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FCA-Renault merger faces tall odds delivering on cost-cutting promises

FRANKFURT/DETROIT — Fiat Chrysler Automobiles and Renault promise huge savings from a mega-merger, but such combinations face tall odds because of the industry's long product cycles and problems translating deal blueprints into real world success, industry veterans told Reuters. BMW's 1994 purchase of Rover, and Daimler's 1998 merger with Chrysler both made sense on paper. The companies promised to hike profits by combining vehicle platforms and engine families. Both combinations proved unworkable in reality, and were unwound. Renault and Nissan, which have been in an alliance since 1999 designed to share vehicle components, have only managed to use common vehicle platforms in 35% of Nissan's products despite an original target of 70%, according to Morgan Stanley. FCA and Renault have raised the stakes for themselves by ruling out plant closures. That increases the pressure to achieve more than $5 billion in promised annual savings from pooling procurement and research investments. The two companies have yet to fill in many of the blanks in the merger plan put forward by Fiat Chrysler. Renault's board is expected to act soon to accept the proposal, but that would lead only to a memorandum of understanding to pursue detailed operational and financial plans. A final deal and the legal combination of the two companies could take months to complete if all goes well. Pressure to cut automotive pollution is driving the latest round of consolidation. Automakers are looking at multibillion-dollar bills to develop electric and hybrid cars and cleaner internal combustion engines. Fiat Chrysler and Renault are betting they can design common electric vehicle systems, then sell more of them through their respective brands and dealer networks, cutting the cost per car. Developing all-new electric vehicles can bring more opportunities to share costs from the outset, industry experts said. "With the emergence of connected, autonomous, electric and shared vehicles, carmakers face immediate investments, so new opportunities for sharing costs have emerged," said Elmar Kades, managing director at Alix Partners. However, most electric vehicles lose money. This is a challenge for city car brands in Europe in particular. Both Renault and Fiat rely heavily on this segment for sales.

Nissan Altima getting major refresh for 2016?

Nissan hasn't let the latest Altima languish since introducing the midsize sedan. In the last two model years, the company has improved the vehicle's infotainment system and slightly bumped the V6's fuel economy, among other tweaks. But the upcoming mid-cycle refresh may bring the most drastic changes yet, according to the company's product planning exec. Nissan styling boss Shiro Nakamura previously suggested that the refreshed Altima might take some design inspiration from the latest Murano and the Sports Sedan Concept. The move would give the midsize sedan a sportier look and presage an even more aggressive shape for the next-gen model. Nissan North America product planning boss Pierre Loing confirmed to Automotive News that some styling changes are on the way for the Altima for the 2016 refresh, and the sedan is getting updated tech, too. He even hinted that the model's already impressive 38-miles-per-gallon highway fuel economy may see a bump, as well. "We're going to do something significant for the Altima for the midcycle," said Loing to Automotive News. Although, the updates might not go as far as the updated 2015 Toyota Camry's roughly 2,000 new parts, he suggested. The decision to put so much work into the updated Altima comes partially from its position in the midsize market. While the sedan segment is losing ground to crossovers, it's still a big part of the industry, and the Altima is gaining steam. The Nissan's sales were up 4.7 percent to 335,644 units in 2014, according to Automotive News, compared to 388,374 for the Honda Accord and 428,606 for the Toyota Camry. News Source: Automotive News - sub. req.Image Credit: Nissan Design/Style Nissan Sedan refresh

Fisker stock trades halted as talks with Nissan collapse

Fisker's talks with a large automaker for a potential deal have collapsed, it said on Monday amid growing uncertainty for the cash-strapped startup that last week paused electric-vehicle production.  Trading in the shares of the company, which did not name the automaker with which it was in talks, has been halted pending an announcement.  Fisker also said it will not be able to meet a closing condition related to its attempt to raise up to $150 million in funding by selling convertible notes after missing an interest payment.  Separately, Fisker said it would ask investors to vote on a proposal for a reverse stock split at a shareholder meeting on April 24, as it looks to maintain compliance with the Nasdaq's listing norms.  Reuters had reported earlier this month that Nissan was in advanced talks to invest in the company, however, earlier in the day, the Japanese automaker held an event in which it announced a long-term business plan, including its EV strategy, and said it was looking for partners in the United States.  Raising funds has been hard for loss-making electric vehicle startups, which have little in way of revenue as they struggle to ramp up production and deliver to customers, as the companies battle stiff competition and a tough economy.  The EV startup's shares have cratered this year, losing more than 90% of their value, after it flagged going concern risk in February and paused investments in future projects until it secured a partnership with an automaker.  Fisker pivoted to a dealer-partner model earlier this year, after it delivered less than half of the vehicles it made in 2023 due to logistics issues.    Earnings/Financials Fisker Nissan