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Automakers Renault, Nissan will become equals, with equal stakes in each other

TOKYO — Nissan and Renault have agreed to equalize the stakes they hold in each other, both sides said Monday, ironing out a source of conflict in the Japan-French auto alliance. Up to now, Renault Group has held a 43.4% stake in Nissan Motor Co., potentially giving it a larger say in how the Japanese automaker is run. It will transfer shares equivalent to a 28.4% stake to a French trust so each side will hold the same 15% stake in the other, according to the companies. The disparity between the holdings was a cause of friction, especially after Nissan became far more profitable than Renault. The agreement on the change is still being finalized and needs board approval from both companies. The companies said the shares in the French trust can eventually be sold but did not say to whom or how. They said the sale will be carried out in a “coordinated and orderly process” if a deal makes commercial sense to Renault Group, and that there is no time deadline. Until then, the voting rights would be “neutralized” for most managerial decisions, but the economic rights, such as dividends, will continue to go to Renault, the companies said. The top shareholder in Renault is the French government. Japanese Prime Minister Fumio Kishida met with French President Emmanuel Macron earlier this month. The alliance has had its ups and downs since it began in 1999, when Renault sent one of its executives, Carlos Ghosn, to then-struggling Nissan to lead a turnaround. Ghosn first served as Nissan's chief executive and later its chairman before he was arrested in late 2018 on various financial misconduct charges. The alliance, which also includes smaller Japanese automaker Mitsubishi Motor Corp. and remains one of the world's top auto groups, has been eager to put the Ghosn scandal behind it. Allegations against Ghosn include underreporting income, using investment funds for personal gain and illicit use of company expenses, including overseas homes and a yacht. Ghosn said he is innocent of all charges. He jumped bail in late 2019 and is now in Lebanon, which has no extradition treaty with Japan. The equalization of the crossholdings has been speculated about for some time. The companies called the move “an important milestone.” “The ambition is to strengthen the ties of the alliance and maximize value creation for all stakeholders,” said Nissan, based in the port city of Yokohama.

Junkyard Gem: 2006 Mitsubishi Raider DuroCross 4WD

Chrysler began selling Mitsubishi Triton pickups with Dodge D-50 and Plymouth Arrow badging in the 1979 model year, followed by the Mitsubishi Pajero aka Montero with Dodge Raider badges for 1987 through 1989. That Raider name sounded so good that Mitsubishi Motors decided to revive it when they began selling a new pickup based on the Dodge Dakota in the United States. Today's Junkyard Gem is a first-year Mitsubishi Raider, found in a Denver car graveyard recently. The Raider was mechanically identical to its same-year Dakota counterparts and it was built alongside the Dakota at Warren Truck Assembly, but it had its own body and interior designs. The Raider was built for the 2006 through 2009 model years, after which it was discontinued due to poor sales (just under 22,000 total). It wasn't as humiliating for Mitsubishi as the Ascender and I-Series (both thinly disguised Chevrolet models) were for once-proud Isuzu, but that isn't saying much. There's no need for us to bring up the puzzling Suzuki Equator here, is there? This one is a DuroCross, which came with lower suspension, black plastic wheel flares and a front bumper that looked skid-plate-like. It also has the most powerful engine available in the '06 Raider: a 4.7-liter V8 rated at 230 horsepower.  The 4.7 is a member of the Chrysler PowerTech engine family, which has an ancestry stretching all the way back to the American Motors Corporation. AMC began development of new overhead-cam V6 and V8 engines just before Chrysler purchased the company in 1987, and the 4.7-liter V8 made its debut in the 1999 Jeep Grand Cherokee. The 2009 Raider was the last new Mitsubishi pickup sold in the United States, though Mexican truck shoppers can still enjoy mas poder de aventura by buying a new Mitsubishi Triton with L200 badges. Who knows, if it's possible to find Mexican-market Peugeot 407s, Dacia Logans, Dacia Dusters and Opel Corsas in Colorado junkyards, I may yet find a discarded Mitsubishi L200. It was much more intimidating than an ordinary Dakota.

Mitsubishi Motors halts some SUV sales in Japan as MPG scandal grows

Mitsubishi's fuel-economy scandal is going from bad to worse. First, the Japanese automaker claimed it lied about the fuel economy for a few kei cars, then it claimed fuel economy tests for as far back as 1991 could reveal mile-per-gallon figures that were tampered with. In May the automaker, admitted that every single vehicle it's sold in Japan could be affected by the fuel-economy scandal. Now, the Japanese automaker revealed that more of its vehicles were involved in the fuel-economy cheating scandal – and one of them is sold in the US. After completing its investigation into the automaker's fuel-economy scandal, Japan's Transport Ministry found that Mitsubishi overstated the fuel economy for eight more vehicles in marketing brochures, one of which is sold as the Outlander Sport in the US, reports Automotive News. The Transport Ministry ordered Mitsubishi to stop domestic sales of the models, which include the Pajero, Outlander, and RVR SUV (known as the Outlander Sport in the US). The latest finding adds to four kei cars that were previously noted for having overstated fuel economy figures earlier this year. Japan's sixth-largest automaker is having a hard time recuperating since the scandal broke earlier this April. The initial scandal led to the automaker suspending its sales, which caused a large dip in the automaker's market value. The scandal required Mitsubishi to seek financial assistance from Nissan, which agreed to buy a controlling 34-percent stake for $2.2 billion. Investigators hired by Mitsubishi to look into the automaker's overstated fuel economy figures revealed the company's "corporate culture" as the issue. More specifically, the investigators founds the company's pressure to improve fuel-efficiency figures, a lack of unity between divisions, and an unwillingness to accept fuel economy shortfalls as the reason for falsifying its vehicles' mpg figures. Mitsubishi is expected to compensate Japanese owners for the overstated fuel economy figures, which would result in a massive loss for the automaker. The company is expected to post a net loss of roughly $1.4 billion this year, pushing Mitsubishi into the red for the first time in approximately eight years. Related Video: News Source: Automotive News-sub.req.Image Credit: Tomohiro Ohsumi / Bloomberg via Getty Images Government/Legal Green Mitsubishi Nissan Fuel Efficiency kei car scandal