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FCA withdraws its offer to merge with Renault

UPDATE: Fiat Chrysler Automobiles released a statement confirming that it has withdrawn its merger offer, saying "it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully." The full statement can be read below our original story, which continues below. Fiat Chrysler has withdrawn its $35 billion merger offer for Renault, the Wall Street Journal and Bloomberg News reported on Wednesday. A source said that FCA had informed Renault it had withdrawn the offer after Renault's board of directors failed to reach a decision on the merger during a meeting that ran late into the night Wednesday. Instead, the board granted the French government's request to postpone its vote. The government wanted time to persuade Renault's reticent alliance partner Nissan. Renault's board issued a press release that said simply that it was "unable to take a decision due to the request expressed by the representatives of the French State to postpone the vote to a later Council." WSJ reported that Nissan's two members on Renault's board were balking, while the rest of the board favored the merger. The French government wouldn't it back the deal unless Nissan agreed to maintain its role in the Renault-Nissan alliance, sources said. Nissan had received little advance warning of the merger proposal and was balking. Apparently the French government thought Nissan could be brought around if given more time. "We should take our time to make sure that things are done well," French Finance Minister Bruno Le Maire told French television on Wednesday. When the French requested a delay and Renault's board granted it, FCA withdrew. The French state, which owns 15% of Renault, had also been seeking more influence over the merged company, firmer job guarantees and improved terms for Renault shareholders in return for blessing the $35 billion tie-up. The merger would have created the world's third-biggest automaker with combined sales of 8.7 million vehicles per year, and was intended to cut costs as the parties develop electric and autonomous vehicles. Read Fiat Chrysler Automobile's full statement below: FCA withdraws merger proposal to Groupe Renault June 5, 2019 , London - IMPORTANT NOTICE The Board of Fiat Chrysler Automobiles N.V. ("FCA") (NYSE: FCAU / MTA: FCA), meeting this evening under the Chairmanship of John Elkann, has resolved to withdraw with immediate effect its merger proposal made to Groupe Renault.

Nissan CEO Uchida says he's willing to be fired if turnaround fails

YOKOHAMA — Nissan's new chief executive said on Tuesday he would accept being fired if he fails to turn around Japan's second biggest automaker which is grappling with plunging sales in the aftermath of the scandal surrounding ex-chairman Carlos Ghosn. Makoto Uchida, who took over the top job in December, put his job on the line at the automaker's shareholders' meeting, where he faced demands ranging from cutting executive pay to offering a bounty to bring Ghosn back to Japan after he fled to Lebanon. Nissan's worsening performance has heaped pressure on Uchida, formerly Nissan's China chief who became its third CEO since September, to come up with aggressive steps to revive the company. On Tuesday, Uchida, who was repeatedly heckled by shareholders, said he was ready to face dismissal if he failed to improve profitability at the company, which is on course to post its worst annual operating profit in 11 years. "We will make sure that we steer the company in an effective way so that it is visible in the eyes of viewers. I will commit to this: if the circumstances remain uncertain you can fire me immediately," he said. Uchida, 53, did not give a timeframe for improving Nissan's performance. The new boss must prove to the board he can accelerate cost-cutting and rebuild profits at the 86-year-old Japanese giant, and that he has the right strategy to repair its partnership with France's Renault, sources have told Reuters. Uchida pleaded with shareholders to be patient while he comes up with a plan by May to recover from crumbling profits and a corporate shake-up following Ghosn's arrest in Japan in late 2018 over financial misconduct charges. "If you can be patient a little bit longer, on a day-to-day basis you will be able to sense we are changing," he said. Ahead of the meeting, some shareholders demanded more clarity about Uchida's plan. "I just want to know what the plan for recovery is. At the moment, the share price has dropped again, and the value of the company has plummeted," said a 70-year-old former employee who owns shares in the company. "If this is the situation, part of me thinks that we would be better off with Ghosn ... If we don't get a clearer vision of the path the company is taking, it will be a worry." Nissan's shares are trading around their lowest level in more than a decade following its latest earnings.

Mitsubishi recalls 141,000 Lancers, Outlanders, and Outlander Sports

Mitsubishi issued two recalls this month, one big, one small, that affect several cars from the brand's past and current lineup. The major recall covers old Lancers, Lancer Sportbacks, Outlanders, and Outlander Sports that might have an issue with corrosion weakening the suspension. The second recall affects the current-generation Outlander and Outlander PHEV that have improperly built seat belt assemblies. NHTSA campaign No. 20V279000 states that Mitsubishi is recalling 141,200 2008-2010 Lancers, 2010 Lancer Sportbacks, 2008-2013 Outlanders, and 2011-2016 Outlander Sports due to the possibility that the front cross member on these vehicles might be damaged. If these vehicles encountered road salt, snowmelt water, and anti-freezing agents, the cross member could corrode. If the cross member corrodes, there is a slight possibility the front control arm could detach and create an extremely dangerous situation.  This recall only pertains to vehicles in the Salt Belt region, which includes Connecticut, Delaware, Illinois, Indiana, Iowa, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia, Wisconsin, and Washington D.C. Mitsubishi dealerships will inspect affected cars and make a judgment call from there. If the damage is minimal or non-existent, Mitsubishi will spray and seal the cross member with new anti-corrosion protection. If the cross member is damaged, Mitsubishi will replace it for free.  NHTSA campaign No. 20V280000 affects 3,238 2019-2020 Outlanders and 2019 Outlander PHEVs due to potentially faulty seat belts. On these vehicles the seat belts for the second-row passenger-side seat might have the wrong part. "Due to inappropriate manufacturing process at the supplier, the guide piece (which is a component part of the second-row seat belts’ anchorage) for the left side seat belt was mistakenly assembled with the right side seat belt, causing seat belt restraint efficiency for vehicle occupants to decrease in the vehicle collisions," a recall document states. Mitsubishi dealerships will inspect the seat belts in affected cars and replace them, if necessary. It is believed only 1% of the 3,238 vehicles have the defect. Visit the NHTSA for more information.