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Nissan may take control of struggling Mitsubishi Motors

Update: The reports were largely correct. Nissan will take a 34 percent stake in Mitsubishi for roughly $2.2b. Read all about it here. Reports say Nissan will buy a controlling stake in Mitsubishi Motors, either 30 or 34 percent, for about 200 billion yen or $1.84 billion. Nissan and Mitsubishi motors are currently part of a joint venture, NMKV, to build minicars together. Nissan is also responsible for reporting fuel-economy discrepancies with cars built under the joint-venture agreement, which put Mitsubishi in its current weakened state. Earlier today, reports surfaced that the fuel-economy issues were wider ranging than originally thought. Mitsubishi now admits that all of its Japanese-market cars sold since 1991 could have had faked fuel-economy data. Shares of Mitsubishi Motors have dropped by about half since the scandal was uncovered, opening the door for a takeover. While Nissan is a much larger company, it can benefit from Mitsubishi's 60-percent share of Japan's minicar market. The two companies also had plans to build electric vehicles together in the joint venture. Japan's Nikkei reports that talks are ongoing between the company and that a decision could be made Thursday by the companies' boards. Related Video: News Source: Nikkei Green Mitsubishi Nissan

Nissan reportedly rejecting Renault proposal for closer ties

TOKYO — Nissan Motor Co Ltd will reject a management integration proposal from French partner Renault SA and will call for an equal capital relationship, the Nikkei newspaper said on Monday, citing sources. Nissan's management feels the Japanese company has not been treated as an equal of Renault under existing capital ties, and a merger would make this inequality permanent, the Nikkei reported. The outlook for the alliance — one of the world's top automaking partnerships — has been in focus since the arrest in November of its main architect, Carlos Ghosn, on charges of financial misconduct. The former Nissan and Renault chairman has denied the charges against him and has said he was the victim of a boardroom coup by Nissan executives opposed to closer ties. To which, Bloomberg reported that it has seen emails in which Nissan executives were working with Japanese government officials to defend the company's independence, as Ghosn was pushing for a full merger. The emails indicate growing concern at high levels of the Japanese government, in the months before Ghosn's arrest, that his merger efforts would boost Renault and its largest shareholder, the French government, and harm Nissan, in a relationship the Japanese already saw as lopsided. The emails indicated a desire to keep the existing structure of the alliance with a "re-balancing of the shareholding" to reduce Renault's 43 percent stake in Nissan, and stated that Nissan's independence "should be respected." Nissan declined to comment directly on the emails, while reiterating that misconduct by Ghosn and his former aide, Greg Kelly, is "the sole cause of the chain of events." Renault saved Nissan from the brink of bankruptcy two decades ago and under their current capital alliance, the French company holds greater control over its much larger partner. Nissan Chief Executive Hiroto Saikawa declined to say whether the company had received a merger proposal from Renault. "Now is not the time to think of such things," he told a group of reporters outside of his house in Tokyo. "At the moment we are focused on improving Nissan's earnings performance. Please give us time to do that." Renault declined to comment on the report. Renault has argued in its proposal that an integration would maximize synergies within the French-Japanese alliance, according to the Nikkei. The Financial Times reported last month of Renault's intention to restart merger talks with Nissan within 12 months.

Ford Mustang chief engineer, mid-engine Corvette | Autoblog Podcast #488

Note: There were some technical difficulties that prevented some of you from downloading this week's podcast. The player and link below should be working now, and the file has reached iTunes and other feeds as well. Thanks to everyone who wrote in to let us know of the issues! On the podcast this week, we have some questions for Ford Chief Engineer Carl Widman. Plus, Associate Editor Reese Counts joins Mike Austin to talk about the latest news, most notably the spy photos of the upcoming mid-engine Corvette. We also chat about the Jaguar F-Type Coupe, the Nissan Armada, and why 0-60 mph is a stupid performance figure. And, of course, we get into some Spend My Money advice, telling strangers what car to buy. And new this week is a cost-no-object what-cars-would-you-buy game. The rundown is below. And don't forget to send us your questions, money-spend or otherwise, to podcast at autoblog dot com. Autoblog Podcast #488 The video meant to be presented here is no longer available. Sorry for the inconvenience. Topics and stories we mention Mid-engine Chevrolet Corvette spied Chevy Bolt EV comes with 238 miles of range Ford will sell self-driving cars by 2025 Jaguar F-Type Coupe 2017 Nissan Armada (yes, Mike knows it's not a Patrol) Ford Mustang Chief Engineer Carl Widman interview Spend My Money - we give purchase advice Why 0–60 mph is a stupid performance test Rundown Intro - 00:00 The news - 03:30 What we've been driving - 16:20 Carl Widman - 26:44 Spend my money - 37:03 New fun game - 51:48 0–60 mph is overrated - 56:50 Total Duration: 1:04:57 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Feedback Email – Podcast at Autoblog dot com Review the show in iTunes Podcasts Chevrolet Ford Jaguar Nissan Car Buying nissan armada mid-engine corvette jaguar f-type coupe