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Nissan shares slide 5% after report Renault exploring stake reduction

TOKYO — Shares of Nissan Motor Co slumped 5% on Monday, their biggest fall in more than a month, following a report that top shareholder Renault may consider lowering its stake in the Japanese automaker. Bloomberg reported on Friday that Renault may consider lowering its Nissan shareholding as part of plans to separate its electric vehicle business. The French car maker has been pushing ahead with plans to split its electric and combustion-engine businesses in an attempt to catch rivals such as Tesla and Volkswagen On Friday, Renault said all options were on the table for separating the electric vehicle business, including a possible public listing in the second half of 2023. Any plans would be subject to approval from alliance partner Nissan, Renault finance chief Thierry Pieton said, adding the Japanese automaker was "in the loop" as Renault weighed up its options. Renault and Nissan have declined to comment on the report. Shares of Nissan fell to 509.8 yen in Tokyo, marking their biggest one-day decline since early March and underperforming an almost 2% drop in the Nikkei index. The car makers' two-decade-old alliance, which includes Mitsubishi Motors, was rocked by the 2018 ouster of alliance founder Carlos Ghosn amid a financial scandal. They have since pledged to pool more resources. In January they said they would work more closely together to make electric cars. They detailed a $26 billion investment plan for the next five years. But their unequal relationship has long been a source of friction in Japan. Renault owns 43.4% of Nissan, which in turn has a 15% non-voting stake in its shareholder. Renault bailed out Nissan two decades ago, but is now the smaller automaker by sales. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Earnings/Financials Green Mitsubishi Nissan Renault

Nissan to take over for Renault in Formula E

Formula E has generated a lot of news lately, even in the off-season, as major automakers continue to either join the series or express interest in participating. The inclusion of a number of European rivals makes the series particularly interesting. One thing missing from the lineup is a Japanese automaker. That will change, though, as Motorsport reports that Nissan will be taking over its Alliance partner Renault's spot on the starting grid. It's not confirmed when the switch will happen, but with the Renault e.dams Z.E. 17 (seen in testing above) already having been unveiled for next season, it's likely the switch will come in for the 2018/19 season when the series moves away from the practice of swapping cars mid-race. Renault has been a successful part of Formula E from the very beginning, providing (with partner Spark) the cars each team used in the first season, and scoring the series' first Team Championship in 2015, and then again in 2016 and 2017. Nissan, though, has the globally popular Leaf EV, and has been eyeing an entry into Formula E for some time now. Joining the series will not only boost the visibility of Nissan's electrification strategy, it will do the same for its Nismo arm as well (and, as we've already learned, there could be a Leaf Nismo offered in the future). The change would also free up resources for Renault to focus on its F1 efforts. As Motorsport also reports, Formula E CEO Alejandro Agag has said of the Japanese brands Nissan, Honda and Toyota, that "one of those three, maybe two, will end up" in the electric racing series, without elaborating further. Nissan isn't expected to confirm its Formula E entry soon, but it could happen at the Geneva Motor Show next year. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: MotorsportImage Credit: Formula E Green Motorsports Nissan Renault Green Culture Electric Racing Vehicles Formula E nismo fia formula e championship

Mitsubishi cheated on Japanese fuel economy test since 1991

Mitsubishi now says that its cheating on Japanese fuel economy tests stretches as far back as 1991. The automaker has hired an independent panel of investigators to get to the bottom of what happened, and the company will give them three months to prepare a report about the deception. Mitsubishi's cheat involves how the company calculated driving resistance to determine fuel economy. In 1991, Japan's Road Transport Vehicle Act established a coasting test to establish the driving resistance, but Mitsubishi's engineers used their own "high-speed coasting test," according to its statement. In 2007, the company decided to only use the country's mandated evaluation, but the employees kept utilizing the high-speed test in the field. In the most recent scandal, workers selected low values for driving resistance from the results, which made the fuel economy look better. Mitsubishi's presented these details in a report to the Ministry of Land, Infrastructure, Transport, and Tourism. "We are currently investigating the reasoning behind each of the decisions," the company said in a statement. It also hired three former prosecutors to figure out why this happened for so long. At this time, Mitsubishi only confirms the incorrect figures for some of the company's minicars, but this investigation could discover more transgressions. This fiasco started when Nissan discovered fuel economy discrepancies in some of its Mitsubishi-made tiny kei-class cars in Japan. Mitsubishi came clean and admitted the problem affected about 625,000 vehicles in the country. Japanese media have alleged more vehicles have incorrect mileage, including the Outlander. The National Highway Traffic Safety Administration in the US has also requested data from the Japanese automaker to confirm similar deceptions didn't happen for vehicles here. Related Video: Regarding the Report to MLIT Concerning Improper Conduct in Fuel Consumption Testing of Vehicles Manufactured by Mitsubishi Motors Corporation Tokyo, April 26, 2016 The following is a summary of the report submitted by Mitsubishi Motors Corporation (MMC) to the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) today, pursuant to instructions received from MLIT on April 20 to investigate improper conduct in fuel consumption testing of vehicles manufactured by MMC. Report Summary 1.