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Automakers Renault, Nissan will become equals, with equal stakes in each other

TOKYO — Nissan and Renault have agreed to equalize the stakes they hold in each other, both sides said Monday, ironing out a source of conflict in the Japan-French auto alliance. Up to now, Renault Group has held a 43.4% stake in Nissan Motor Co., potentially giving it a larger say in how the Japanese automaker is run. It will transfer shares equivalent to a 28.4% stake to a French trust so each side will hold the same 15% stake in the other, according to the companies. The disparity between the holdings was a cause of friction, especially after Nissan became far more profitable than Renault. The agreement on the change is still being finalized and needs board approval from both companies. The companies said the shares in the French trust can eventually be sold but did not say to whom or how. They said the sale will be carried out in a “coordinated and orderly process” if a deal makes commercial sense to Renault Group, and that there is no time deadline. Until then, the voting rights would be “neutralized” for most managerial decisions, but the economic rights, such as dividends, will continue to go to Renault, the companies said. The top shareholder in Renault is the French government. Japanese Prime Minister Fumio Kishida met with French President Emmanuel Macron earlier this month. The alliance has had its ups and downs since it began in 1999, when Renault sent one of its executives, Carlos Ghosn, to then-struggling Nissan to lead a turnaround. Ghosn first served as Nissan's chief executive and later its chairman before he was arrested in late 2018 on various financial misconduct charges. The alliance, which also includes smaller Japanese automaker Mitsubishi Motor Corp. and remains one of the world's top auto groups, has been eager to put the Ghosn scandal behind it. Allegations against Ghosn include underreporting income, using investment funds for personal gain and illicit use of company expenses, including overseas homes and a yacht. Ghosn said he is innocent of all charges. He jumped bail in late 2019 and is now in Lebanon, which has no extradition treaty with Japan. The equalization of the crossholdings has been speculated about for some time. The companies called the move “an important milestone.” “The ambition is to strengthen the ties of the alliance and maximize value creation for all stakeholders,” said Nissan, based in the port city of Yokohama.

Nissan puts Around View Monitor on ocean-exploring robots [w/video]

Capable as it may be, we wouldn't advise driving your crossover to the bottom of the ocean. Nissan, however, is doing the next best thing by putting its Around View Monitor on seabed-crawling robots. The partnership brings Nissan together with the Japan Agency for Marine-Earth Science and Technology (JAMSTEC) and Topy Industries, a leading manufacturer of robotic crawlers. Nissan supplies the Around View Monitor it usually puts in its crossovers and SUVs, which Topy installs on its Remotely Operated Vehicles (ROVs) and JAMSTEC sends to the ocean floor. The project even enjoys support from the Japanese cabinet through its Strategy Innovation Promotion program that aims to bring private-sector innovation to government projects. With Nissan's 360-degree camera technology, JAMSTEC and Topy hope to "uncover the mysteries of the oceans," and seem to be going about it a smarter way than submerging a landlubber like the Juke or Rogue to car-crushing depths. Just what they'll uncover remains to be seen, but we're looking forward to finding out, and applaud the initiative. Of course, Nissan isn't the first automaker to deploy its technologies in robots to explore undiscovered worlds: Toyota recently lent its voice-recognition system to the Kirobo project that put a pint-sized robot in orbit to converse with the astronauts in the International Space Station. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. NISSAN AVM TECH TO GO UNDERWATER FOR DEEP SEA EXPLORATION - Nissan's Around View Monitor (AVM) technology will help remotely operated vehicles (ROVs) search for natural resources in the Earth's oceans - Nissan's AVM is building block of company's autonomous drive technology - Featured across Nissan's crossover range including best-selling new Juke, Qashqai and X-Trail Nissan is providing its unique Around View Monitor (AVM) technology to the Japan Agency for Marine-Earth Science and Technology (JAMSTEC) and Topy Industries, Ltd., through a joint development project that may help uncover the mysteries of the oceans. The joint development contract with JAMSTEC and Topy, one of the top manufacturers of robot crawlers in Japan, will enhance the government agency's ability to search deep underwater for natural resources using remotely operated vehicles (ROVs). Nissan's AVM technology will help ROV operators avoid obstacles and navigate the ocean seafloor more easily.

Ousted Renault CEO Bollore raised concerns over Ghosn investigation

PARIS — Renault's former chief executive Thierry Bollore, who was ousted in October, had sought to flag alleged conflicts of interest and governance problems at the company's Japanese alliance partner Nissan before his departure, Le Monde reported on Monday. Citing a letter from Oct. 7 addressed to Nissan's board, of which he was member, France's Le Monde newspaper said Bollore had raised questions over the firm's internal investigation surrounding former alliance boss Carlos Ghosn. Nissan and Renault were left reeling by Ghosn's arrest in Tokyo a year ago, on financial misconduct charges which he denies. They have since tried to reboot their strained partnership by revamping their management teams, including by purging them of Ghosn allies and removing people in top jobs at the time of the scandal. Bollore — who took a step up at the French carmaker when Ghosn left even though he was known for his close ties to the alliance founder — was eventually pushed out as Renault's CEO on Oct. 11, days after penning his letter. In comments sent to Reuters, Nissan spokeswoman Azusa Momose denied there were any irregularities in its internal investigation of Ghosn's affairs, and added that the company had reviewed its processes once again following Bollore's letter. "Nissan's independent directors confirmed that the investigation was properly conducted and could be relied on," Momose said. Nissan directors had discussed all the allegations raised by Bollore and the company "concluded that Bollore's concerns were not founded and were based for the most part on inaccurate information and speculation," she added. Bollore said in the letter that he was particularly concerned by the revelation that Nissan had a list of 80 managers implicated in financial dealings similar to the ones attributed to Ghosn. He also raised issues with the chain of command at Nissan, saying some key board members were sometimes kept in the dark on internal matters. Renault, which is still searching for a permanent replacement for Bollore as CEO, had no immediate comment. As well as changing its CEO, Nissan recently demoted senior vice president Hari Nada — a key whistleblower against Ghosn and whose role was also questioned in Bollore's letter — although its internal investigation had found no evidence against the executive. Related Video: