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PSA shares rise following FCA's breakup with Renault

Shares in Groupe PSA, parent company of automakers Peugeot, Citroen and the DS brand, rose on Thursday as analysts considered the possibility that Fiat Chrysler could turn back to PSA after withdrawing its $35 billion merger offer for Renault. "Both parties have acknowledged the need for scale or [mergers and acquisitions] and may pursue other opportunities. If Nissan was an obstacle (to an FCA-Renault deal) PSA-FCA discussions could resume," wrote brokerage Jefferies. Back in March at the Geneva Motor Show, rumors started swirling that PSA was interested in a potential merger with FCA. Mike Manley, who took over at the helm of Fiat Chrysler following the death of Sergio Marchionne, had indicated a willingness to look into potential partnership options. Of course, that was all before FCA proposed a merger with Renault — with that deal now off the table, attention naturally turns back to PSA, which is also based in France. "We expect both shares to react negatively but see FCA having wider strategic options and Renault shares more downside risk near-term," said Jefferies. According to Reuters, PSA shares were up 1.5% at the time this was published, making it the top-performing stock on France's benchmark CAC-40 Index. Renault saw its shares slump 7%. Shares for FCA fell 3% in early trading on the Milan Stock Exchange. Considering that FCA said in its statement confirming the withdraw of its merger offer with Renault that "political conditions in France do not currently exist for such a combination to proceed successfully," we have to wonder how keen the company is to begin negotiations with another French automaker like PSA. Those thoughts were similarly voiced by Bernstein Research analyst Max Warburton, who said (via Forbes), "Expect PSA to rise on unrealistic hopes it may be FCA's next date." Earnings/Financials Chrysler Fiat Mitsubishi Nissan Citroen Peugeot Renault FCA renault-nissan

Nissan and Mitsubishi reportedly working on a 1-ton pickup for the U.S.

We can probably consider it a testament to how far ex-Nissan Renault CEO Carlos Ghosn veered the conglomerate off the straight and narrow that Nissan continues to restate its global aims. Four years ago, Ghosn successor CEO Makoto Uchida announced Nissan Next, part of the plan's global initiatives to "[Focus] on global core model segments including enhanced C and D segment vehicles, electric vehicles, sport cars," "Introduce 12 models in the next 18 months," and "[Expand] presence in EVs and electric-motor-driven cars, including e-POWER, with more than 1 million electrified sales units expected a year by end of FY23." About 18 months later, the automaker expanded on detail with Ambition 2030, which would invest 2 trillion yen ($13.2 billion U.S.) through 2026, part of which would pay for launching 23 new electrified models, 15 of those pure-electric and planned to hit the market by 2027. It's been a tough row to hoe. Now, at the end of Nissan's fiscal year in March, Uchida announced a revised business plan called The Arc. This would put 30 new models on the market by the end of fiscal year 2026 (March 2027), 16 of which will be electrified. Note the climbdown: Ambition 2030 wanted to put 23 electrified vehicles on the market, 15 of them pure-electric, The Arc wants 30 total vehicles, 16 electrified, eight of them pure-electric. A report in Automotive News says one of those BEVs could be an electric one-ton pickup that Nissan will develop with Mitsubishi for the North American market, as well as a plug-in hybrid powertrain that will power an unknown body style and could also serve the pickup. The PHEV would come first, no surprise based on trends in the EV market. Mitsubishi would develop the PHEV powertrain, perhaps an evolution of the system sold in the Outlander PHEV here and the Eclipse Cross PHEV in international markets like Australia. Bringing a PHEV would give Mitsu a third plug-in model, and give Nissan a second to go along with the China-specific Venucia-brand PHEV that launched last year. Beyond giving Nissan a much needed hybrid to sell in the U.S. — the automaker doesn't sell any here now — it would give Mitsubishi dealers some much needed new product.  The pickup, on the other hand, would employ Nissan's EV expertise. It's planned for our market sometime between March 31, 2027, and the same date in 2031. This could make it a part of Nissan's planned family of next-gen modular EVs that debut after the eight models coming by 2026.

Nissan, Renault reveal how they'll reshape alliance to cut costs, regain profit

TOKYO — The auto alliance of Nissan and Renault said Wednesday it will be sharing more vehicle parts, technology and models to save costs as the industry struggles to survive the coronavirus pandemic. Alliance Operating Board Chairman Jean-Dominique Senard said the group, which also includes smaller Japanese automaker Mitsubishi, will have each company focusing on geographic regions. “There is no plan for a merger of our companies,” the chairman said. “Our model today is a very distinctive model ... we donÂ’t need a merger to be efficient.” He stressed the alliance needs to adjust to the “unprecedented economic crisis,” to pursue efficiency and competitiveness, not sheer sales volumes. “Now is the time to rebuild,” Senard said, making clear he believed the alliance remained strong. All automakers are suffering from the pandemic, and scaling back or suspending production, but Nissan was reeling before the crisis struck from a scandal involving its former chairman, Carlos Ghosn. Yokohama-based Nissan is due to report its annual results on Thursday and has forecast it will slip into its first yearly loss in 11 years. Under the latest so-called leader-follower initiative, Nissan will focus on China, North America and Japan; Renault on Europe, Russia and South America and North Africa, and Mitsubishi on Southeast Asia and Oceania, for the benefit of the entire alliance. Nissan Chief Executive Makoto Uchida said the alliance planned to pursue fiscal strength together. “The synergy is huge,” he said. The number of vehicles sharing the same platform will double by 2024, saving 2 billion euros ($2.2 billion), according to Senard. The shared technology will also include electric cars and autonomous driving, platforms and car bodies, the executives said. Nissan is a leader in electric cars with its Leaf, but such technology will be available to the other alliance members, they said. The companies gave few details of how the revamp would deliver in the short term, as the car industry grapples with the fallout from the coronavirus pandemic and pressure to develop less polluting vehicles. They said in a joint statement that they aimed to produce nearly half of their vehicles under the new leader-follower approach by 2025 and hoped to cut investment per model in the scheme by up to 40%. The range of vehicles they produce is expected to fall by 20% by 2025 though the firms did not say how many jobs would go as they shift production.