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Renault, Nissan attempt to calm rumors of impending split

TOKYO/PARIS — Shares in Renault recovered some lost ground on Tuesday after the French carmaker and its Japanese partner Nissan rejected media reports that their alliance was in danger of being dissolved. Some have openly questioned whether the alliance can survive without disgraced former CEO Carlos Ghosn to keep the two partners happy.  Renault shares fell to a six-year low on Monday after rumors circulated that its alliance with Nissan was in jeopardy. Nissan shares tumbled to their lowest in 8 1/2 years on Tuesday in Tokyo. At the opening of trading in Paris on Tuesday, Renault shares rose 1.3 percent, before falling back slightly to trade up 0.49 percent by 08:23 GMT. The alliance, which also includes Japan's Mitsubishi Motors, is "solid, robust, everything but dead," the chairman of Renault, Jean-Philippe Senard, told Belgian newspaper L'Echo. A split between the two automotive giants would force both to find new partners in a fast-consolidating industry that is growing increasingly difficult to navigate for independent companies. It will be especially difficult for Renault and Nissan, whose dirty laundry Ghosn intends to air for public consideration.   French Finance Minister Bruno Le Maire also weighed in, saying reports some executives wanted to break up the alliance were "malicious." Speaking to France's CNews TV, he also said he expected Renault to name a new chief executive within days to replace Thierry Bollore, a Ghosn-era appointee who was ousted in October. Luca de Meo, who stepped down as the head of Volkswagen's Seat brand last week, is seen as a frontrunner for the job, although a stringent non-compete clause in his contract firm may prove a hurdle, sources have told Reuters. Nissan, in response to "speculative international media reports," said it was "in no way considering dissolving the alliance." "The alliance is the source of Nissan's competitiveness," the Japanese automaker said in a statement. "Through the alliance, to achieve sustainable and profitable growth, Nissan will look to continue delivering win-win results for all member companies." Concerns emerged about the future of the Renault-Nissan partnership after the November 2018 arrest in Japan of Ghosn, the man who did more than anyone else to hold together the disparate alliance of often-contrasting carmaking cultures.

Nissan to pull out of venture fund with Renault in cost-cutting drive, insiders say

TOKYO — Nissan is likely to pull out from a venture capital fund it runs with alliance partners Renault and Mitsubishi Motors, as part of the Japanese automaker's drive to cut costs and conserve cash, two sources said. Nissan will formally take a decision on whether to leave the fund, Alliance Ventures, by the end of this month, the two Nissan insiders told Reuters, declining to be identified because the information has not been made public. The likely move comes after Nissan's junior partner, Mitsubishi Motors Corp, told an alliance meeting last week that it would no longer continue to inject money into the fund, one of the sources said. The decision to leave the Amsterdam-based fund was all but a done deal, the other source said, adding: "Of course we're out. The house is on fire." A Nissan spokeswoman said it was speculation and declined to comment. A Mitsubishi spokesman said no decision had been made. The move comes as Nissan — which has seen its earnings slump — is now facing a downturn in China, its biggest market, due to the impact of the coronavirus outbreak. China sales plunged 80% last month. It also highlights the extent of the automaker's cost-cutting under new CEO Makoto Uchida, who is under pressure for a quick turnaround. Alliance Ventures is aimed at finding "learning opportunities" for the alliance through investing in startups, and is supposed get up to $200 million (153.3 million pounds) a year from the three alliance partners, although it never achieves that full amount, the first source said. It was set up under former alliance head Carlos Ghosn, whose dramatic arrest in Japan culminated in an escape to his childhood home of Lebanon in December. Ghosn faces multiple charges in Japan, including of under-reporting earnings and misappropriation of company funds, all of which he denies. According to its website, the fund was set up with a $200 million initial investment and aims for up to $1 billion by 2023. Portfolio companies include WeRide, a Chinese robo-taxi startup and Tekion Corp, a cloud-based retail platform for cars. "It wasn't established by Ghosn as a way to make money. It was for those learning opportunities we get from investing in smart startups," the first source said. "But given the tough financial situation we are facing, we are looking at investment return." Reporting by Norihiko Shirouzu; Editing by David Dolan/Louise Heavens/Susan Fenton.

Lebanon may lift Ghosn's travel ban if files not received within 40 days

BEIRUT — Lebanon may lift a travel ban on ousted Nissan boss Carlos Ghosn if files pertaining to his case do not arrive from Japan within 40 days, caretaker justice minister Albert Serhan said in a statement on Friday. Ghosn fled Japan to Lebanon, his childhood home, last month as he awaited trial on charges of under-reporting earnings, breach of trust and misappropriation of company funds, all of which he denies. His dramatic escape has raised tensions between Japan and Lebanon, where Ghosn slammed the Japanese justice system at a two-hour news conference on Wednesday, prompting Japan's Justice Minister to launch a rare and forceful public response. Lebanon has no extradition agreement with Japan. Serhan said in the statement that he had met with the Japanese ambassador to Lebanon and reaffirmed the importance of the relationship between the two countries. He also said that Ghosn's wife Carole will also be questioned by Lebanese prosecutors when authorities receive an Interpol notice for her. "Carole will be subject to the same procedures that were followed for (Carlos) when the red notice was received from Interpol." Tokyo prosecutors on Tuesday issued an arrest warrant for Carole for alleged perjury related to the misappropriation charge against her husband. A spokeswoman for Carole said that she had voluntarily returned to Japan nine months ago to answer prosecutors' questions and was free to go without any charges, adding that the warrant was "pathetic". A fair trial? Carlos GhosnÂ’s lawyer on Friday told JapanÂ’s government that the authorities had failed to arrange for a fair trial that respected universal rights. Francois Zimeray, French lawyer for Ghosn, said that it had been for JapanÂ’s prosecutors to prove GhosnÂ’s guilt, not for Ghosn to prove his innocence. “It belongs to the prosecution to prove guilt and not to the accused person to prove its innocence,” Zimeray said in a statement. Japanese Justice Minister Masako Mori launched a rare and forceful public takedown of auto executive-turned-fugitive Ghosn after he blasted the countryÂ’s legal system as allowing him “zero chance” of a fair trial as he sought to justify his escape to Beirut. Reporting by Hoda Monem, Dominique Vidalon and Richard Lough. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Government/Legal Nissan Renault Carlos Ghosn