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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.

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.

Mitsubishi Vision Ralliart Concept revealed at Tokyo Auto Salon

Mitsubishi has arrived at the 2022 Tokyo Auto Salon with a bevy of vehicles, but none more interesting than the Vision Ralliart Concept. We have fond memories of the Ralliart name on Mitsubishi models sold years ago, which gives us a glimmer of hope that a return to the sub brand could once again give us a Mitsubishi to get excited about as enthusiasts. That initial Ralliart return is in concept form and in the shape of the new Outlander. Mitsubishi is using the Outlander PHEV as the basis of this concept, but it appears as though nothing has been done to the powertrain to make it any more potent than the standard car. However, Mitsu has attended to it elsewhere. The Ralliart Concept gets large brake rotors and six-piston brake calipers to increase stopping power. It also features suspension changes. Mitsubishi doesn’t say exactly what itÂ’s changed beyond specifying that the comfortable ride “is further refined,” though. Lastly, Mitsubishi fitted 22-inch wheels with bigger tires to enhance cornering. Appearance-wise, the Vision Ralliart Concept gets unique front and rear bumpers, wider fenders in front and rear, a new front grille and big rear diffuser. Mitsubishi says that this car “embodies Mitsubishi Motors' vision for the new Ralliart and brings together the company's engineering and passion for Monozukuri challenges (craftsmanship).” How all of the above may translate into a production Outlander Ralliart model is still to be determined, and itÂ’s not yet clear if weÂ’ll ever see such a thing in the U.S. Beyond that concept, we also get a look at an Outlander Ralliart Style and an Eclipse Cross Ralliart Style. Both of these cars are full of red, white and black stickers/accents to give them the Ralliart look weÂ’d expect. However, the packages are limited to appearance changes only. Again, Mitsubishi gives no indication as to what its end game might be with these vehicles. On the off-road side of things, there's the Outlander Wild Adventure Style based on the PHEV. This model adopts a bunch of Mitsubishi accessories that make it a better vehicle for heading into the wilderness. It has items like all-terrain tires, bumper protectors, mud guards, a roof carrier, trailer hitch and additional garnishes all around to give it a sportier/outdoorsy look. If kei cars are more your style, Mitsubishi has also revealed the K-EV Concept X Style in Tokyo. ItÂ’s meant to preview a new generation of electric kei cars in Japan.