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FCA-Renault merger faces tall odds delivering on cost-cutting promises

FRANKFURT/DETROIT — Fiat Chrysler Automobiles and Renault promise huge savings from a mega-merger, but such combinations face tall odds because of the industry's long product cycles and problems translating deal blueprints into real world success, industry veterans told Reuters. BMW's 1994 purchase of Rover, and Daimler's 1998 merger with Chrysler both made sense on paper. The companies promised to hike profits by combining vehicle platforms and engine families. Both combinations proved unworkable in reality, and were unwound. Renault and Nissan, which have been in an alliance since 1999 designed to share vehicle components, have only managed to use common vehicle platforms in 35% of Nissan's products despite an original target of 70%, according to Morgan Stanley. FCA and Renault have raised the stakes for themselves by ruling out plant closures. That increases the pressure to achieve more than $5 billion in promised annual savings from pooling procurement and research investments. The two companies have yet to fill in many of the blanks in the merger plan put forward by Fiat Chrysler. Renault's board is expected to act soon to accept the proposal, but that would lead only to a memorandum of understanding to pursue detailed operational and financial plans. A final deal and the legal combination of the two companies could take months to complete if all goes well. Pressure to cut automotive pollution is driving the latest round of consolidation. Automakers are looking at multibillion-dollar bills to develop electric and hybrid cars and cleaner internal combustion engines. Fiat Chrysler and Renault are betting they can design common electric vehicle systems, then sell more of them through their respective brands and dealer networks, cutting the cost per car. Developing all-new electric vehicles can bring more opportunities to share costs from the outset, industry experts said. "With the emergence of connected, autonomous, electric and shared vehicles, carmakers face immediate investments, so new opportunities for sharing costs have emerged," said Elmar Kades, managing director at Alix Partners. However, most electric vehicles lose money. This is a challenge for city car brands in Europe in particular. Both Renault and Fiat rely heavily on this segment for sales.

Recharge Wrap-up: drifting Nissan Leaf video, BMW i sponsors Formula E Berlin ePrix

Watch a Nissan Leaf drift. The folks at Autocar got their hands on Nissan's otherwise tame electric vehicle with a set of plastic rear tires, and got it sideways at the British Drift Championship. If that sounds ridiculous, well, it is, but it's also enormously entertaining. If it sounds particularly tricky to pull off in the front-drive EV, yeah, it's that, too. Check it out the drifting Leaf in the video above, and read more commentary at Hybrid Cars. BMW's i division is the title sponsor of the 2016 Formula E Berlin ePrix. The German automaker, which has already put the i8 and i3 to work as safety and medical cars for the electric racing series, is "delighted to be prominently represented with BMW i at the race weekend in the German capital," according to Joerg Reimann, BMW's Vice President of Brand Experience. The 2016 FIA Formula E BMW i Berlin ePrix - as it is now officially titled - takes place on May 21. Read more from Formula E. A Hawaiian biodiesel plant is the first in the US to be certified as sustainable. Pacific Biodiesel's Big Island Biodiesel plant gets its certification from the Sustainable Biodiesel Alliance, covering both the plant's production and distribution of the alternative fuel. The facility uses waste oil, including used cooking oil, to produce its fuel. The certification system is designed to help worthy biofuel producers show that their processes and products are more than just greenwashing. Read more at Utility Dive, or from The New York Times. India's KPIT Technologies has earned the Promising Innovation in Transport Award at the 2016 Summit of the International Transport Forum in Leipzig, Germany. KPIT earned the special recognition for its system to convert diesel buses to all-electric power. The company's retrofits can be applied to a wide variety of bus platforms. Read more at Green Car Congress.

Nissan ex-chief Carlos Ghosn cancels hastily arranged Tokyo press conference

TOKYO — Former Nissan boss Carlos Ghosn on Friday abruptly canceled plans for what would have been his first press conference since his arrest in November, after journalists had been notified about a briefing just two hours earlier. Ghosn's lawyers called to cancel the event that was to be held at the Foreign Correspondents' Club of Japan (FCCJ), but did not immediately give a reason for the abrupt change, an official at the FCCJ told Reuters.Automotive News cited a source as saying his family and media team staged a "last-minute intervention" to get him to call off plans to make his case at the press conference, fearing he would be faced with questions he couldn't answer without tipping his legal team's strategy, or that Japanese prosecutors would take a dim view of him publicly criticizing their actions and attempt to revoke his bail. A spokesman for the Ghosn family in Tokyo did not answer his mobile phone and did not immediately respond to an emailed request for comment. If the conference had not been canceled, Ghosn would have spoken as Japanese Prime Minister Shinzo Abe hosts national leaders at the G20 leaders gathering in Osaka, including U.S. President Donald Trump and French President Emmanuel Macron, who Ghosn's wife Carole have called on to raise the issue of her husband's treatment by Japan's courts. In May a Japanese court dismissed an appeal by Ghosn to ease a bail restriction that bans him from contacting his wife and rejected a subsequent request to allow him a one-off monitored meeting with Carole. His lawyers have argued that that condition violates Japan's constitution and international law on family separations. Ghosn's movements are also monitored and he is only allowed internet access from a computer at his lawyer's office that records the activity for the court. Once among the world's most feted auto executives, Ghosn is awaiting trial in Japan over charges including enriching himself at a cost of $5 million to Nissan, in a scandal which has rocked the industry and exposed tensions in the automaking partnership between Nissan and Renault SA. Since his initial arrest in November last year, Ghosn has been charged four times for crimes which also include underreporting his Nissan salary and temporarily transferring personal financial losses to his employer's books during his time at the helm of Japan's No. 2 automaker.