker, which started selling the Leaf in the US in late 2010, is doing other things to make it easier for Leaf owners to recharge, whether through quick chargers or standard ones. Last summer, Nissan launched its "No Charge to Charge" program that gives new Leaf buyers free charging at participating public charging stations for two years. A 34-percent jump in Leaf sales, which is what Nissan recorded in the US last year, will do that to a company. For some more specifics of the quick charging contingent, take a look at Nissan's press release below. Fact Sheet: Nissan's commitment to EV quick charging for LEAF drivers Since the launch of the Nissan LEAF in late 2010, Nissan has reinforced its commitment to zero emission mobility with investments in EV charging infrastructure to serve the needs of LEAF drivers in markets across the U.S. Nissan has a multi-pronged strategy to invest with charging partners to install quick charging for owners in the communities where they live and work, as well as at corporate workplaces and Nissan dealerships. Timeline of (CHAdeMO) quick charging rollout: - January 2013: Approximately 160 CHAdeMO chargers installed nationwide. - January 2015: More than 800 total U.S. quick chargers installed and active. - April 1, 2015: 1,100 quick chargers expected nationwide. - April 1, 2016: 1,700 quick chargers projected. "Access to quick chargers that can provide about 80 percent charge to a Nissan LEAF battery in less than 30 minutes has proved to increase our owner satisfaction and get more buyers to consider the benefits of an all-electric car," said Brendan Jones, Nissan's director of Electric Vehicle Sales and Infrastructure Deployment.

Nissan's Carlos Ghosn reportedly arrested, to be fired for financial misconduct

TOKYO — Nissan Motor Co said it was ousting Chairman Carlos Ghosn for alleged financial misconduct and Japanese media reported he been arrested, a shocking fate for a leader hailed for rescuing the company from close to bankruptcy. The Japanese automaker said Ghosn's alleged misconduct included personal use of company money and under-reporting how much he had been paid. Ghosn is also chairman and chief executive of Nissan's French partner Renault and one of the best-known figures in the global car industry, and his departure would raise question about the future of the alliance. Nissan said it launched an months-long investigation after a whistleblower tipped it off to wrongdoing by Ghosn and Representative Director Greg Kelly. "The investigation showed that over many years both Ghosn and Kelly have been reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount, in order to reduce the disclosed amount of Carlos Ghosn's compensation," Nissan said in a statement. It said CEO Hiroto Saikawa would propose that the Nissan board remove Ghosn and Kelly. Neither Ghosn nor Kelly could be reached for comment. Renault shares tumbled 11 percent in Paris to be among the worst performing stocks in Europe. Nissan's German-listed securities plunged 10 percent. French President Emmanuel Macron said the government, the French carmaker's top shareholder, will be vigilant about Renault and its alliance with Nissan. Cost cutter Known as "Le Cost Killer," Ghosn is credited for reviving the Japanese automaker and has remained popular despite the massive job cuts that he brought and recent controversy over his lucrative pay package. Japanese media reported that Ghosn had reported around 10 billion yen worth of compensation as around 5 billion yen. Ousting Ghosn, 64, is bound to raise questions about an alliance that he personally shaped and had pledged to consolidate with a deeper tie-up, before eventually stepping back from its operational leadership. "The initial share price reaction shows how pivotal he is," Citi analyst Raghav Gupta-Chaudhary said on Monday. The current alliance structure has long undervalued Nissan shares held indirectly by Renault investors, he added. "Ghosn is viewed as critical for value unlock." Renault owns 43.4 percent of Nissan, while Nissan owns 15 percent of Renault, with no voting rights in a partnership that began in 1999.