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Renault keeps 15% stake in Nissan, transfers majority of shares to French trust

Renault and Nissan completed a landmark deal to rebalance their 24-year-long alliance, paving the way for a new relationship after years of acrimony between the two partners. The automakers on Wednesday announced the creation of a French trust to which Renault transferred 28.4% of Nissan shares. The companies first disclosed plans for the trust in January. Renault Group and Nissan now have a cross-shareholding of 15% with lock-up and standstill obligations, the companies and junior alliance partner Mitsubishi Motors Corp. said in a statement. Renault managers in recent weeks have reiterated that staff should no longer share information with their Nissan counterparts, according to people familiar with the situation, after the French carmaker announced in September that aspects of the alliance would be unwound by year-end.  Taken together with the deal to equalize their cross-shareholdings at 15%, the developments are the clearest indications yet that members of one of the world’s biggest automotive tie-ups are increasingly going their separate ways. Renault told employees in September it was moving away from common structures with Nissan in favor of a new, project-by-project approach to working together. The dissolution of the companiesÂ’ joint purchasing organization means the two will no longer pool information on a regular basis due to antitrust concerns. The sell-down of shares held by the trustee will be coordinated with Nissan, which will have the right of first offer to purchase the stock. The trust will have no obligation to sell the shares within a specific or pre-determined period of time. The new alliance deal presented to investors in London in February followed months of tense negotiations that nearly collapsed late last year due to sticking points on intellectual property and disagreement over the valuation of RenaultÂ’s electric-vehicle and software arm Ampere, in which Nissan has agreed to invest. The alliance dates back to 1999, when Renault rescued Nissan with a cash injection and the two formed one of the biggest auto partnerships in the industry. Rivalries and mutual suspicion mounted over the years and came to a head when former leader Carlos Ghosn openly contemplated merging the two companies, contributing to his downfall.

Man sells testicle to buy Nissan 370Z

We aren't entirely sure what's stranger about this story - that a man actually sold a vital piece of his manhood for a car, or that he did it for a Nissan 370Z. That's not to discredit the trusty Fairlady, a car we generally like, but that if we were to do what Mark Parisi did and sell one of his testicles to science, we'd be asking for a helluva lot more than $35,000.
But Parisi did just that, and announced live on CBS' The Doctors (we really can't make this up) that the sale of his nut would go towards the purchase of a Z. According to our friends Down Under (Australia, get your mind out of the gutter), $35K is the going rate for one slightly used testicle, so if you get nothing else from this story, gentlemen, know that you have $70,000 swinging between your legs.

200 Nissan Leafs recalled for faulty power inverters

Nissan is going full speed ahead with strong sales for its all-electric Leaf. Unfortunately, some of those Leafs had a glitch that could stop some of those Leafs from doing the same. Credit a faulty power inverter. US Department of Transportation says the faulty power inverters may cause some Leafs to shut down unexpectedly. Thankfully, the glitch affects just 196 Leafs, all of which were produced between April 15 and 24, 2014. Official DOT information on the recall is available here and it's also pasted below. Nissan started contacting Leaf owners in late May, instructing them to bring their vehicles to certified Leaf dealers for repairs, Nissan spokesman Brian Brockman told AutoblogGreen, adding that there'd been no cases of vehicle shut downs from the power inverter. Nissan confirmed the 196-vehicle figure and isn't charging the vehicle owners for the repairs. The company is also providing loaner vehicles at no cost. The recall marks a rare bit of bad news for Nissan's electrification efforts, as the Japanese automaker has been boosting sales of the Leaf all year. Through May, Leaf sales in the US were up 36 percent from a year earlier to 10,389 units, and May sales alone had surged 46 percent from a year earlier. In May, Chrysler recalled more than 4,141 Fiat 500e models from the 2013 and 2014 model years for a similar issue. Inverter modules on those vehicles may allow coolant to seep onto electrical components, which could cause a short circuit and power loss. The recall impacted cars built between September 2012 and April 2014. Report Receipt Date: MAY 16, 2014 NHTSA Campaign Number: 14V263000 Potential Number of Units Affected: 196 Manufacturer: Nissan North America, Inc. SUMMARY: Nissan North America, Inc. (Nissan) is recalling certain model year 2014 Nissan LEAF vehicles manufactured April 15, 2014, through April 24, 2014. Due to a problem with the motor control circuit board, the inverter may fail, causing the vehicle shut down. CONSEQUENCE: An unexpected vehicle shut down increases the risk of a crash. REMEDY: Nissan will notify owners, and dealers will replace the inverter, free of charge. The recall is expected to begin on July 7, 2014. Owners may contact Nissan customer service at 1-800-647-7261. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov.