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Nissan, Renault break up the Ghosn-style almighty chairmanship

YOKOHAMA, Japan — Japan's Nissan Motor and France's Renault said they would retool the world's top car-making alliance to put themselves on more equal footing, breaking up the all-powerful chairmanship previously wielded by ousted boss Carlos Ghosn. The removal of Ghosn, credited for rescuing Nissan from near-bankruptcy in 1999, had caused much uncertainty about the future of the alliance and some speculation the partnership could even unravel. The companies, together with junior ally Mitsubishi Motors, on Tuesday said the chairman of Renault would serve as the head of the alliance but — in a critical sign of the rebalancing — not as chairman of Nissan. "This is a very special day for the alliance," Renault SA's chairman, Jean-Dominique Senard, told reporters after a meeting at Nissan's Yokohama headquarters. He spoke to reporters along with Renault's chief executive, Thierry Bollore; Nissan CEO Hiroto Saikawa; and Osamu Masuko, CEO of the smaller Japanese alliance partner Mitsubishi Motors Corp. Those four executives will meet every month in Paris or Tokyo and oversee various projects, helping to make the companies' operations more efficient, they said. Nissan has said that Ghosn wielded too much power, creating a lack of oversight and corporate governance. It was not clear who would become Nissan's chairman, vacant since Ghosn was arrested in Japan in November. But the automakers gave no indication of any immediate change in their cross-shareholding agreement, one which has given smaller Renault SA more sway over Nissan. The alliance did not announce any changes in mutual stake holdings. The so-called Restated Alliance Master Agreement that has bound them together so far remains intact, they said. "We are fostering a new start of the alliance. There is nothing to do with the shareholdings and the cross-shareholdings that are still there and still in place," Renault Chairman Senard said. "Our future lies in the efficiency of this alliance," he told reporters at Nissan's headquarters in Yokohama. Senard also said he would not seek to be chairman of Nissan, but instead was a "natural candidate" to be vice-chairman. Former Nissan chairman Ghosn was released on a $9 million bail last week after spending more than 100 days in a Tokyo detention center.

New Mitsubishi Outlander PHEVs coming to Frankfurt

Mitsubishi is following the unveiling of the heavily refreshed 2016 Outlander at the 2015 New York Auto Show with the European debut of the plug-in hybrid version at this year's Frankfurt Motor Show. The PHEV goes on sale there in September, and a rally-prepped PHEV Outlander is taking part in the Baja Portalegre 500 in Portugal in October. Rumors suggest that the updated plug-in model might come to the US in early 2016. Mechanically, the Outlander PHEV retains separate motors to power the front and rear wheels, but the company has some revisions for the system to make it more efficient. Emissions are cut thanks to reduced engine friction, and acceleration is reportedly quicker, too. In large part, the 2016 PHEV carries over all of the styling and mechanical updates of its non-electrified sibling. That includes the completely new front end that mixes chrome and gloss black for a more interesting look. The plug-in gets a few design cues of its own, including a different shape for the lower bumpers, less chrome down the sides, and some body-color trim. It also rides on a set of two-tone 18-inch wheels. Inside, there's a four-spoke steering wheel and brown, and black leathers are available. Previously offered on the Japanese model, European customers now get access to the Outlander PHEV's vehicle-to-home power system. The tech allows owners to plug in their CUV and provide electricity to their house from the vehicle's battery. Mitsubishi Motors Lineup at 2015 International Motor Show (IAA) Tokyo, August 31, 2015 Improved Outlander PHEV with Dynamic Shield debuts in Europe Tokyo, August 31, 2015 - Mitsubishi Motors Corporation (MMC)'s revamped 2016MY Outlander PHEV, due to go on sale in Europe in September, will make its European debut at the 66th International Motor Show (IAA)*1 Alongside the new Outlander PHEV, MMC will be exhibiting the rally version of the Outlander PHEV to compete in the Baja Portalegre 500 cross-country rally*2 and several production models in a total lineup of 15 vehicles (13 on press days, for more information please see the last page). *1: To be held at the Messe Frankfurt exhibition grounds in Frankfurt am Main, Germany from September 15 through September 27. For more information please access http://www.iaa.de/en/press-room/ (English) *2: A cross-country rally due to be held in the eastern part of Portugal from October 22nd through October 24th.

Mitsubishi and NTT to buy 30% stake in HERE digital mapping company

Digital mapping company HERE Technologies sold a 30% stake to Mitsubishi and Nippon Telegraph and Telephone Corp (NTT), diluting German carmakers’ stake to 54% amid uncertainty about the profit potential from autonomous cars. Mitsubishi and NTT will co-invest in the Amsterdam-headquartered company through their newly established, jointly owned holding firm COCO Tech Holding B.V. in the Netherlands, HERE said on Friday. “Their investment also means we are further diversifying our shareholder base beyond automotive, which is important given the appeal and necessity of location technology across geographies and industries,” HEREÂ’s Chief Executive Edzard Overbeek said. The Japanese companies said they would collaborate with HERE to develop services such as ways to tackle road congestion and improve supply chain efficiencies. High definition maps can also be used in fleet management, asset tracking, last-mile delivery, long-distance package delivery by drones and indoor mapping applications, Overbeek told Reuters. Financial details of the transaction, which they said would close next year, were not disclosed. German carmakers BMW, Audi and Daimler saw high definition mapping as a strategic asset and bought HERE from Finnish telecoms group Nokia for around 2.5 billion euros ($2.8 billion) in 2015 to avoid becoming dependent on AlphabetÂ’s Google. FridayÂ’s deal dilutes the stake held by each German carmaker from 25% to just under 18%, HERE said. REALITY CHECK Tech companies and automakers raced to develop self-driving vehicles after Google presented a prototype car in 2012, leading German manufacturers to develop robotaxis as a way to enter the ride-hailing business to take on Uber. However, the technology costs and regulatory hurdles have spiraled, and ride-hailing businesses have struggled to reach sustainable profitability, leading to a reassessment of the business potential of robotaxis and ride hailing. “There has been a reality check setting in here,” Daimler Chief Executive Ola Kaellenius said last month, adding that spending on robotaxis would be “rightsized.” The move comes as BMW and Daimler this week announced they will exit the North American car-sharing market, halting operations in Montreal, New York, Seattle, Washington D.C., and Vancouver, as they focus on the European market. Last year, GermanyÂ’s Continental and Bosch, the worldÂ’s largest automotive suppliers, bought a 5% stake in HERE.