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Nissan, Renault break up the Ghosn-style almighty chairmanship

YOKOHAMA, Japan — Japan's Nissan Motor and France's Renault said they would retool the world's top car-making alliance to put themselves on more equal footing, breaking up the all-powerful chairmanship previously wielded by ousted boss Carlos Ghosn. The removal of Ghosn, credited for rescuing Nissan from near-bankruptcy in 1999, had caused much uncertainty about the future of the alliance and some speculation the partnership could even unravel. The companies, together with junior ally Mitsubishi Motors, on Tuesday said the chairman of Renault would serve as the head of the alliance but — in a critical sign of the rebalancing — not as chairman of Nissan. "This is a very special day for the alliance," Renault SA's chairman, Jean-Dominique Senard, told reporters after a meeting at Nissan's Yokohama headquarters. He spoke to reporters along with Renault's chief executive, Thierry Bollore; Nissan CEO Hiroto Saikawa; and Osamu Masuko, CEO of the smaller Japanese alliance partner Mitsubishi Motors Corp. Those four executives will meet every month in Paris or Tokyo and oversee various projects, helping to make the companies' operations more efficient, they said. Nissan has said that Ghosn wielded too much power, creating a lack of oversight and corporate governance. It was not clear who would become Nissan's chairman, vacant since Ghosn was arrested in Japan in November. But the automakers gave no indication of any immediate change in their cross-shareholding agreement, one which has given smaller Renault SA more sway over Nissan. The alliance did not announce any changes in mutual stake holdings. The so-called Restated Alliance Master Agreement that has bound them together so far remains intact, they said. "We are fostering a new start of the alliance. There is nothing to do with the shareholdings and the cross-shareholdings that are still there and still in place," Renault Chairman Senard said. "Our future lies in the efficiency of this alliance," he told reporters at Nissan's headquarters in Yokohama. Senard also said he would not seek to be chairman of Nissan, but instead was a "natural candidate" to be vice-chairman. Former Nissan chairman Ghosn was released on a $9 million bail last week after spending more than 100 days in a Tokyo detention center.

Renault shares hit six-year low on rumors of Nissan split

LONDON — Renault shares hit six-year lows on Monday after a media report that Nissan has accelerated secret contingency planning for a potential split from the French carmaker, the latest sign that the downfall of former boss Carlos Ghosn is roiling the 20-year alliance. At 1027 GMT, the shares were down 3.7%, languishing at the bottom of Paris' CAC 40 and the pan European STOXX 600 index. The plans include war-gaming a total split in engineering and manufacturing, as well as changes to Nissan's board, the Financial Times newspaper reported on Sunday citing several sources. Nissan's contingency planning has ramped up since the dramatic escape of Ghosn, the former head of the Renault-Nissan  alliance, from Japan in late December, it said. The tie-up has been in management turmoil since Ghosn's arrest in Tokyo in November 2018 on allegations of financial misconduct, which he denies. He was awaiting trial in Japan when he fled to Lebanon. "We firmly believe the relationship between (Renault and Nissan) and hence the Alliance is broken and is likely beyond the point of repair," Evercore ISI analysts Arndt Elinghorst and Chris McNally wrote in a note on Monday. They have an 'underperform' rating on the French car company. Renault was not available for immediate comment. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Earnings/Financials Mitsubishi Nissan Renault

Nissan has now sold 75,000 Leaf EVs in the US

Somehow it doesn't surprise us that the 75,000th Nissan Leaf electric vehicle sold in the US would go to a guy from Portland, Oregon. Rishabh Mehandru, who first experienced the Leaf through a lease a couple of years ago, took the full plunge with a 2015 model and ended up being No. 75,000 (ding, ding, ding!). You've got to love those repeat customers. The Intel engineer has a 30-mile commute, so, theoretically, the Leaf does the trip with about two-dozen miles to spare in its single-charge range. The Portland dealership that sold him the car says its Leaf customers are an "even" mix between new and repeat. Nationwide, Nissan boosted its Leaf sales last year by 34 percent to 30,200. Things have cooled off a bit so far this year, as Leaf sales through February were down 15 percent from the same period in 2014 to 2,268 units. As of the end of last month, Nissan Leaf's US sales since its late-2010 introduction trailed sales of the Chevrolet Volt extended-range plug-in by exactly two units. Which means we can expect General Motors' announcement that the Volt has hit 75,000 units any day now. Take a look at Nissan's press release below. Related Videos: Nissan delivers 75,000th all-electric LEAF in the U.S. to Oregon family NASHVILLE, Tenn. – Nissan celebrated with Rishabh Mehandru of Portland, Oregon, as he purchased the 75,000th Nissan LEAF in the United States. This is Mehandru's second Nissan LEAF after leasing his first one two years ago in an effort to reduce the emissions he was putting into the air. "I'm a runner, and when I ran outside I found that I was inhaling a lot of exhaust from the gas-powered cars that passed me on the roads," said Mehandru. "I instantly became aware of the amount of fuel I was burning, and that's when I first decided that I wanted to get an electric car." Mehandru, senior engineer at Intel, has a commute of about 30 miles and enjoys the spirited driving experience Nissan LEAF has to offer. "When the lease was up on my first Nissan LEAF, I knew that I didn't want any other car. I had to have another Nissan LEAF," said Mehandru. "I love how quickly I can get up to speed on the highway-even my three-year-old son notices how zippy it is-and I like that I don't have to stop for gas." Mehandru's excitement for his electric car is contagious, and he recently convinced a friend to also purchase a Nissan LEAF.