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Nissan shares slide 5% after report Renault exploring stake reduction

TOKYO — Shares of Nissan Motor Co slumped 5% on Monday, their biggest fall in more than a month, following a report that top shareholder Renault may consider lowering its stake in the Japanese automaker. Bloomberg reported on Friday that Renault may consider lowering its Nissan shareholding as part of plans to separate its electric vehicle business. The French car maker has been pushing ahead with plans to split its electric and combustion-engine businesses in an attempt to catch rivals such as Tesla and Volkswagen On Friday, Renault said all options were on the table for separating the electric vehicle business, including a possible public listing in the second half of 2023. Any plans would be subject to approval from alliance partner Nissan, Renault finance chief Thierry Pieton said, adding the Japanese automaker was "in the loop" as Renault weighed up its options. Renault and Nissan have declined to comment on the report. Shares of Nissan fell to 509.8 yen in Tokyo, marking their biggest one-day decline since early March and underperforming an almost 2% drop in the Nikkei index. The car makers' two-decade-old alliance, which includes Mitsubishi Motors, was rocked by the 2018 ouster of alliance founder Carlos Ghosn amid a financial scandal. They have since pledged to pool more resources. In January they said they would work more closely together to make electric cars. They detailed a $26 billion investment plan for the next five years. But their unequal relationship has long been a source of friction in Japan. Renault owns 43.4% of Nissan, which in turn has a 15% non-voting stake in its shareholder. Renault bailed out Nissan two decades ago, but is now the smaller automaker by sales. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Earnings/Financials Green Mitsubishi Nissan Renault

Nissan X-Trail Takata inflator rupture causes fire in Japan [UPDATE]

UPDATE: Autoblog has received Nissan's official statement about the Takata inflator rupture in Japan. It confirms the details of the case, but contradicts one part of the original story. Nissan says that the vehicle's owner was notified about the recall, but the X-Trail wasn't repaired. We've updated the story to reflect this, and the full statement is embedded below. Nissan is the latest automaker to be directly affected by faulty Takata airbags in its vehicles. In this case, a 2001 X-Trail crossover in Japan caught fire after an accident when its passenger side inflator ruptured, shot out hot shrapnel, and caused the dashboard to ignite. The driver suffered light burns to the cheek during the crash, according to Reuters. Nissan has covered this model of X-Trail under its Takata recall in Japan since April 2013, but a company spokesperson told Reuters that the driver didn't receive the notice. The inflator in the crossover was made at Takata's factory in Moses Lake, WA. This was Nissan's first case in Japan of one of these parts rupturing. While a root cause isn't known, the problem with these components is believed to come from moisture getting into the inflator and causing the propellant to ignite too quickly. The Takata airbag recall has affected millions of vehicles worldwide and has been linked to eight deaths worldwide. In May, Nissan added 1.56 million of its models globally to replace the parts. Subsequently, the company added thousands more for the passenger side in the US and Canada. According to Reuters, the company has called in 813,000 vehicles in Japan, and 85 percent of them have been repaired there. The repair rate in the US has been far lower, though. Takata is producing around a million repair kits a month, but there are 34 million affected vehicles here from 11 automakers. According to a Congressional hearing in early June, it could be years before the whole problem is properly sorted out. Related Video: Nissan Statement Nissan is aware of a June 25 2015 incident in Japan involving improper deployment of a passenger side air bag in a 2001 Nissan X-Trail. The driver of the vehicle reported minor injuries. This vehicle was already subject to a Takata recall and owner notification was made. However, for unknown reasons, the vehicle has not been remedied. Relevant authorities have been notified. This incident is subject to an ongoing investigation and no further information will be available at this time.

Lebanon imposes travel ban on ex-Nissan boss Carlos Ghosn

BEIRUT — A Lebanese prosecutor imposed a travel ban on former Nissan boss Carlos Ghosn on Thursday, judicial sources said, after he was questioned over an Interpol warrant issued by Japan seeking his arrest on financial misconduct charges. Ghosn fled Japan to Lebanon, his childhood home, last month as he was awaiting trial on charges of under-reporting earnings, breach of trust and misappropriation of company funds, all of which he denies. The Lebanese judicial authorities also asked Japan for its file on Ghosn, including the charges against him, and will not question him again until the information is received, one of the sources said. Carlos Abou Jaoude, a Beirut-based lawyer for Ghosn, told Lebanese broadcaster MTV Ghosn was "very comfortable" with the proceedings in Beirut. "He is very comfortable with the path," Jaoude said, adding that Ghosn was also comfortable himself "especially after what he went through". The decision issued by the prosecutor, Judge Ghassan Ouiedat, requires Ghosn to keep the authorities informed of his place of residence, the judicial sources said. Ghosn would surrender his French passport to the Lebanese authorities later on Thursday, one of the sources said after the questioning, which took place at Beirut's Justice Palace, the headquarters of the judiciary. The Brazilian-born Ghosn said on Wednesday he had escaped to Lebanon to clear his name and was ready to stand trial anywhere he could get a fair hearing. Ghosn said he was ready to stay for a long time in Lebanon, which does not allow the extradition of its nationals, and a source close to the 65-year-old has said his legal team is pushing for him to be tried in the country. In addition to the Interpol warrant, Ghosn was also questioned over a formal legal complaint filed against him by a group of Lebanese lawyers who accuse him of "normalization" with Israel over a visit he made there in 2008. The prosecutor released him with the same condition, that he keep the authorities aware of his place of residence, the sources said. There was no immediate statement from the prosecutor's office. In his comments to MTV, Ghosn's lawyer Jaoude said a statement would be issued by Ghosn's team later. Ghosn said on Wednesday he had made the trip as a French citizen and an executive of Renault to sign a contract with a state-backed Israeli firm to sell electric vehicles, and had been obliged to go because the board had requested it.