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Renault-Nissan alliance reboot will kick off with five projects

Renault SA and Nissan Motor Co. are moving ahead with a plan to recalibrate a two-decades-old alliance that had weakened over time, starting with a range of industrial projects alongside an agreement to rebalance capital ties, according to people familiar with the situation. Top executives from the alliance partners held an operating board meeting on Thursday, giving a nod to bringing Nissan and Renault’s cross shareholdings to an equal level, as well as common projects as part of the reshaped cooperation, the people said. The partners also agreed on an alliance event to be held on Feb. 6 in London to present details of the plans, the people added, declining to be named discussing details before they are public. Under the landmark plan, Renault is expected to cut its 43% stake in Nissan to 15% via an orderly disposal of shares over time to eliminate lopsided capital ties that have been a source of friction for years. The tentative agreement comes after years of tension that at one point spilled over into Japanese-French politics when Renault-NissanÂ’s then-leader Carlos Ghosn weighed to merge the two companies.   The partners also agreed to continue collaborating on various industrial projects, a condition that was crucial for Renault to obtain approval for the rebalancing from its most powerful shareholder, the French government. Media representatives for Renault and Nissan declined to comment. The boards of directors of the respective companies will have to approve the agreement in meetings to be held in coming days, the people said.  Code name: ‘ReloadedÂ’ The redesigned alliance will allow Chief Executive Officer Luca de Meo to move on with a complex split of Renault into five separate businesses, including carved-out electric-vehicle business Ampere and to deepen ties with a series of other partners, including ChinaÂ’s Zhejiang Geely Holding Co. and Qualcomm Inc., the people said. “The interest for each of the partners is now to be able to move forward without, for example, RenaultÂ’s management getting distracted in endless trans-national politics,” says Stifel analyst Pierre-Yves Quemener. Failure of the talks would have been “a negative,” Quemener said.  Renault, Nissan and junior partner Mitsubishi Motors Corp. will embark on roughly five projects initially, codenamed “Reloaded,” with others to follow, the people said.

Mitsubishi president resigns in wake of fuel economy scandal

Mitsubishi has announced the resignation of two of its top executives as the company is embroiled in a scandal over its fuel-economy figures. Chief among the resignations is Tetsuro Aikawa, the company's president and chief operating officer (pictured above at left, bowing), who assumed the position less than two years ago. Joining Aikawa-san on the way out is Ryugo Nakao, one of three executive vice presidents of the company and the man responsible for product planning and quality at Mitsubishi. Though two of his principal deputies are leaving, the top executive at Mitsubishi retains his seat for the time being. Osamu Masuko (pictured above at right, seated) serves as both chairman and CEO, however with Nissan assuming over a third of the company's ownership, Masuko-san could still be replaced. A shareholders meeting is scheduled for June 24, when Aikawa and Nakao's resignations are set to take effect. According to the statement below, the company "will decide on the successors of both Representative Directors at our board of directors' meeting and make an announcement promptly." The resignations of the top officials come in the wake of revelations that Mitsubishi had falsely reported the fuel-economy figures of its vehicles for decades. The broadening scandal was uncovered when Nissan tested vehicles which Mitsubishi manufactures on its behalf and found discrepancies. As his company prepares to take control of the ailing automaker, Nissan chief Carlos Ghosn says that the greatest challenge will be restoring Mitsubishi's reputation. In a similar development, Suzuki also admitted to improper fuel-economy testing. The rival automaker claims that the measures were taken without the knowledge of senior management. Related Video: Personnel Changes (Resignation) of Members of the Board Tokyo, May 18, 2016 - Mitsubishi Motors Corporation (MMC) announced resignation of members of the board as follows: 1. Member of the Board who will resign Tetsuro Aikawa President and COO, Representative Director Ryugo Nakao Executive Vice President, Representative Director 2. Reason for resignations As our announcement today on the Report to the Ministry of Land, Infrastructure, Transport and Tourism concerning improper conduct in fuel consumption testing of vehicles manufactured by MMC shows, MMC has caused tremendous trouble and concern to our customers and all of our stakeholders. Considering this, Mr. Aikawa and Mr.

Nissan To Buy Mitsubishi For $2.2B | Autoblog Minute

Nissan confirmed this week that it would take a controlling interest in troubled Japanese automaker Mitsubishi. Nissan will buy 34% of Mitsubishi for $2.2B. Mitsubishi Nissan Autoblog Minute Videos Original Video