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Geely and Renault joint venture will develop internal combustion and hybrid tech

China's Geely Automobile Holdings and French car maker Renault SA on Tuesday said they will invest up to 7 billion euros ($7.71 billion) in a new equally held joint venture to develop gasoline engines and hybrid technology for automobiles. The JV is aimed at manufacturing more efficient internal combustion engines and hybrid systems at a time when the focus of much of the automobile industry has been on the capital-intensive transition to purely electric vehicles. "We are pleased to be embarking on this journey to become a global leader in hybrid technologies, providing low-emission solutions for automakers around the world," said Eric Li, Geely Holding Group chairman. The new company will employ 19,000 people at 17 engine plants and five research and development hubs, Renault said. At launch, it is expected to supply to multiple industrial customers including Volvo, Proton, Nissan, Mitsubishi Motors, and PUNCH Torino. The JV aims to have an annual production capacity of up to five million internal combustion, hybrid and plug-in hybrid engines and transmissions, Renault added. Reuters reported in March that the new venture will see 15 billion euros ($16.53 billion) in annual revenue. Saudi Aramco, which signed a letter of intent with Renault and Geely in March, is evaluating a strategic investment in the new company, Renault said. The Saudi oil producer has been involved in advanced discussions to take a stake of up to 20% in the JV, sources said earlier this year. Big oil firms have worked with automakers to develop sustainable fuels and hydrogen engines in recent years. But a deal here would make Aramco the first major oil producer to invest in the car business. The joint venture is expected to be launched in the second half of 2023. Earnings/Financials Green Mitsubishi Nissan Volvo Renault

Nissan recalling 841k vehicles overseas for steering wheel trouble

A possible issue with a steering wheel bolt in the Nissan Micra (shown) and Cube from the 2002 to 2006 model years has Nissan recalling roughly 841,000 units on four continents, as well as Oceania and the Middle East. On the affected cars, the bolt may not have been tightened properly, which could lead to a loss of steering in a worst-case scenario. According to Reuters, there haven't been any reports of accidents or injuries due to the fault, however.
The Micras affected were built in the UK and Japan, the Cubes in Japan. Nissan has yet to say when the recall will begin, but when it does, owners can take their cars to dealers for repairs; the bolt with either be tightened or, if necessary, a new steering wheel installed.

Lebanon has 40 days to figure out what to do with Carlos Ghosn

BEIRUT — Lebanon and Japan have about 40 days to decide whether ousted Nissan boss Carlos Ghosn will be extradited to Japan or stand trial in Lebanon, a judicial source and a source close to Ghosn said on Thursday, following his escape from Japan. Ghosn fled to Lebanon, his childhood home, as he was awaiting trial on charges of under-reporting earnings, breach of trust and misappropriation of company funds, all of which he denies. Japan and Lebanon have no extradition agreement, and Lebanon does not typically hand over its nationals. Ghosn's legal team is hoping to hold the trial in Lebanon, where the former auto executive has deep ties and hopes to clear his name. Japan has in recent days asked Lebanon to clarify what files Tokyo needs to send as part of an official extradition request, the two sources said. "They came back and requested a clarification. Today, we sent that to the Japanese," the judicial source said. That communication is significant because, according to Lebanon's rules for dealing with Interpol notices, it triggers a roughly 40-day period by the end of which agreement must be reached between the countries on where and how Ghosn will stand trial, the sources said. Japan must now either send a formal extradition request to Lebanon or send Ghosn's file to Beirut and agree on a process for trying him there, the source close to Ghosn said. An Interpol spokesperson said on Friday the organization did not itself dictate a timeframe or require any action to be taken by countries and such a framework is set locally. Ghosn, who holds Lebanese, French, and Brazilian nationality, was questioned earlier this month by Lebanese prosecutors who confiscated his passport and imposed a travel ban as part of the Interpol arrest warrant process. The source close to Ghosn said the former executive can appeal to Lebanon's prosecutor to drop the ban and return his passport if Japan does not respond within the timeframe. Japanese prosecutors have said they are still pushing for Ghosn to be tried in Japan. Ghosn has struck out at what he has called Japan's unjust judicial system and said the alternative to fleeing would have been to spend the rest of his life languishing in Tokyo without a fair trial. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.     Government/Legal Weird Car News Nissan Renault Carlos Ghosn