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FCA withdraws its offer to merge with Renault

UPDATE: Fiat Chrysler Automobiles released a statement confirming that it has withdrawn its merger offer, saying "it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully." The full statement can be read below our original story, which continues below. Fiat Chrysler has withdrawn its $35 billion merger offer for Renault, the Wall Street Journal and Bloomberg News reported on Wednesday. A source said that FCA had informed Renault it had withdrawn the offer after Renault's board of directors failed to reach a decision on the merger during a meeting that ran late into the night Wednesday. Instead, the board granted the French government's request to postpone its vote. The government wanted time to persuade Renault's reticent alliance partner Nissan. Renault's board issued a press release that said simply that it was "unable to take a decision due to the request expressed by the representatives of the French State to postpone the vote to a later Council." WSJ reported that Nissan's two members on Renault's board were balking, while the rest of the board favored the merger. The French government wouldn't it back the deal unless Nissan agreed to maintain its role in the Renault-Nissan alliance, sources said. Nissan had received little advance warning of the merger proposal and was balking. Apparently the French government thought Nissan could be brought around if given more time. "We should take our time to make sure that things are done well," French Finance Minister Bruno Le Maire told French television on Wednesday. When the French requested a delay and Renault's board granted it, FCA withdrew. The French state, which owns 15% of Renault, had also been seeking more influence over the merged company, firmer job guarantees and improved terms for Renault shareholders in return for blessing the $35 billion tie-up. The merger would have created the world's third-biggest automaker with combined sales of 8.7 million vehicles per year, and was intended to cut costs as the parties develop electric and autonomous vehicles. Read Fiat Chrysler Automobile's full statement below: FCA withdraws merger proposal to Groupe Renault June 5, 2019 , London - IMPORTANT NOTICE The Board of Fiat Chrysler Automobiles N.V. ("FCA") (NYSE: FCAU / MTA: FCA), meeting this evening under the Chairmanship of John Elkann, has resolved to withdraw with immediate effect its merger proposal made to Groupe Renault.

Recharge Wrap-up: Gogoro Smartscooter debuts, Nissan Leaf drivers drive more

The West Coast Electric Highway in Oregon and Washington makes up about nine percent of the country's EV charging stations. Located along I-5, Highway 101 and other highways, Oregon offers 43 DC quick chargers, while Washington has 14. Chargers are located every 20 to 25 miles along the network, with plans to extend the Electric Highway from Canada all the way to Mexico. Between March 2012 and April 2014, drivers used public chargers 17,917 times in Washington and 18,522 times in Oregon, according to the US Energy Information Agency. Read more at Green Car Reports and at The Register-Guard. Nissan says Leaf drivers in Europe clock about 40 percent more miles on average than gasoline and diesel cars. Using the Leaf's CarWings telemetry, Nissan has found that Leaf drivers average 198 miles per week, or about 10,307 miles per year. Drivers using traditional fossil fuels only drive an average of 138 miles per week, or 7,170 miles a year. Nissan has sold more than 31,000 units of the Leaf in Europe, with more than 150,000 sold worldwide. "Our customers frequently tell us that they buy the Nissan Leaf as a second car, but end up using it far more than their other vehicle," says Jean-Pierre Diernaz, Nissan's European EV director, "and the information we receive from CarWings reinforces that message." Read more in the press release below. Gogoro's electric Smartscooter, which uses a battery swap system, debuted at the 2015 Consumer Electronics Show in Las Vegas. The Smartscooter features a racing suspension, a connected mobile app, a suite of sensors and a host of customization options. What makes the Smartscooter really interesting, though, is its battery swapping network. The 20-pound batteries are traded at small stations - essentially vending machines - in a matter of seconds, so worries about charging times are nonexistent. The battery stations could also be used by utilities for energy storage to help balance grid loads when they're not being used to power electric travel. See the Smartscooter in the video below and read more at Wired. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Internal Nissan emails reportedly corroborate Ghosn's claim of a setup

An internal email trail reportedly supports former boss Carlos Ghosn's claim that Nissan orchestrated his ouster. The leaked emails have been corroborated by sources familiar with their contents, Bloomberg reports.  Emails going back to February 2018, a year before his arrest, allegedly describe a deliberate and multi-pronged effort — a "methodical campaign," Bloomberg said — to remove Ghosn from the company and in so doing, put Nissan in position to negotiate a more favorable relationship with alliance partner Renault.  The initial effort was apparently triggered by Ghosn's announcement in 2018 that he wanted to further intertwine Renault and Nissan, eventually to the point where their integration would be irreversible. Former Ghosn aide Hari Nada, who would appear as the whistleblower figure who outed Ghosn for his alleged financial misconduct, allegedly suggested to a Nissan senior manager that company executives should move to "neutralize his initiatives before itÂ’s too late." Nada would later recommend the termination of the agreement governing the Renault-Nissan Alliance. This would have granted Nissan broader freedom to purchase stake in Renault (or even ultimately take it over entirely), and reduce the French automaker's influence over Nissan's ability to choose its own executives.  The next day, Ghosn was arrested at Haneda Airport in Tokyo on charges of financial misconduct, including personal use of company money and under-reporting of income.  Ghosn, who was released and re-arrested multiple times, fled Japan illegally in January, taking refuge in his former home of Lebanon. Since, Japanese authorities have pushed for his arrest but have been foiled by the lack of an extradition agreement between the two countries.       Government/Legal Rumormill Nissan Renault