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Renault delays decision on merger with Fiat Chrysler

PARIS — Renault has delayed a decision on whether to merge with Fiat Chrysler Automobiles, a deal that could reshape the global auto industry as carmakers race to make electric and autonomous vehicles for the masses. The deal still looks likely, but faced new criticism Tuesday from Renault's leading union and questions from its Japanese alliance partner Nissan. The French government is also putting conditions on the deal, including job guarantees and an operational headquarters based in France. The French carmaker's board will meet again at the end of the day Wednesday to "continue to study with interest" last week's merger proposal from FCA, Renault said in a statement. A Renault board meeting Tuesday to study the deal was inconclusive. The company didn't explain why, but a French government official said board members don't want to rush into a deal and are seeking agreement on all parts of the potential merger. The official, who spoke on condition of anonymity in line with government policy, told The Associated Press the conditions outlined by France's finance minister still "need to be met." France and Italy are both painting themselves as winners in the deal, which could save both companies 5 billion euros ($5.6 billion) a year. But workers worry a merger could lead to job losses, and analysts warn it could bog down in the challenges of managing such a hulking company across multiple countries. And a possible loser is Japan's Nissan, whose once-mighty alliance with Renault and Mitsubishi is on the rocks since star CEO Carlos Ghosn's arrest in November. Nissan CEO Hiroto Saikawa cast doubt Tuesday on whether his company will be involved in a Renault-Fiat Chrysler merger — and suggested adding Fiat Chrysler to the looser Renault-Nissan-Mitsubishi alliance instead. Saikawa said in a statement that the Renault-Fiat Chrysler deal would "significantly alter" the structure of Nissan's longtime partnership with Renault, and Nissan would analyze its contractual relationships to protect the company's interests. If Renault's board says "yes" to Fiat Chrysler, that would open the way for a non-binding memorandum of understanding to start exclusive merger negotiations. The ensuing process — including consultations with unions, the French government, antitrust authorities and other regulators — would take about a year. A merger would create the world's third-biggest automaker, worth almost $40 billion and producing some 8.7 million vehicles a year.

Nissan is exploring the sale of its 34% stake in Mitsubishi

TOKYO — Nissan is looking to sell some or all of its 34% stake in Mitsubishi Motors, Bloomberg News reported on Monday, citing unidentified sources, a move that would reshape a three-way alliance that includes France's Renault. Nissan shares rose 5% on the news. Mitsubishi Motors was up 3%. "There are no plans to change the capital structure with Mitsubishi," a Nissan company spokeswoman told Reuters in an emailed statement. A Mitsubishi Motors spokesman said the same, adding the company would continue to collaborate within the alliance. Renault did not immediately respond to an email seeking comment. Nissan, struggling to recover from the pandemic-induced downturn, could sell its stake to a Mitsubishi group company such as Mitsubishi Corp, which already owns a fifth of Mitsubishi Motors, Bloomberg said. Such a deal would fundamentally alter a three-way partnership built by Carlos Ghosn, former chairman of the alliance, which plunged into confusion when he was arrested in 2018 on charges of financial misconduct. Ghosn had wanted a full merger of Renault and Nissan, which was shelved, according to Reuters sources, as the companies decided to fix the troubled alliance. The pandemic has, however, compounded problems and made a recovery hard. Nissan, which is 43% owned by Renault, last week cut its operating loss forecast for the year to March by 28%, helped by a rebound in demand, especially in China. Mitsubishi Motors, Japan's No.6 automaker, expects to post an operating loss of 140 billion yen for the business year. Both companies are cutting production levels and costs in a bid to return to profitability. Related Video:

Nissan expands, shrinks Leaf recall for missing weld points

Chalk this one up to the quirks of the English language. The other day, we had a post on the recall of a small number of 2014 Nissan Leaf EVs that were missing weld spots. The official bulletin from the National Highway Traffic Safety Administration said that "any vehicle missing welds will be replaced, free of charge." We read that as saying that the welds would be replaced, but in fact it's the cars themselves that will be swapped out. NHTSA said that 211 Leafs were potentially involved in this recall, but we heard from Brian Brockman, Nissan's senior manager of corporate communications, that Nissan is actually looking at, "approximately 276" vehicles. More importantly, Brockman clarified that, "If a vehicle is found to be missing the welds, the entire vehicle will be replaced." NHTSA documents on Inside EVs show that Nissan expects just 0.65 percent of those Leafs will need to be replaced. Brockman wouldn't say exactly how many cars Nissan thinks are affected, but 0.65 percent of 276 is just 1.8 vehicles. Brockman did say that, "you'd be correct to say that we expect the number to be very low." Read Nissan's full statement below. Nissan is conducting a Voluntary Recall Campaign on approximately 276 MY2014 LEAF vehicles to inspect the front member assembly welds. Due to an isolated supplier process error that has been corrected, a small number of vehicles within a subset of MY2014 LEAF vehicles manufactured during a two-week period may have front frame member assembly components that were not welded to proper specification. This can affect crash performance. Within the next few weeks, affected LEAF owners will be asked to bring their vehicle to a certified Nissan LEAF dealer for an inspection. If the vehicle is determined to be affected, Nissan will provide owners with a brand new replacement vehicle at no additional cost. A loaner vehicle will be provided during the vehicle exchange process. It is anticipated that only a handful of retailed vehicles are affected by the weld issue and require vehicle replacement. Nissan is committed to a high level of customer service and satisfaction and is working with its dealers to provide an outstanding ownership experience to Nissan LEAF owners.