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Renault, Nissan officially reboot their auto alliance for post-Ghosn era

Nissan CEO Makoto Uchida looks on as Renault CEO Luca De Meo and Mitsubishi CEO Takao Kato shake hands during a news conference to unveil new agreement between Nissan and Renault on Monday in London.   LONDON — Automakers Renault and Nissan on Monday formalized their reboot of a relationship that had grown rocky, culminating in the spectacular fall of top executive Carlos Ghosn, who had led successful turnarounds at both companies before his arrest and daring escape. The boards of both companies approved equalizing the stake each automaker holds in the other to 15%, bringing a better balance in the French-Japanese alliance, which also includes smaller Japanese carmaker Mitsubishi Motors Corp. The uneven shareholdings had been viewed at times as a source of conflict. Until now, Renault Group of France owned 43.4% of Nissan Motor Co., while the Japanese automaker owned 15% of Renault. “We have been waiting a long time for this moment,” Renault board Chairman Jean Dominique Senard said at a news conference in London, calling it a “new era." Nissan intends to invest up to 15% in Ampere, RenaultÂ’s electric vehicle and software entity in Europe that Mitsubishi also will consider investing in. The automakers said they will collaborate in markets worldwide, including Latin America, Europe and India. The moves come at a time when the extremely competitive auto industry is undergoing a major shift toward electric vehicles and other environmentally friendly models. The long speculated changes to the carmaker alliance were announced a week ago. Shares equivalent to a 28.4% stake will be transferred to a French trust, according to the companies. Renault, whose top shareholder is the French government, and Nissan agreed on an orderly sale of that stake, although there will be no deadline. Nissan Chief Executive Makoto Uchida vowed to take the alliance to “the next level of transformation” to adapt to a new era. “This is not a choice but a need,” he said. In theory, partnerships are a good way for automakers to cut costs by sharing parts, production and technology, especially when the industry is going through such dramatic change with EVs. That also means that, once formed, ending an alliance can be difficult because the companiesÂ’ development, manufacturing and products get so closely tied together. Still, partnerships can stumble because of the different corporate cultures of the automakers, especially when it involves a meeting of the West and East.

Ghosn calls Renault and Nissan financial results 'pathetic'

PARIS — Former Nissan Chairman Carlos Ghosn took a swipe at his old employers in a newspaper interview on Sunday, calling the Renault and Nissan results "pathetic," driven as much by a lack of joint leadership than the COVID-19 pandemic. Ghosn, who was also the chairman of Mitsubishi Motors, was arrested in Japan in late 2018 on charges of underreporting his salary and using company funds for personal purpose — charges he denies. He fled to Lebanon from Japan. "There is a market confidence problem in the alliance. Personally, I find the results of Nissan and Renault pathetic. The two companies are looking inwards. There is no longer any real mix of management between Renault and Nissan, but a distrustful distance," he told Le Parisien newspaper. Ghosn compared the share price fall from November 2018 to June 2020 of competitors General Motors and Toyota of 12% and 15% respectively to Nissan dropping 55% and Renault 70%. "All of these manufacturers are facing the same COVID crisis, but Renault and Nissan are being punished more than the others,' he said. Ghosn fled Japan to Lebanon, his childhood home, in December as he awaited trial on charges of underreporting earnings, breach of trust and misappropriation of company funds, all of which he denies. Ghosn was questioned in Lebanon in January. He has said he will cooperate fully with the Lebanese judicial process, but it is unclear what cooperation there will be between Tokyo and Beirut. French prosecutors have also stepped up their investigation into alleged misappropriation by Ghosn of funds at Renault and had summoned him in France on July 13, but he did not attend. "There is a technical obstacle. My passport is in the hands of the attorney general in Lebanon, because Japan has issued an international arrest warrant for me," Ghosn said. "I also want to be sure that my security is assured and that I am guaranteed freedom of movement." 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

Should you buy an EV?

Gas prices are hitting the skids and EVs are following suit; nearly every model in today's market has experienced a double-digit decline in sales – with the always notable exception of the Tesla Model S. Some EVs are in the last year of their generation while others have been half-heartedly designed and engineered to fulfill federal government quotas. The two non-Tesla front runners, the Chevy Volt and Nissan Leaf, are in the unfortunate position of offering customers "2015" vehicles that were designed with 2011 in mind. Yet there's plenty of love in the air. Nissan has built over 180,000 Leafs worldwide, and chances are you will be seeing a second electric vehicle accompanying the Leaf when the new generation is released in the coming months. The Chevy Volt now offers the highest customer satisfaction out of any car or truck sold in North America. Forget the luxury cars, the sports cars, the family trucksters, and even the rolling flagship that guides Tesla's jaw dropping valuation on Wall Street. You want happy with your EV? The brand that's rocking the segment right now is Chevy. It's been doing so for a while. The EV market is poised to become a lot more sophisticated over the next 18 months with the three leading manufacturers – Tesla, General Motors, and Nissan – launching five brand new models along with no fewer than 16 other manufacturers making many of their bread and butter cars available as plug-in hybrids. So, if you want to keep your money as far away from the Arab dictatorships and Russian mafia as Mercury is from Pluto, and enjoy your commute, we're more than ready to do our part! So let's begin with the most important question. What's Your Range? How much driving do you generally do in a day? If the answer to that question is 50 miles or fewer, an all-electric vehicle like the Nissan Leaf may be the best ingredient for your driving recipe. This is especially true if you have a second vehicle you can use for the occasional longer drive or are willing to rent for the weekend. But here's a little surprise for you. The upcoming Chevy Volt was designed to be driven in all-electric mode for over 50 miles. Fifty-three, to be exact. Plus, the Volt's battery has experienced a lot fewer deterioration issues than the Nissan Leaf's due in part to the Volt's liquid-cooled battery, which also uses a lot less of its capacity than the air-cooled Leaf's does.