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FCA-Renault merger faces tall odds delivering on cost-cutting promises

FRANKFURT/DETROIT — Fiat Chrysler Automobiles and Renault promise huge savings from a mega-merger, but such combinations face tall odds because of the industry's long product cycles and problems translating deal blueprints into real world success, industry veterans told Reuters. BMW's 1994 purchase of Rover, and Daimler's 1998 merger with Chrysler both made sense on paper. The companies promised to hike profits by combining vehicle platforms and engine families. Both combinations proved unworkable in reality, and were unwound. Renault and Nissan, which have been in an alliance since 1999 designed to share vehicle components, have only managed to use common vehicle platforms in 35% of Nissan's products despite an original target of 70%, according to Morgan Stanley. FCA and Renault have raised the stakes for themselves by ruling out plant closures. That increases the pressure to achieve more than $5 billion in promised annual savings from pooling procurement and research investments. The two companies have yet to fill in many of the blanks in the merger plan put forward by Fiat Chrysler. Renault's board is expected to act soon to accept the proposal, but that would lead only to a memorandum of understanding to pursue detailed operational and financial plans. A final deal and the legal combination of the two companies could take months to complete if all goes well. Pressure to cut automotive pollution is driving the latest round of consolidation. Automakers are looking at multibillion-dollar bills to develop electric and hybrid cars and cleaner internal combustion engines. Fiat Chrysler and Renault are betting they can design common electric vehicle systems, then sell more of them through their respective brands and dealer networks, cutting the cost per car. Developing all-new electric vehicles can bring more opportunities to share costs from the outset, industry experts said. "With the emergence of connected, autonomous, electric and shared vehicles, carmakers face immediate investments, so new opportunities for sharing costs have emerged," said Elmar Kades, managing director at Alix Partners. However, most electric vehicles lose money. This is a challenge for city car brands in Europe in particular. Both Renault and Fiat rely heavily on this segment for sales.

Carlos Ghosn's lawyer requests bail again after Nissan ex-chairman indicted — again

TOKYO — Japanese prosecutors indicted Carlos Ghosn on Monday on another charge of aggravated breach of trust, a Tokyo court said, the fourth charge against the former Nissan Motor Co Ltd chairman, which his lawyers met immediately with a bail request. The charge came on the day Ghosn's latest detention period was set to expire. Ghosn had been out on bail when authorities arrested him for a fourth time on April 4 on suspicion he enriched himself at a cost of $5 million to the automaker. "We are confident that we have the evidence to successfully prosecute all four cases," an official from the prosecutor's office said at a briefing after the indictment was announced. Ghosn has denied all four of the charges, which include understating his income, and said he is the victim of a boardroom coup. He has accused former colleagues of "backstabbing," describing them as selfish rivals bent on derailing a closer alliance between Nissan and its top shareholder, France's Renault SA. "Carlos Ghosn is innocent of the latest charges brought against him by the Tokyo prosecutors, aided and abetted by certain Nissan conspirators," a Ghosn representative said in a statement. The case has exposed tensions in the Nissan-Renault alliance forged by Ghosn some two decades ago when the French automaker invested in Nissan, then on the brink of bankruptcy — a deal that gave Renault control over its larger partner. Nissan is due to reject a management integration proposal from Renault and will instead call for an equal capital relationship, the Nikkei newspaper said on Monday, citing sources. Ghosn's arrest has also focused a harsh light on Japan's judicial system, which critics refer to as "hostage justice" as defendants who deny their charges are often not granted bail. Under Japanese law, prosecutors are able to hold suspects for up to 22 days without charge and interrogate them without their lawyers present. In accordance with these terms, prosecutors had to indict or release Ghosn by Monday. According to the latest indictment, Ghosn caused a total of $5 million in losses to Nissan from July 2017 through July 2018. During that period, prosecutors allege two separate payments of $5 million were made from the account of a Nissan subsidiary into the account of an overseas dealership. A total of $5 million was subsequently transferred from the dealership's account to another account in which Ghosn had an interest.

Even Consumer Reports is savaging the Mitsubishi Mirage

When we reviewed the 2014 Mitsubishi Mirage a few months ago, we absolutely hated it. Our conclusion was that if you needed a car in this segment to either pay a few hundred dollars more for a Chevy Spark or spend less for an entry-level Nissan Versa. Basically, avoid this Mitsubishi at all costs. It turns out that we weren't the only ones who despised it. Consumer Reports can often find something positive about just about any vehicle, but even the usually gentle publication struggles to find compliments when it comes to the Mirage.
It's most serious gripe concerns the model's handling. CR describes the way that the Mirage wallows around turns with tons of body lean even at low speeds as "scary." A little car with a curb weight of 2,051 pounds just shouldn't corner this poorly.
While Consumer Reports definitely has no love when it comes to the 2014 Mirage, finding something to dislike about practically every aspect of the vehicle from its powertrain to the interior, the reviewers do end up digging out one positive aspect. You'll have to scroll down and watch the video to find out what it is.