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Renault will split EV from combustion unit, seeks partnerships

PARIS — Renault has received several partnership proposals for the combustion engine unit it plans to create alongside one dedicated to electric vehicles and software, two sources familiar with the matter said. Renault plans to separate its electric and conventional car businesses, creating two entities to manage the shift towards fossil-free vehicles. "The group has already received partnership demands" for its internal combustion engine unit, one of the sources said. By bringing in partners on the combustion engine side Renault aims to free up funds to invest in electric vehicles, a technology in which it was a pioneer with Nissan and Mitsubishi, but in which it is now eclipsed by pure players such as Tesla. Renault intends to retain majority ownership of its electric division, which will employ about 10,000 people and which could be bourse-listed via an IPO in the second half of 2023. However, it will only remain a reference shareholder, not a controlling shareholder, of the combustion engine unit, which will have similar staff levels, said two other sources familiar with the plans. One of the sources said Renault may hang on to a 40% stake. Renault declined to comment. The carmaker at a capital market day this autumn will set out its plans for its electric arm based in France and the combustion unit headquartered abroad. That entity will include factories producing engines and gear boxes for gasoline and hybrid cars in Spain, Portugal, Turkey, Romania and Latin America. Among potential partners for its combustion engine business, CEO Luca de Meo in April mentioned Nissan, other automotive groups and long-term investors. De Meo is set to travel to Japan next month to discuss potential Japanese participation in its electric and combustion engine projects. Renault is undergoing a major restructuring aimed at restoring its finances and recently signed partnerships beyond its historical alliances with Nissan, Mitsubishi and Mercedes, such as with China's Geely Automobile Holdings. This month it sold 34% of its South Korean unit to Geely, which owns Volvo Cars and is a shareholder in Mercedes. With Geely, Renault plans to develop hybrid vehicles which will be assembled in its plant in Busan, South Korea. Earnings/Financials Green Mitsubishi Nissan Renault

Nissan is optimistic about FCA partnership, but wants the right terms

BEIJING – Nissan is optimistic about partnering with a combined Renault and Fiat Chrysler (FCA), as long as it can protect the ownership of technology developed over two decades of working with Renault, a senior executive told Reuters. The executive, who declined to be identified because he is not authorized to speak to the media, said he was cautiously optimistic about the possibility of generating "synergies" by sharing Nissan's autonomous drive know-how, electrification and greenhouse-gas-scrubbing technologies for powertrains. But he said the possible $35 billion merger of Renault and FCA would not give FCA the automatic right to use those technologies, which it needs to meet stringent emissions regulations and better compete in a industry being transformed by electric vehicles. He also floated the possibility that Nissan could look at boosting its stake in Renault, or a merged Renault-FCA, to gain more say in shaping the future of the alliance. "We would go ahead with partnering or cooperating with FCA only if we can guarantee tangible benefits from sharing technologies with FCA and only if we can work out conditions that are satisfactory to us," the Yokohama-based executive said. "If Renault wants to pursue this deal, we feel we need to look seriously at supporting them," he said. The executive's comments highlight how Nissan could look to leverage its advanced technology to gain greater bargaining power with a merged Renault-FCA. Renault is Nissan's top shareholder with a 43.4% shareholding, while Nissan holds a 15% non-voting stake in the French automaker. That unequal partnership has long rankled Nissan, which is the bigger company by far. A Nissan spokesman referred Reuters to a statement issued on Monday, where Nissan Chief Executive Hiroto Saikawa said: "I believe that the potential addition of FCA as a new member of the alliance could expand the playing field for collaboration and create new opportunities for further synergies." "That said, the proposal currently being discussed is a full merger which — if realized — would significantly alter the structure of our partner Renault. This would require a fundamental review of the existing relationship between Nissan and Renault," Saikawa said, adding that Nissan would analyze and consider its "existing contractual relationships". BOOSTING STAKE?

Investigators say Mitsubishi mpg scandal was 'collective failure'

Investigators hired by Mitsubishi Motors to probe why the Japanese automaker engaged in falsifying fuel-economy figures for the past quarter-century faulted the company's "corporate culture." Specifically, there was a lack of unity between divisions, company-wide pressure to boost fuel-efficiency numbers, and an unwillingness to accept fuel-economy shortfalls, Automotive News says, citing comments made by consultants who hired by the company to investigate the problems. Challenging management authority even if it was proper to do so was also frowned upon. One of the investigators called the scandal "a collective failure." Among other suggestions, the consultants recommended that Mitsubishi's vehicle-mileage certification be independent from research and development, that there's greater transparency overall, and that there's a more thorough understanding of laws. New shareholder Nissan may also invest in retooling Mitsubishi's R&D operations, and is sending one of its former executives, Mitsuhiko Yamashita, to Mitsubishi to try to prevent any sort of repeat problems. Mitsubishi joined a list of automakers including Volkswagen, Hyundai/Kia, and Ford that have been found in recent years to either mislead with its published fuel-efficiency figures or emissions-testing procedures. A Nissan spokesman declined to comment on the Mitsubishi report, according to Automotive News. The recommendation comes less than three months after the announcement that Nissan would help rescue Mitsubishi from its fuel-economy scandal by acquiring part of the company. Nissan agreed in May to pay $2.2 billion for a 34-percent stake in Mitsubishi, and said at the time that Mitsubishi would join the Renault-Nissan Alliance. Nissan also owns 15 percent of France-based Renault. That announcement came right after Mitsubishi's admission that it may have falsified fuel-economy data for every one of its vehicles made in Japan dating back to 1991. Related Video: News Source: Automotive NewsImage Credit: Tomohiro Ohsumi/Getty Images Green Mitsubishi Nissan Fuel Efficiency scandal diesel scandal