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Nissan, Fisker in advanced talks on investment, partnership

Nissan is in advanced talks to invest in electric vehicle maker Fisker in a deal that could provide the Japanese automaker with access to an electric pickup truck while giving the struggling startup a financial lifeline, according to two people familiar with the negotiations. The deal could close this month, said the sources, who asked not to be identified because the talks are ongoing and have not been finalized. Terms being discussed include Nissan investing more than $400 million in Fisker's truck platform and building Fisker's planned Alaska pickup starting in 2026 at one of its U.S. assembly plants, one of the sources said. Nissan would build its own electric pickup on the same platform, the source said. Nissan has U.S. assembly plants in Mississippi and Tennessee. Fisker said on Thursday, when it announced it might not be able to continue as a going concern and would cut 15% of its workforce, that it was in talks with a large automaker for a potential investment and joint development partnership. It did not name the automaker. A Fisker spokesman said the company does not comment on speculation, while Nissan officials were not immediately available to comment. Fisker shares had been down about 45% before the Reuters report but pared those losses and were trading down about 25% with a market capitalization of more than $295 million. The term sheet is ready and the deal is going through due diligence, one of the sources said. Nissan was an EV pioneer with its fully battery powered Leaf hatchback in 2010 but has since struggled in the face of nimbler new entrants. A deal with Fisker would help it move into the growing U.S. electric pickup market. Nissan's talks with Fisker comes in the wake of the former's “rebalanced” relationship with its long-time alliance partner Renault. Last year, Nissan and Renault finalised terms of a restructured alliance after months of negotiations. They aim to have cross-shareholdings of 15% as part of the deal. The more limited alliance removes certain restrictions and has opened the door for Nissan to develop growth plans in areas such as EVs and software independent of Renault, said one of the sources, who is familiar with Nissan's thinking. The Yokohama-headquartered automaker is scouring “many, many opportunities,” the person said.

Nissan names Makoto Uchida as next CEO

TOKYO — Nissan named Makoto Uchida, the head of its Chinese business, as its next CEO, picking an executive known for close ties to top shareholder Renault and for a frank, straight-talking manner that has marked him as an outsider. By selecting Senior Vice President Uchida, Nissan's board has gone with someone slightly at odds with its traditional corporate culture. He joined the carmaker mid-career in 2003, a rarity in a country where top executives usually spend their entire working lives at the same company. Known for his unflagging work ethic and relentless focus on cost control, Uchida was described by one long-time associate who spoke on condition of anonymity as a "foreigner with a Japanese face" — direct and to the point in conversations. He will be joined by newly appointed Chief Operating Officer (COO) Ashwani Gupta, currently COO of junior partner Mitsubishi Motors, in trying to find new ways to revive a business that has been struggling for months with plunging profits, management scandal and tensions with Renault. Japan's second-largest automaker has been shaken in particular by the arrest of former Chairman Carlos Ghosn last year on allegations of financial misconduct, which he denies, and the more recent departure of CEO Hiroto Saikawa after he admitted to being improperly overpaid. Whether the 58-year-old former theology student can deliver a miracle turnaround — particularly at Nissan's business in the United States — and repair ties with Renault will now be a focus for investors. "The biggest business challenge for Nissan is speeding up," the head of Nissan's nominations committee, Masakazu Toyoda, told a news conference. "Speedy decision making is a challenge that Uchida raised, and to this end he said that he wants to empower people as much as possible, so we decided to ask Uchida to take on the CEO role." One source close to Renault described the selection as "a victory for the alliance", saying that both Uchida and Gupta knew the business and were ready to help Nissan recover. 'ISN'T REALLY JAPANESE' Before his ouster, Ghosn had been working on a plan for a full merger of Renault and Nissan, but had met resistance in Japan, which is concerned about French influence in the alliance. The French government is a major Renault shareholder. Relations were further strained this year when Renault held abortive merger talks with Fiat Chrysler Automobiles.

Nissan's Ultimate Smart BBQ e-NV200 is crowd-funded fun in Japan

When the weather starts warming up, expect the grills to start heating up. A Japanese company is trying to get a jump on the higher temperatures with a crowdfunding campaign for a Nissan e-NV200 with a full kitchenette and many more bizarre features hidden inside. The company calls it the Ultimate Smart BBQ Vehicle. More than just a rather bizarre video, a crowdfunding site is hosting a project to actually hold parties around Japan with this Nissan. The goal is to raise 1 million yen (about $8,500 at current rates), and it has about 180,000 yen ($1,500), as of this writing. A pledge of at least 30,000 yen ($250) gets you and a friend invited to one of these events. However, if you really need the Ultimate Smart BBQ Vehicle, then 25 million yen ($208,500) buys it outright. This van is designed to be an emissions-free party machine. Sliding out of the rear is a 1,500-watt electric grill complete with a rotisserie, and there's even a sink for washing dishes. A full disposal system even helps with cleanup afterwards. Beyond just a place to do some outdoor cooking, this e-NV200 is outfitted with practically everything necessary to host some festivities. An ultrasonic mosquito barrier should keep the bugs away, and a water mister also helps keep guests cool. When it starts getting dark, there's a smartphone-linked screen on the side to display pictures or movies, and the setup even doubles as a karaoke machine. Likely the weirdest feature, though, is a deployable drone that can take pictures of your shindig. Our Japanese language skills are limited to counting from one to ten and asking what time it is in Tokyo right now, so it's hard to really suss out all the details. But from a Q&A at the bottom of the page (translated by our friends at Google Translate), it appears you have to be a Japanese resident to donate. And the site doesn't take American Express. If anyone knows how to read Japanese and wants to tell us more, please comment below. Because now we're hungry and want some yakitori.