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Renault keeps 15% stake in Nissan, transfers majority of shares to French trust

Renault and Nissan completed a landmark deal to rebalance their 24-year-long alliance, paving the way for a new relationship after years of acrimony between the two partners. The automakers on Wednesday announced the creation of a French trust to which Renault transferred 28.4% of Nissan shares. The companies first disclosed plans for the trust in January. Renault Group and Nissan now have a cross-shareholding of 15% with lock-up and standstill obligations, the companies and junior alliance partner Mitsubishi Motors Corp. said in a statement. Renault managers in recent weeks have reiterated that staff should no longer share information with their Nissan counterparts, according to people familiar with the situation, after the French carmaker announced in September that aspects of the alliance would be unwound by year-end.  Taken together with the deal to equalize their cross-shareholdings at 15%, the developments are the clearest indications yet that members of one of the world’s biggest automotive tie-ups are increasingly going their separate ways. Renault told employees in September it was moving away from common structures with Nissan in favor of a new, project-by-project approach to working together. The dissolution of the companiesÂ’ joint purchasing organization means the two will no longer pool information on a regular basis due to antitrust concerns. The sell-down of shares held by the trustee will be coordinated with Nissan, which will have the right of first offer to purchase the stock. The trust will have no obligation to sell the shares within a specific or pre-determined period of time. The new alliance deal presented to investors in London in February followed months of tense negotiations that nearly collapsed late last year due to sticking points on intellectual property and disagreement over the valuation of RenaultÂ’s electric-vehicle and software arm Ampere, in which Nissan has agreed to invest. The alliance dates back to 1999, when Renault rescued Nissan with a cash injection and the two formed one of the biggest auto partnerships in the industry. Rivalries and mutual suspicion mounted over the years and came to a head when former leader Carlos Ghosn openly contemplated merging the two companies, contributing to his downfall.

Mitsubishi ending US production

Mitsubishi is closing the doors on its US production as part of a "strategic move," Japan's Nikkei news service reports. According to Automotive News, the company declined to comment on the factory, and instead said it had "no plans to stop selling" vehicles in the United States. That's not what we asked, folks. According to the Nikkei news, the company is in the process of finding a buyer for is Normal, IL factory, which it opened as part of a joint venture with Chrysler back in 1988. The facility currently employs 918 UAW workers, whose jobs Mitsubishi is attempting to save as part of its negotiations with labor reps. The Normal plant is the only Japanese production facility with UAW representation, Automotive News reports. Normal is responsible for production of the Outlander Sport, building nearly 70,000 examples last year. Production is continuing on, according to the vice president for the local UAW Local, Kyle Young. "We haven't heard anything," Young told AN in a phone interview. "We're supposed to have negotiations coming up" in August. It's not clear how much the Mitsubishi will be selling the Normal plant for, nor is it clear if any parties are interested in picking up the facility, which contributes around $120 million to the local economy each year.

Mitsubishi hopes you'll trade driving data for a cheaper oil change

Companies and cities love it when you supply driving data, but how do they convince you to hand it over? In Mitsubishi's case, it's simple: shower people with gifts. The automaker has launched a mobile app that asks American commuters to share data on their driving habits with insurance companies in return for badges they can exchange for rewards. Mind your road manners (such as staying within the speed limit or avoiding sudden braking) and you can get discounts on oil changes and car accessories. You should also receive free coffee and gift cards by the end of 2018. Insurers and local governments have tried similar strategies, but this is the first of its kind directly from a car company. Mitsubishi's Bryan Arnett described this to the Wall Street Journal as a way to "stabilize the business" with alternate sources of income if car sales slip. The catch, as you may have guessed, is that insurers will have your data. The Mitsubishi project will help insurers understand driving patterns and adjust their risk profiles, potentially lowering your rates if you drive safely. However, you're potentially subjecting yourself to scrutiny for every little decision you make on the road, often without context. If you push past the speed limit to get out of a big rig's blind spot, will Mitsubishi know the difference between that and genuinely reckless driving? Probably not. Simultaneously, there's a concern that insurance companies may try to make this kind of data collection mandatory if you want to avoid stiff premiums, rather than a bonus. If they did, you wouldn't have much choice but to sacrifice privacy if you wanted to drive. The move draws attention to the practices of the car makers themselves, for that matter. Many of them are aware that car ownership might not last forever, and they may increasingly turn to data harvesting strategies like this to offset any potential sales drops.This story originally appeared on Engadget, your guide to this connected life.Related Video: