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Renault shares hit six-year low on rumors of Nissan split

LONDON — Renault shares hit six-year lows on Monday after a media report that Nissan has accelerated secret contingency planning for a potential split from the French carmaker, the latest sign that the downfall of former boss Carlos Ghosn is roiling the 20-year alliance. At 1027 GMT, the shares were down 3.7%, languishing at the bottom of Paris' CAC 40 and the pan European STOXX 600 index. The plans include war-gaming a total split in engineering and manufacturing, as well as changes to Nissan's board, the Financial Times newspaper reported on Sunday citing several sources. Nissan's contingency planning has ramped up since the dramatic escape of Ghosn, the former head of the Renault-Nissan  alliance, from Japan in late December, it said. The tie-up has been in management turmoil since Ghosn's arrest in Tokyo in November 2018 on allegations of financial misconduct, which he denies. He was awaiting trial in Japan when he fled to Lebanon. "We firmly believe the relationship between (Renault and Nissan) and hence the Alliance is broken and is likely beyond the point of repair," Evercore ISI analysts Arndt Elinghorst and Chris McNally wrote in a note on Monday. They have an 'underperform' rating on the French car company. Renault was not available for immediate comment. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Earnings/Financials Mitsubishi Nissan Renault

Japanese earthquakes send ripples through auto industry

The earthquakes since April 14 in Japan's Kumamoto Prefecture on the island of Kyushu are having aftershocks on the US auto industry, particularly for Toyota. The company shut down most of its factories in the country due to parts shortages, and the plants will be closed at least through April 23. "Decisions regarding recommencement of operation at plants in Japan will be made on the basis of availability of parts," the company said in a statement. According to Automotive News, Toyota's closed factories include a vast range of popular models in the US, including the Toyota Prius, Mirai, RAV4, 4Runner, Land Cruiser, Lexus ES, LS, IS, GS, RC, NX, RX, GX, and LX. The company's only sites in Japan that are still open build Hino trucks, Daihatsu models, and the Toyota Century limo. Toyota isn't yet sure whether these shutdowns could lead to vehicle shortages in the US. "As you can imagine, we are still reviewing the situation and working to learn more," company spokesperson Aaron Fowles told Autoblog. "While we know that production will be suspended in stages at most of our vehicle assembly facilities in Japan between April 18th and the 23rd, we do not know if they will continue production suspensions. Also, any effects to our inventory and/or sales have yet to be determined." He expects the automaker to know more in the coming days. Many of the affected Toyota plants aren't even in Kumamoto Prefecture, but major suppliers have factories in the region. For example, Aisin Seiki and Renesas Electronics both had to shutdown operations at plants in the area, according to Automotive News. Toyota isn't the only automaker affected. Nissan experienced a brief slowdown but was back to work on Monday, and Honda has suspended a motorcycle plant in the region until Friday. Mitsubishi had to close a production line due to the parts shortage, according to The Japan Times, but it didn't affect US models. "A supplier to our Mizushima plant has been impacted but they only supply an engine part for our mini car line. That line has been temporarily shut down due to that situation," spokesperson Alex Fedorak told Autoblog. "That same plant builds the Lancer and i-MiEv and there has been no impact to that line and production continues uninterrupted." Two major quakes hit Kumamoto Prefecture around Kumamoto city in the past week. The first on April 14 measured 6.4 magnitude, and a second on April 16 measured 7.3.

U.S. will extradite father and son charged in Ghosn escape to Japan

BOSTON — An American father and son accused of helping former Nissan Chairman Carlos Ghosn flee Japan are being handed over on Monday to Japanese authorities for extradition from the United States, a person familiar with the matter said. The U.S. Supreme Court last month cleared the way for the extradition of U.S. Army Special Forces veteran Michael Taylor and his son, Peter Taylor, who are accused of helping Ghosn flee Japan while he was awaiting trial on financial charges. The Taylors, who have been in U.S. custody since their arrest in May, left the jail early on Monday to be flown to Japan, according to the person. Defense attorney Paul Kelly did not respond to a request for comment but told the Associated Press that the men had been turned over for extradition. The U.S. Justice Department declined to comment. They were charged last year with helping Ghosn flee Japan on Dec. 29, 2019, hidden in a box and on a private jet before reaching his childhood home, Lebanon, which has no extradition treaty with Japan. Ghosn was awaiting trial on charges that he had engaged in financial wrongdoing, including by understating his compensation in Nissan's financial statements. Ghosn denies wrongdoing. Prosecutors said the elder Taylor, a 60-year-old private security specialist, and Peter Taylor, 27, received $1.3 million for their services. The Taylors waged a months-long campaign to press their case against extradition in the courts, media, State Department and White House with the aid of a collection of high-powered lawyers and lobbyists. The Taylors' lawyers argued unsuccessfully in U.S. courts that their clients could not be prosecuted in Japan for helping someone "bail jump" and that, if extradited, they faced the prospect of relentless interrogations and torture. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. CES 2020 and Carlos Ghosn | Autoblog Podcast #609