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Ghosn calls Renault and Nissan financial results 'pathetic'

PARIS — Former Nissan Chairman Carlos Ghosn took a swipe at his old employers in a newspaper interview on Sunday, calling the Renault and Nissan results "pathetic," driven as much by a lack of joint leadership than the COVID-19 pandemic. Ghosn, who was also the chairman of Mitsubishi Motors, was arrested in Japan in late 2018 on charges of underreporting his salary and using company funds for personal purpose — charges he denies. He fled to Lebanon from Japan. "There is a market confidence problem in the alliance. Personally, I find the results of Nissan and Renault pathetic. The two companies are looking inwards. There is no longer any real mix of management between Renault and Nissan, but a distrustful distance," he told Le Parisien newspaper. Ghosn compared the share price fall from November 2018 to June 2020 of competitors General Motors and Toyota of 12% and 15% respectively to Nissan dropping 55% and Renault 70%. "All of these manufacturers are facing the same COVID crisis, but Renault and Nissan are being punished more than the others,' he said. Ghosn fled Japan to Lebanon, his childhood home, in December as he awaited trial on charges of underreporting earnings, breach of trust and misappropriation of company funds, all of which he denies. Ghosn was questioned in Lebanon in January. He has said he will cooperate fully with the Lebanese judicial process, but it is unclear what cooperation there will be between Tokyo and Beirut. French prosecutors have also stepped up their investigation into alleged misappropriation by Ghosn of funds at Renault and had summoned him in France on July 13, but he did not attend. "There is a technical obstacle. My passport is in the hands of the attorney general in Lebanon, because Japan has issued an international arrest warrant for me," Ghosn said. "I also want to be sure that my security is assured and that I am guaranteed freedom of movement." Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. CES 2020 and Carlos Ghosn | Autoblog Podcast #609

These are the 'Greenest' and 'Meanest' cars in 2015

As has become tradition, the American Council for an Energy-Efficient Economy (ACEEE) has come up with a ranking of what it refers to as the "greenest" cars of 2015, and, by way of contrast, a list of the so-called "meanest" cars, so those who value eco-friendliness over all else can choose which vehicles they should or should not consider buying. As you may expect, electric cars make up the majority of the greenest cars on the list, but, perhaps surprisingly to many, the Tesla Model S didn't make the cut. It's worth noting, too, that where the electricity an owner uses to charge their electric vehicle has a big impact on its overall environmental impact. "A car that is charged using electricity generated from natural gas or renewables is going to have significantly less impact on the environment than one charged on a coal-heavy grid," says ACEEE lead vehicle analyst Shruti Vaidyanathan. The ACEEE's list for 2015 looks very different than it did in 2014. It's an interesting collection, though – and we're sure this goes without saying, really – we'd recommend doing a bit more research into each vehicle and how it might fit into your daily life before making any purchase decisions. Click here to see the ACEEE's list of the Greenest and Meanest vehicles sold in the United States in 2015. Green Bugatti Chevrolet Fiat GM GMC Mercedes-Benz Nissan RAM smart Toyota greenest greenest cars

France tries to dodge blame for blowing up FCA-Renault merger deal

PARIS — France sought to fend off a hail of criticism on Thursday after it was blamed for scuppering a $35 billion-plus merger between carmakers Fiat-Chrysler and Renault only 10 days after it was officially announced. Shares in Italian-American FCA and France's Renault fell sharply in early trading after FCA pulled out of talks, saying "the political conditions in France do not currently exist for such a combination to proceed successfully." French finance minister Bruno Le Maire said the government, which has a 15% stake in Renault, had engaged constructively, but had not been prepared to back a deal without the endorsement of Renault's current alliance partner Nissan. Nissan had said it would abstain at a Renault board meeting to vote on the merger proposal. However, a source close to FCA played down the significance of Nissan's stance in the discussions, believing French President Emmanuel Macron was looking for a way out of the deal after coming under pressure at home. Context The FCA-Renault talks were conducted against the backdrop of a French public outcry over 1,044 layoffs at a General Electric factory. The U.S. company had promised to safeguard jobs there when it acquired France's Alstom in 2015. The collapse of the deal, which would have created the world's third-biggest carmaker behind Japan's Toyota and Germany's Volkswagen, revives questions about how both FCA and Renault will meet the challenges of costly investments in electric and self-driving cars on their own. The merger had aimed to achieve 5 billion euros ($5.6 billion) in annual synergies, with FCA gaining access to Renault's and Nissan's superior electric drive technology and the French firm getting a share of FCA's lucrative Jeep and Ram brands. FCA has long been looking for a merger partner, and some analysts say its search for a deal is becoming more urgent as it is ill-prepared for tougher new regulations on emissions. It previously held unsuccessful talks with Peugeot maker PSA Group, in which the French state also owns a stake. French budget minister Gerald Darmanin said the door should not be closed on the possibility of a deal with Renault, adding Paris would be happy to re-examine any new proposal from FCA. "Talks could resume at some time in the future," he told FranceInfo radio.