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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.

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

2015 Nissan GT-R Nismo priced from $149,990* [w/videos]

Remember when they called the Nissan GT-R a supercar-slayer? You can drop the "slayer" part, because the Japanese brute known as Godzilla has long since grown from an ankle-biter nipping at the heels of giants to a giant in its own right. And if that's the case with the "basic" GT-R, it's certainly the case with the new GT-R Nismo.
While the base price for the GT-R has breached the six-figure mark, the Nismo version has just been priced ten bucks shy of $150k. Factor in the $1,595 destination charge and you're looking at a $151,585 sticker price. That may seem like a lot for a Nissan, but bear in mind what you're getting for all that scrap: the GT-R Nismo's 3.8-liter twin-turbo V6 has been optimized to deliver 600 horsepower and 481 pound-feet of torque to all four wheels.
We've yet to see official performance stats, but considering that the base GT-R hits 60 in 2.6 seconds with 55 hp and 18 lb-ft less muscle, the Nismo version ought to teach a lesson or two to exotic supercars costing twice or even ten times as much. Just check it out in the videos and press release below.