2012 Nissan Pathfinder Silver Edt Only 3k Miles Certified on 2040-cars

Auto blog

FCA-Renault revival may hinge on willingness to cut Nissan stake

Fiat Chrysler Automobiles and Renault are looking for ways to resuscitate their collapsed merger plan and secure the approval of the French carmaker's alliance partner Nissan, according to several sources close to the companies. Nissan is poised to urge Renault to significantly reduce its 43.4% stake in the Japanese company in return for supporting a FCA-Renault tie-up, two people with knowledge of its thinking also told Reuters. It is still far from clear whether any concerted effort to revive the complex and politically fraught deal can succeed. FCA Chairman John Elkann abruptly withdrew his $35 billion merger offer in the early hours of June 6 after the French government, Renault's biggest shareholder, blocked a vote by its board and demanded more time to win Nissan's backing. Nissan representatives had said they would abstain. The failure, which FCA and Renault blamed squarely on the French government, deprived both companies of an opportunity to create the world's third-biggest carmaker with 5 billion euros ($5.6 billion) in promised annual synergies. It also shone a harsh light on Renault's relations with Nissan, which have gone from frayed to fried since the November arrest of former alliance Chairman Carlos Ghosn, now awaiting trial in Japan on financial misconduct charges he denies. REVIVAL TALKS Italian-American FCA — whose brand stable encompasses Fiat runabouts, Jeep SUVs, RAM pickups, Alfa Romeo luxury cars and Maserati sports cars — has so far turned a deaf ear to suggestions by French officials that its merger proposal could be revisited. But since the breakdown, Elkann and his French counterpart Jean-Dominique Senard have had talks about reviving the plan that left the Renault chairman and his Chief Executive Thierry Bollore upbeat about that prospect, three alliance sources said. Renault and a spokesman for FCA declined to comment. One of Elkann's senior advisors on the Renault merger bid, Toby Myerson, was expected at Nissan headquarters in Yokohama on Monday for exploratory discussions with top management, two people with knowledge of the matter said. Nissan CEO Hiroto Saikawa is likely to attend. Myerson did not respond to a message from Reuters seeking comment. The meeting comes amid mounting strains that may preclude compromise, after Senard warned Saikawa that Renault was prepared to block key Nissan governance reforms in a dispute over board committees.

Nissan could report first quarterly loss since March 2009

TOKYO — Nissan may report its first quarterly loss in more than a decade on Thursday because of slumping sales, sources familiar with the company said, adding more pressure on efforts to rebuild the company after Carlos Ghosn's ouster. Deteriorating profits underscore the challenges facing Nissan, which is unwinding many of the expansionist strategies championed by ex-Chief Executive Officer and Chairman Ghosn by slashing jobs, production sites and product offerings to save cash and ensure its survival. In addition to slumping sales, production disruptions caused by China's coronavirus outbreak could also drag profits lower. Three senior officials at Japan's No. 2 automaker told Reuters that they anticipate a poor results announcement on Thursday, with one of them calling the figures "dismal". Two of the officials cautioned that there is the possibility of an operating loss, which would be the first quarterly loss since the period ending in March 2009. Nissan said it could not comment on its financial results ahead of its official announcement. The company is likely to report operating profit of 48.6 billion yen ($442.5 million) for the quarter ending in December, less than half the 103 billion yen profit a year ago, according to SmartEstimate's survey of three analysts, who revised their forecasts in January. However, those forecasts were issued before the release of the December vehicle sales figures on Jan. 30, which show third-quarter sales dropped by 11% from the year earlier period, according to Reuters calculations. That is the biggest quarterly slump of its current sales downturn that began two years ago. That sales decline led one auto equities analyst based in Japan to scrap his forecast and also warn that Nissan could post a loss. "It will be a question of whether there will be a profit or a loss. For the quarter, a loss is a possibility," he said, declining to be named as his forecast had not been updated to reflect his latest view. One of the three Nissan officials said there is a risk the automaker may cut its full-year profit forecast of 150 billion yen, which would be an 11-year low. The company announced that forecast in November after an initial 230 billion yen outlook.

Japan minister launches counterattack after Ghosn blasts justice system

TOKYO — Japan's justice minister launched a rare and forceful public takedown of auto executive-turned-fugitive Carlos Ghosn after he blasted the country's legal system as allowing him "zero chance" of a fair trial as he sought to justify his escape to Beirut. After his dramatic flight to Lebanon last month, Ghosn spoke in public for the first time on Wednesday, saying he had been treated "brutally" by Tokyo prosecutors. He said they questioned him for up to eight hours a day without a lawyer present and tried to extract a confession out of him. In an effort to undo Ghosn's attempt to sway public opinion in his favor, Justice Minister Masako Mori followed shortly with a statement, translated into English and French, and held a news conference after midnight and again around 9:30 a.m. on Thursday morning to defend Japan's justice system. "I decided to do this because defendant Ghosn was looking to justify his unlawful exit from Japan by propagating a false recognition of our justice system," she said at the second news conference. "I felt that we needed to respond immediately to broadcast a correct understanding to people around the world." Ghosn, the former chief of Nissan and Renault, fled Japan last month as he was awaiting trial on charges of under-reporting earnings, breach of trust, and misappropriation of company funds, all of which he denies. Mori said Ghosn's escape from his trial in itself "could constitute a crime" that would not be tolerated in any country. "My impression in listening to him was that there were few statements that were backed by any real evidence," she said. "If he wants to prove his innocence, he should face fair trial proceedings here," she added, stressing that the allegations against him concerned financial crimes in Japan. "That would be the mark of a first-class businessperson and good citizen." Mori blasted Ghosn for violating his bail by fleeing the country "without showing a passport and breaking international rules that everyone in the world follows." "It was a breach of faith that can't be explained to our children," she said. The spotlight on Japan's justice system comes as Mori is set to host in April the United Nations' Congress on Crime Prevention and Criminal Justice, held once every five years.