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FCA scion John Elkann tries to pull off a Marchionne-sized merger

MILAN, Italy — When John Elkann lost his ally last year with the sudden death of Sergio Marchionne, some questioned whether the softly-spoken scion of the Agnelli clan would be able to emerge from his shadow to ensure Fiat Chrysler's future. But New York-born Elkann, who became Fiat chairman in 2010, acted decisively to fill the vacuum left by the larger-than-life Marchionne and get closer to the big merger deal the legendary executive was unable to deliver. At just 28, Elkann was thrust into the role of Fiat vice chairman after the deaths of his grandfather and great-uncle "because there was really nobody else" to take the wheel. For Elkann, who got his first taste of the car industry as an intern at a factory producing headlights in Birmingham, England, the first 18 months with responsibility for the family-owned carmaker and its long heritage were "terrible." But from that low point, Elkann, 43, is now trying to merge Fiat Chrysler (FCA) with French rival Renault to form the world's third largest carmaker and tackle new challenges facing the industry. Elkann will become chairman of the merged FCA-Renault if the deal goes ahead, ensuring the Agnelli dynasty plays a central role in the next chapter of automotive history. At an event in Milan on Monday, the usually-shy Elkann looked happy and confident. His first big break came with an instrumental role in persuading Marchionne, who was running one of the businesses owned by the Agnelli family, to become chief executive in 2004 and give Fiat "a new start," Elkann said in a "Masters of Scale" podcast last year. Fiat was at the time almost on the brink of collapse. This involved a "very long night ... and many grappas" but proved to be a turning point in the fortunes of the Italian company founded by Elkann's great-great-grandfather Giovanni Agnelli, which built its first car in 1899. In 2005, Elkann backed Marchionne in negotiating the breakup of an alliance Fiat had entered into with General Motors in 2000, receiving $2 billion from GM in return for canceling a deal that could have required GM to buy the remainder of Fiat Auto. Marchionne then used GM's money to fund a turnaround at Fiat, which involved taking the Italian carmaker into a transformation alliance and then full-blown merger with U.S. automaker Chrysler as Elkann agreed to the Agnellis loosening their grip.

Renault shares hit six-year low on rumors of Nissan split

LONDON — Renault shares hit six-year lows on Monday after a media report that Nissan has accelerated secret contingency planning for a potential split from the French carmaker, the latest sign that the downfall of former boss Carlos Ghosn is roiling the 20-year alliance. At 1027 GMT, the shares were down 3.7%, languishing at the bottom of Paris' CAC 40 and the pan European STOXX 600 index. The plans include war-gaming a total split in engineering and manufacturing, as well as changes to Nissan's board, the Financial Times newspaper reported on Sunday citing several sources. Nissan's contingency planning has ramped up since the dramatic escape of Ghosn, the former head of the Renault-Nissan  alliance, from Japan in late December, it said. The tie-up has been in management turmoil since Ghosn's arrest in Tokyo in November 2018 on allegations of financial misconduct, which he denies. He was awaiting trial in Japan when he fled to Lebanon. "We firmly believe the relationship between (Renault and Nissan) and hence the Alliance is broken and is likely beyond the point of repair," Evercore ISI analysts Arndt Elinghorst and Chris McNally wrote in a note on Monday. They have an 'underperform' rating on the French car company. Renault was not available for immediate comment. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Earnings/Financials Mitsubishi Nissan Renault

Nissan shows self-cleaning car coated in nano paint

Washing the car is an activity like mowing the lawn that some people love and others find to be an absolute chore. For the latter group, Nissan may have an answer. Nissan is testing a nano-paint coating that could make the car wash a very infrequent place to visit.
Shown on a European Note hatchback, the key is a special layer of super-hydrophobic and oleophobic material called Ultra-Ever Dry that is sprayed over the paint. It creates a protective layer between the body and environment, and it means that when dirt or water come into contact with the car, the gunk just sheets away.
Nissan admits that the coating is still early in testing. The key will be if the stuff can actually last for the long term, and the company will be analyzing it over the coming months to see how it will react in different conditions. At the moment, the automaker has no plans to offer Ultra-Ever Dry as a standard feature, but it may make it available as an aftermarket addition in the future. Scroll down to watch the video of Nissan testing the stuff in some very dirty conditions.