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Nissan's purchase of Mitsubishi is officially official

After the company's announcement in May, the Nissan's purchase of a 34 percent stake in Mitsubishi is now official. The deal cost Nissan $2.3 billion, according to the Wall Street Journal, and brings Mitsubishi into the Nissan-Renault Alliance. The company explained that this new partnership will manifest itself in shared vehicle platforms and technology, joint purchasing, and shared manufacturing. Nissan also said that this purchase will make the company one of the three largest companies by volume in the world. Nissan also emphasized that Mitsubishi will very much be a partner in the current alliance with Renault. In addition, Carlos Ghosn, CEO of both Nissan and Renault, has been nominated to be the new chairman of the Mitsubishi board. With Ghosn at the head of the board, current Mitsubishi president and CEO, Osamu Masuko, will remain in his positions but Nissan's current chief competitive officer will join Masuko as co-chief executive officer at Mitsubishi. With these companies now working together, we'll probably start seeing more commonality between Nissan and Mitsubishi products here in the States. It would also be a great opportunity to get some of Mitsubishi's cooler products here. Perhaps Mitsubishi and Nissan will take our hint about the Delica. This article has been revised to clarify that Nissan Motors purchased the stake in Mitsubishi, not the Nissan-Renault Alliance, and to add the value of the purchase. Related Video: News Source: Nissan, Wall Street JournalImage Credit: Issei Kato / Reuters Mitsubishi Nissan Renault renault-nissan alliance

Driving an EV cross-country, planting trees in all 48 states

National Drive Electric Week kicks off on September 12, but Brian Kent is starting his celebration early in an incredibly green way. On August 24, he sets off in his Nissan Leaf from Albion, NY, on an odyssey to visit the 48 contiguous US states and plant a tree in each one. Along the way, he's stopping off for the EV festival's party in Jeffersontown, KY. Kent calls the 26,000-mile drive the Negative Carbon US Road Trip because in 40 years those 48 trees should trap about 10 times more CO2 than his Leaf produces on the journey. He's sponsored by Kampgrounds of America, and this modern Johnny Appleseed is sowing the plants at some of its 485 sites around North America. National Drive Electric Week currently has 146 events scheduled for this year, including several in Canada and one in Hong Kong. The annual celebration aims to get people interested in plug-in vehicles. One of the gatherings last year even had the world's largest ever parade of EVs, but the record was unofficially broken in Berlin this spring. Will we get a new record next month? Just in Time for National Drive Electric Week: A Cross-Country Trip to Raise Awareness of Plug-In Vehicles Brian Kent will log 26,000 miles in his electric car, planting one tree in 48 states along the way San Francisco, Calif., Aug. 18, 2015—Brian Kent, set to embark upon a cross-country trek in his electric car on Aug. 24, will participate in National Drive Electric Week by routing his 48-state, gasoline-free tour through the EV celebration's event in Jeffersontown, KY. Kent plans to launch his 26,000-mile journey from his home in Albion, NY, charging his Nissan LEAF in city centers and campgrounds alike and planting a tree in each state for his first annual Negative Carbon U.S. Road Trip. He will blog along the way. Volunteers and other plug-in vehicle supporters in more than 130 cities from Hilo, HI to South Portland, ME will stage ride-and-drives and related activities during National Drive Electric Week, Sept. 12-20, for the same reason that Kent is hitting the road: to raise awareness of plug-ins. "My goals are consistent with those of National Drive Electric Week," said the freelance writer. "Misperceptions are rife.

The next steps automakers could take after sales drop again in April

DETROIT (Reuters) - Major automakers on Tuesday posted declines in U.S. new vehicle sales for April in a sign the long boom cycle that lifted the American auto industry to record sales last year is losing steam, sending carmaker stocks down. The drop in sales versus April 2016 came on the heels of a disappointing March, which automakers had shrugged off as just a bad month. But two straight weak months has heightened Wall Street worries the cyclical industry is on a downward swing after a nearly uninterrupted boom since the Great Recession's end in 2010. Auto sales were a drag on U.S. first-quarter gross domestic product, with the economy growing at an annual rate of just 0.7 percent according to an advance estimate published by the Commerce Department last Friday. Excluding the auto sector the GDP growth rate would have been 1.2 percent. Industry consultant Autodata put the industry's seasonally adjusted annualized rate of sales at 16.88 million units for April, below the average of 17.2 million units predicted by analysts polled by Reuters. General Motors Co shares fell 2.9 percent while Ford Motor Co slid 4.3 percent and Fiat Chrysler Automobiles NV's U.S.-traded shares tumbled 4.2 percent. The U.S. auto industry faces multiple challenges. Sales are slipping and vehicle inventory levels have risen even as carmakers have hiked discounts to lure customers. A flood of used vehicles from the boom cycle are increasingly competing with new cars. The question for automakers: How much and for how long to curtail production this summer, which will result in worker layoffs? To bring down stocks of unsold vehicles, the Detroit automakers need to cut production, and offer more discounts without creating "an incentives war," said Mark Wakefield, head of the North American automotive practice for AlixPartners in Southfield, Michigan. "We see multiple weeks (of production) being taken out on the car side," he said, "and some softness on the truck side." Rival automakers will be watching each other to see if one is cutting prices to gain market share from another, he said, instead of just clearing inventory. INVESTORS DIGEST BAD NEWS Just last week GM reported a record first-quarter profit, but that had almost zero impact on the automaker's stock. The iconic carmaker, whose own interest was once conflated with that of America's, has slipped behind luxury carmaker Tesla Inc in terms of valuation.