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Renault to propose joint holding company with Nissan, Nikkei reports

TOKYO — Renault SA will propose to Nissan Motor Co a plan to create a joint holding company that would give both firms equal footing as the French automaker seeks further integration with its Japanese partner, the Nikkei newspaper reported on Friday. Under the proposal, both firms would nominate a nearly equal number of directors to the new company in which ordinary shares in both Nissan and Renault would be transferred on a balanced basis, the newspaper said, without citing sources. This would effectively dilute the stake held by the French government in Renault to around 7-8 percent, from its current 15 percent, it added. The new company would be headquartered in a third country, such as Singapore. Renault plans to make the proposal to Nissan soon, the Nikkei said, having modified an earlier merger idea that Nissan rejected on April 12. Nissan declined to comment on the issue. The Financial Times newspaper reported that both Nissan and the Japanese government have refused to engage in merger talks with Renault. The report of the proposal comes as the outlook for the alliance — one of the world's top automaking partnerships — has clouded since the arrest in November of its main architect, Carlos Ghosn, for suspected financial misconduct. It also comes as Nissan's financial performance struggles following years of focusing on volume sales over building its brand, particularly in the United States, its biggest market. Nissan slashes its forecast This week, the Japanese automaker slashed its profit forecast for the year just ended to its lowest in nearly a decade, citing weakness in its U.S. operations. Renault for years has been vying for a closer merger with Nissan, which it rescued from the brink of bankruptcy two decades ago. Ghosn had been working to achieve a deeper integration before his arrest on financial misconduct charges in November last year. While the automakers have been consolidating many of their operations over the past decade, including procurement and production, many executives at Nissan have opposed an all-out merger with Renault. Instead, Nissan has argued for a more equal footing with Renault, which holds a 43 percent stake in its bigger partner. Nissan holds a 15 percent stake in Renault. It was unclear whether Renault would hold the casting vote in major decisions at the new company, as it did in Renault-Nissan B.V., a strategic management company jointly held by both companies that oversaw operations for the partnership.

2024 New York International Auto Show not-so-mega photo gallery

The 2024 New York Auto Show press preview is in the bag and the public show has begun, and that means only one thing: Our work here is done. But really, we've been done since about mid-morning on Wednesday. As you'll see from the paltry selection of galleries below, the 2024 New York Auto Show wasn't much of one. And what there was? Well, in a word, it was Hyundai.  As you scroll through the galleries below, you'll note that we have items from essentially two global conglomerates. In one corner, there's Hyundai, Genesis and Kia. In the other, we have Nissan and Infiniti. But that's being a bit generous to Nissan and its luxury subsidiary, because while this is the first chance we really had to see the Nissan Kicks and Infiniti QX80 in person (and that's not even entirely true of the latter), they weren't actually revealed at the show.  New York has never been America's biggest "international" auto show, but it has been the venue for some big unveilings. In 2012, the new SRT Viper debuted to great fanfare at NYIAS; the Lincoln Aviator made a big splash in 2018; how about the Alfa Romeo 4C in 2014? And those are just cherry-picking from the past decade. By comparison, the 2024 show feels a bit uninspired. Yes, we would have liked to have seen some Vipers. Sue us.  But we'll stop dwelling on what we can't resurrect. There's plenty to see at the show this year if you're planning to go in person, so don't let our negativity deter you. For those who can't be there, here's what you're missing: Genesis G80 Magma View 9 Photos 2025 Genesis G80 Magma Genesis GV60 Magma Concept View 10 Photos 2025 Genesis GV60 Magma 2025 Hyundai Tucson XRT View 14 Photos 2025 Hyundai Tucson 2025 Hyundai Santa Cruz XRT View 11 Photos 2025 Hyundai Santa Cruz InfinitiQX80-Z63-051 View 39 Photos 2025 Infiniti QX80 2025 Kia K4 Live View 7 Photos 2025 Kia K4 Sedan 2025 Nissan Kicks View 10 Photos 2025 Nissan Kicks     New York Auto Show Genesis Hyundai Infiniti Kia Nissan

Renault selling part of Nissan stake to partner for $824 million

Renault SA is selling around 5% of its stake in partner Nissan Motor Co., offloading the stock as part of a share buyback by the Japanese carmaker.  The move follows last month’s finalization of a plan for Renault to reduce its interest in Nissan. The stake sale is valued at around ˆ765 million ($824 million), but will result in a capital loss of ˆ1.5 billion, the French company said Tuesday.  Eventually, the two carmakers aim to equalize their cross-shareholdings at 15%, loosening the ties that kept them together in a carmaking alliance for two decades. The partnership between Nissan and Renault was jolted in 2018 by the arrest of Carlos Ghosn, chairman of both companies. Since then, they have drifted apart and are now charting separate paths. Given that NissanÂ’s shares are trading below the Tokyo Stock ExchangeÂ’s guideline of maintaining a price-to-book ratio above 1, the buyback will “help improve the situation,” said Bloomberg Intelligence analyst Tatsuo Yoshida. The cash will bolster Chief Executive Officer Luca de MeoÂ’s efforts to get Ampere, RenaultÂ’s electric-vehicle and software arm, going as he seeks to split off the unit and list it as a separate public entity as soon as April or May. Nissan has also agreed to invest in Ampere. Renault transferred its 28.4% stake in Nissan into a trust in early November to pave the way for a reduction of its holding. Even so, there will still be lock-up and standstill obligations. De Meo said last month that Renault would begin offloading the stake “very soon” in early 2024, so TuesdayÂ’s announcement was slightly earlier than anticipated. For Nissan, the buyback is well within the value of cash and equivalents, which stood at JPY1.6 trillion ($11 billion) yen at the end of September. Nissan said it will cancel all acquired shares.  “ItÂ’s good news for the stock that Nissan will retire the equivalent of 5% of its outstanding shares,” Yoshida said.  The Japanese carmaker is paying JPY568.5 for each share, the price at the close of trading in Tokyo on Tuesday. While NissanÂ’s stock has climbed 36% this year, itÂ’s at roughly half of its value from early 2017. Earnings/Financials Nissan Renault