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FCA-Renault merger talks: France wants job guarantees and Nissan on board

PARIS — France will seek protection of local jobs and other guarantees in exchange for supporting a merger between carmakers Renault and Fiat Chrysler, its finance minister said on Tuesday, underscoring the challenges facing the plan. Renault Chairman Jean-Dominique Senard arrived in Japan to discuss the proposed tie-up with the French company's existing partner Nissan — another potential obstacle to the $35 billion-plus merger of equals. Renault and Italian-American rival Fiat Chrysler Automobiles (FCA) are in talks to tackle the costs of far-reaching technological and regulatory changes by creating the world's third-biggest automaker. Nissan found out about Renault's merger talks with Fiat Chrysler only days before they became public, four sources told Reuters, stoking fears at the Japanese carmaker that a deal could further weaken its position in a 20-year alliance with Renault. A deal between Renault and FCA would create a player ranked behind only Japan's Toyota and Germany's Volkswagen and target 5 billion euros ($5.6 billion) a year in savings. Some analysts, however, say the companies face a challenge to win over powerful stakeholders ranging from the French and Italian governments to trade unions and Nissan. Patrick Pelata, a former Renault chief operating officer, also criticized the deal plan for undervaluing Renault and threatening to overstretch its engineering resources. By valuing Renault at its market price, the all-share offer attributes a negative 6 billion euro value to Renault operations after deduction of its 43.4% stake in Nissan and 3.1% Daimler holding, Pelata told BFM radio. "That's hardly reasonable," he said. "And I think that shareholders, including the French state, are bound to take issue with this sooner or later." Pelata added: "FCA has big problem because they haven't invested for the future — they have no electric vehicle platform and they've done nothing in autonomous cars." French finance minister Bruno Le Maire told RTL radio on Tuesday that the plan was a good opportunity for both Renault and the European car industry, which has been struggling for years with overcapacity and subdued demand. France sets conditions Le Maire also said the French government would seek four guarantees in exchange for backing a deal that would reduce its 15% stake in Renault to 7.5% of the combined entity. "The first: industrial jobs and industrial sites.

Japan sends official to Lebanon over fugitive Carlos Ghosn

BEIRUT — Japan's deputy justice minister met top officials in Lebanon on Monday over the case of NissanÂ’s fugitive ex-boss, Carlos Ghosn, who fled to his home country late last year while on bail in Japan and awaiting trial. Ghosn was arrested in late 2018 and is facing charges of under-reporting income and breach of trust. He says he is innocent. He led Nissan for nearly 20 years. State Minister of Justice Hiroyuki Yoshiie (pictured above with Lebanese Justice Minister Marie Claude Najm) met President Michel Aoun as well as the Lebanese minister of foreign affairs. Yoshiie did not speak to reporters after the meetings and is scheduled to hold a news conference later in the day. Aoun's office said in a tweet after the meeting that they discussed mutual relations and ways of developing them "in addition to matters that are of interest for both countries." The tweet did not mention Ghosn, who made his first public appearance in Lebanon in early January saying he fled a “nightmare” that would not end and vowed to defend his name wherever he can get a fair trial. On Friday, Japan's Justice Minister Masako Mori said she was dispatching the official to Beirut to explain the Japanese justice system and improve cooperation. She said Japan hoped Lebanon would gain “a proper understanding of the Japanese criminal justice system.” Japan and Lebanon do not have an extradition treaty, and it's unlikely Lebanon would agree to send Ghosn, considered a Lebanese national hero, back to Japan to face trial. Mori acknowledged that there were “various environments” and laws that underpin each country's stance. Nissan, maker of the Leaf electric car and Z sports car, said in a statement regarding the justice officialÂ’s trip that it hoped Ghosn would return to Japan to stand trial, “so that all the facts can be properly established under JapanÂ’s judicial system.” Having spent months in detention and struggling to gain his release on bail under stringent conditions, Ghosn said he fled in the belief he could not get a fair trial in Japan. Japan has requested GhosnÂ’s return through Interpol and issued an arrest warrant after his escape. Lebanese prosecutors issued a travel ban for Ghosn in January and asked him to hand in his French passport following the Interpol-issued notice against him. NissanÂ’s sales have plunged recently, and it sank into losses for the last fiscal quarter. The brand is widely considered to have been tarnished by the controversy around Ghosn.

Ghosn hedges Nissan's 2020 autonomous deadline

Three years ago, Nissan was one of the first companies to promise a hands-free autonomous car by 2020. According Nissan Chairman and CEO Carlos Ghosn, when and how much we'll be able to take our hands off the wheel depends on more than just the components in the car. At a press conference during this year's Frankfurt Motor Show, the head of the Renault-Nissan Alliance said, "No matter how fast the technology develops, the autonomous cars are very dependent on the regulation." Basically Ghosn is saying that Nissan will be ready, but the laws allowing hands-free driving might not be so prompt. "You can build a lot of autonomy, but if the consumer or the driver cannot enjoy it because he still has to have his hands on the wheel, he still has to have his eyes on the road, it just puts cost in the car without the benefit," said Ghosn. The overall tone of Ghosn's comments was that Nissan is ready for autonomous driving, but without clear laws there could be no point in offering the technology to consumers. Ghosn also clarified what autonomous driving means in Nissan terms, clarifying a statement last year where he said a consumer product is still a long way off. The company's three-step plan begins next year, "where you can be on the highway as long as you don't change lanes and you can be in autonomous mode." Then in 2018, these systems will be able to change lanes without human intervention. For the final step in 2020, "We're going to have cars capable in the city and on the highway to make more complicated operations [in an] autonomous way," said Ghosn. "That's why I think when you talk about autonomous cars, we have to be much more specific about what kind of autonomy are we talking about... but we maintain our forecast that is going to come in different waves, and we define our waves by the functionality of autonomy in our cars [in] '16, '18, '20." That said, don't skip your driver's license renewal five years from now. According to Ghosn, you won't see a Nissan without a steering wheel. That's both Nissan's goal, and the company's way around the lack of regulation on driverless cars. "Frankly, a car without a driver is not our priority... There is a driver, and we are putting some functions into the car, allowing the driver to drive when they want, and to stop driving when they want... These are the same pieces of technology, which in addition to others, can lead you to the car without the driver.