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Renault to propose joint holding company with Nissan, Nikkei reports

TOKYO — Renault SA will propose to Nissan Motor Co a plan to create a joint holding company that would give both firms equal footing as the French automaker seeks further integration with its Japanese partner, the Nikkei newspaper reported on Friday. Under the proposal, both firms would nominate a nearly equal number of directors to the new company in which ordinary shares in both Nissan and Renault would be transferred on a balanced basis, the newspaper said, without citing sources. This would effectively dilute the stake held by the French government in Renault to around 7-8 percent, from its current 15 percent, it added. The new company would be headquartered in a third country, such as Singapore. Renault plans to make the proposal to Nissan soon, the Nikkei said, having modified an earlier merger idea that Nissan rejected on April 12. Nissan declined to comment on the issue. The Financial Times newspaper reported that both Nissan and the Japanese government have refused to engage in merger talks with Renault. The report of the proposal comes as the outlook for the alliance — one of the world's top automaking partnerships — has clouded since the arrest in November of its main architect, Carlos Ghosn, for suspected financial misconduct. It also comes as Nissan's financial performance struggles following years of focusing on volume sales over building its brand, particularly in the United States, its biggest market. Nissan slashes its forecast This week, the Japanese automaker slashed its profit forecast for the year just ended to its lowest in nearly a decade, citing weakness in its U.S. operations. Renault for years has been vying for a closer merger with Nissan, which it rescued from the brink of bankruptcy two decades ago. Ghosn had been working to achieve a deeper integration before his arrest on financial misconduct charges in November last year. While the automakers have been consolidating many of their operations over the past decade, including procurement and production, many executives at Nissan have opposed an all-out merger with Renault. Instead, Nissan has argued for a more equal footing with Renault, which holds a 43 percent stake in its bigger partner. Nissan holds a 15 percent stake in Renault. It was unclear whether Renault would hold the casting vote in major decisions at the new company, as it did in Renault-Nissan B.V., a strategic management company jointly held by both companies that oversaw operations for the partnership.

Mitsubishi teases next-generation Triton small pickup truck

Though Mitsubishi stopped selling pickup trucks in the U.S. in the '90s, the company never stopped selling them overseas. The Triton, or L200 as it's sometimes called, is in its fifth generation, which was introduced in 2014. Now it seems a sixth generation is on the way, as the company released a low-resolution teaser image of the latest pickup. It features many styling cues from recent Mitsubishi production and concept vehicles. It also probably isn't coming to America, but the odds of a U.S.-spec may actually be better than you might think. The teaser gives us a pretty good look at the new truck, despite the image quality and lighting. It has the "Dynamic Shield" front end, which is pulled straight from current models such as the Eclipse Cross and Outlander. The aggressive shape looks good on this larger body, as it's a little better proportioned when spread across the greater surface area. It looks like the whole body is sharp and angular to match it. But it's still definitely a conventional-looking pickup truck. Since this will be sold in many overseas markets where traditional trucks with traditional off-road capability is necessary, this will undoubtedly be a body-on-frame pickup with part-time selectable four-wheel drive. This is how the current model is constructed. And like the current model, there will likely be a turbocharged diesel four-cylinder available in many parts of the world. There's not much of a chance the new Triton will come to the U.S., but it's also not a 0-percent chance. The small truck market is strong right now, with the Toyota Tacoma and the combined Colorado/Canyon twins selling in six-figure numbers each year. It's strong enough that Ford has seen fit to finally bring the Ranger back to America, and for rumors to run rampant that FCA might reenter the fray with a Ram-badged truck under the fullsize 1500. Mitsubishi's U.S. dealers have also said they really want a pickup truck to sell. Granted, there are still the issues of passing emissions and safety regulations, and finding a way to deal with the Chicken Tax. So there's certainly opportunity here for Mitsubishi, but not without some difficulty. Related Video:

Renault board names Ghosn stand-ins, as tensions with Nissan increase

PARIS/TOKYO — French carmaker Renault tapped its chief operating officer and a senior board member to fill in for embattled boss Carlos Ghosn, after an investigation by alliance partner Nissan led to his arrest on suspicion of financial misconduct. Thierry Bollore, Ghosn's operational second-in-command, will become deputy chief executive, while lead independent director Philippe Lagayette assumes the function of interim chairman, Renault said after a board meeting late on Tuesday. But the board refrained from firing Ghosn while awaiting more detail on the allegations — in a decision that could also buy more time for an accelerated, permanent succession process. "Mr. Ghosn, temporarily incapacitated, remains Chairman and Chief Executive Officer," Renault said in a statement. "During this period, the board will meet on a regular basis under the chairmanship of the lead independent director." Ghosn, one of the car industry's best-known leaders, was arrested on Monday after Nissan said he had engaged in years of wrongdoing, including personal use of company money and under-reported earnings. The Japanese company plans to remove him as chairman on Thursday. The French government, Renault's biggest shareholder, had begun to distance itself from Ghosn, calling for new interim leadership before the meeting, as the Japanese investigation expanded to include Renault-Nissan alliance finances. "Carlos Ghosn is no longer in a position where he is capable of leading Renault," Finance Minister Bruno Le Maire said earlier in the day. "Renault has been weakened, which makes it all the more necessary to act quickly." Statements by Le Maire, Renault and its board all echoed French preoccupations over the future of the alliance first articulated by President Emmanuel Macron within hours of Ghosn's arrest on Monday. Following talks between Le Maire and his Japanese counterpart Hiroshige Seko on Tuesday, the ministers reaffirmed their "shared wish to maintain this winning cooperation." But in a sign that Nissan may now seek to loosen its French parent's hold on the partnership, the Japanese company informed Renault it also had evidence of potential wrongdoing at Renault-Nissan BV, the Dutch venture overseeing alliance operations under Renault's ultimate control, three people with knowledge of the matter told Reuters.