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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.

Nissan GT-R drag races Swiss fighter jet

Proving that speed is fun in any language, Nissan's German arm recently pitted a GT-R up against an ex-Swiss Air Force fighter jet, called the Hawker Hunter. Now the idea of a car-versus-plane drag race is nothing new, but this is the first time we can recall a GT-R being involved.
While this Nissan video is almost a month old, we're pretty sure you won't be disappointed by the action, which shows the two high-speed machines racing along the two-kilometer runway. We don't want to ruin the suspense, so scroll down for the latest matchup of sports car versus fighter jet.

Lebanon imposes travel ban on ex-Nissan boss Carlos Ghosn

BEIRUT — A Lebanese prosecutor imposed a travel ban on former Nissan boss Carlos Ghosn on Thursday, judicial sources said, after he was questioned over an Interpol warrant issued by Japan seeking his arrest on financial misconduct charges. Ghosn fled Japan to Lebanon, his childhood home, 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. The Lebanese judicial authorities also asked Japan for its file on Ghosn, including the charges against him, and will not question him again until the information is received, one of the sources said. Carlos Abou Jaoude, a Beirut-based lawyer for Ghosn, told Lebanese broadcaster MTV Ghosn was "very comfortable" with the proceedings in Beirut. "He is very comfortable with the path," Jaoude said, adding that Ghosn was also comfortable himself "especially after what he went through". The decision issued by the prosecutor, Judge Ghassan Ouiedat, requires Ghosn to keep the authorities informed of his place of residence, the judicial sources said. Ghosn would surrender his French passport to the Lebanese authorities later on Thursday, one of the sources said after the questioning, which took place at Beirut's Justice Palace, the headquarters of the judiciary. The Brazilian-born Ghosn said on Wednesday he had escaped to Lebanon to clear his name and was ready to stand trial anywhere he could get a fair hearing. Ghosn said he was ready to stay for a long time in Lebanon, which does not allow the extradition of its nationals, and a source close to the 65-year-old has said his legal team is pushing for him to be tried in the country. In addition to the Interpol warrant, Ghosn was also questioned over a formal legal complaint filed against him by a group of Lebanese lawyers who accuse him of "normalization" with Israel over a visit he made there in 2008. The prosecutor released him with the same condition, that he keep the authorities aware of his place of residence, the sources said. There was no immediate statement from the prosecutor's office. In his comments to MTV, Ghosn's lawyer Jaoude said a statement would be issued by Ghosn's team later. Ghosn said on Wednesday he had made the trip as a French citizen and an executive of Renault to sign a contract with a state-backed Israeli firm to sell electric vehicles, and had been obliged to go because the board had requested it.