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France tries to dodge blame for blowing up FCA-Renault merger deal

PARIS — France sought to fend off a hail of criticism on Thursday after it was blamed for scuppering a $35 billion-plus merger between carmakers Fiat-Chrysler and Renault only 10 days after it was officially announced. Shares in Italian-American FCA and France's Renault fell sharply in early trading after FCA pulled out of talks, saying "the political conditions in France do not currently exist for such a combination to proceed successfully." French finance minister Bruno Le Maire said the government, which has a 15% stake in Renault, had engaged constructively, but had not been prepared to back a deal without the endorsement of Renault's current alliance partner Nissan. Nissan had said it would abstain at a Renault board meeting to vote on the merger proposal. However, a source close to FCA played down the significance of Nissan's stance in the discussions, believing French President Emmanuel Macron was looking for a way out of the deal after coming under pressure at home. Context The FCA-Renault talks were conducted against the backdrop of a French public outcry over 1,044 layoffs at a General Electric factory. The U.S. company had promised to safeguard jobs there when it acquired France's Alstom in 2015. The collapse of the deal, which would have created the world's third-biggest carmaker behind Japan's Toyota and Germany's Volkswagen, revives questions about how both FCA and Renault will meet the challenges of costly investments in electric and self-driving cars on their own. The merger had aimed to achieve 5 billion euros ($5.6 billion) in annual synergies, with FCA gaining access to Renault's and Nissan's superior electric drive technology and the French firm getting a share of FCA's lucrative Jeep and Ram brands. FCA has long been looking for a merger partner, and some analysts say its search for a deal is becoming more urgent as it is ill-prepared for tougher new regulations on emissions. It previously held unsuccessful talks with Peugeot maker PSA Group, in which the French state also owns a stake. French budget minister Gerald Darmanin said the door should not be closed on the possibility of a deal with Renault, adding Paris would be happy to re-examine any new proposal from FCA. "Talks could resume at some time in the future," he told FranceInfo radio.

Nissan bringing rolling social media box to Tokyo

Nissan has quite a diverse lineup ready for the 2015 Tokyo Motor Show this year. There are a few familiar faces in tow like the Gripz concept and updated Leaf. However, the true debut among this group is the quirky Teatro for Dayz concept (pictured above) that imagines the ultimate vehicle for young people. According to Nissan, the Teatro for Dayz is designed for the so-called digital native generation – basically those with the Internet widely available from birth. On the outside, the EV concept actually evokes a modernized take on the Cube with its boxy, angular shape. The oddly named concept wears some of the brand's current styling cues, though, like the V-shaped grille and LEDs slashing through the headlights. The squared-off rear features taillights running all the way across and lower lights that echo the ones in front. The interior is just a simple expanse of white with front and rear bench seats, but layout meant to allow social-media-obsessed occupants to express themselves through digital displays. Meanwhile, the Concept 2020 Vision Gran Turismo goes on display in Tokyo with a few tweaks. This GT-R of the digital future now wears a coat of Fire Knight red paint and gets a more prominent V-shaped grille in front. The original version debuted at the 2014 Goodwood Festival of Speed. Overview: Nissan Exhibit at 2015 Tokyo Motor Show Yokohama (October 5, 2015) – Nissan Motor Co., Ltd. today released an overview of its exhibit at the 44th Tokyo Motor Show, which will be held at Tokyo Big Sight and open to the public from October 30 through November 8. Among the exhibits will be Teatro for Dayz, an innovative concept that signals a new direction in mobile technology. Designed especially for the digital native generation, this vision of near-future vehicles departs from convention and marks a shift in perception. Major Nissan exhibit components include: Nissan Gripz Concept, making its Japan debut following its unveiling at the 2015 Frankfurt Auto Show last month Upgraded Nissan Leaf with increased battery capacity, resulting in significantly longer driving range Leading-edge autonomous drive and safety technologies Nissan Concept 2020 Vision Gran Turismo A total of 20 vehicles will be on display, including the X-Trail Hybrid Mode Premier and Juke 16GT Four Personalization models; and special-feature models, including the Skyline 350GT Hybrid Type-SP Cool Exclusive, Fuga 370GT Type-S Cool Exclusive and Serena Highway Star V Selection.

Now Mitsubishi Motors has ousted Carlos Ghosn, days after Nissan firing

TOKYO — Mitsubishi Motors said on Monday its board removed Carlos Ghosn from his role as chairman, following his arrest and ouster from alliance partner Nissan last week for alleged financial misconduct. Ghosn's sacking in a unanimous board vote marks the end of his chairmanship of Japanese automakers, just two years after he was praised for bringing a steadying hand to Mitsubishi Motors following a cheating scandal in 2016. CEO Osamu Masuko will become temporary chairman, the automaker said. "Ghosn has lost the confidence of Nissan" and it is "difficult for him to fulfill his duties," spurring the dismissal, Mitsubishi Motors said in a statement. Nissan holds a controlling 34 percent stake in Mitsubishi Motors and has two executives on the board. The move comes amid discontent over French partner Renault SA's role in the 19-year Franco-Japanese alliance of which Ghosn was the driving force. Sealed in 1999 when Nissan was rescued from near-bankruptcy, it was enlarged in 2016 to include Mitsubishi and enabled the members to jointly develop products and control costs. The alliance vies with Volkswagen AG and Toyota for the ranking of the world's biggest automaker. Even as Nissan has recovered and grown rapidly, it remains a junior partner in the shareholding structure. Renault owns 43 percent of Nissan and the Japanese automaker holds a 15 percent non-voting stake in the French firm. And Nissan is almost 60 percent bigger than Renault by sales. Top alliance executives are meeting this week in Amsterdam, aiming to shield their joint operations from the fallout of Ghosn's arrest as a power struggle between Nissan and Renault looms. Renault has refrained from firing him as chairman and CEO. Mitsubishi Motors already had plans to discuss its position in the alliance with Ghosn and, following the ouster, it needs to consider focusing on regions and technology where it can retain competitiveness, CEO Masuko told reporters after the board meeting. Cooperation among alliance members is needed amid the rise of new technology like automated and internet-connected vehicles, he said. Nissan CEO Hiroto Saikawa told staff on Monday that power was too concentrated with Ghosn and that in future better communication between alliance board members and executives would help preserve independence and generate synergies among the automakers, a Nissan spokesman said.