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☆ Stellantis' CEO is out after a tumultuous year. Here's how things got so bad at the Jeep maker.
▼ + stars: | 2024-12-02 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Profit-generators Jeep and Ram posted the biggest volume losses, with Jeep ceding significant market share to competitors like Hyundai in the affordable-SUV segment. Dealers in September accused Tavares of "reckless short-term decision-making" that has had "devastating, yet entirely predictable, consequences in the US market." AdvertisementInvestor lawsuits and labor disputesTavares also leaves Stellantis in some legal disputes, including an investor lawsuit over the company's poor financial performance. A special committee has been formed to search for a new CEO, and that process is "well underway," Stellantis said in a Sunday statement. During the search period, Stellantis Chairman CFO John Elkann will lead an interim executive committee, the company said.

Persons: Carlos Tavares's, Tavares, Carlos Tavares, Elon Musk, Stellantis —, —, Carlos Ghosn, he'll, Ram, Stellantis, John Elkann Organizations: Stellantis, Dealers, Fiat Chrysler Automobiles, France's, North America Stellantis's, Jeep, Hyundai, United Auto Workers Locations: American, North America, Illinois

☆ Nissan stock slumps after it announces 9,000 job cuts and a plan to slash production
▼ + stars: | 2024-11-08 | by ( ) edition.cnn.com time to read: +2 min

Nissan Motor shares slumped 6% in Tokyo trade Friday, a day after the Japanese automaker said it would cut 9,000 jobs and a fifth of its manufacturing capacity as it struggles with sales in China and the United States. It said restructuring would cut costs by 400 billion yen ($2.61 billion) in the financial year to the end of March. Nissan is also challenged in the US where it lacks a line-up of hybrids just as that vehicle type is in strong demand. On Friday, Japan’s Minister of Economy, Trade and Industry Yoji Muto declined to comment to reporters when asked his views on potential government support for Nissan. “The company released its mid-term plan this spring, but in the end there was no meaning to that.

Persons: Japan’s, Makoto Uchida, Carlos Ghosn, Industry Yoji Muto, Seiji Sugiura, ” Sugiura, Nissan’s Organizations: Nissan Motor, Nissan, Renault, Japan’s, Economy, Trade, Industry, Tokai Tokyo Intelligence Laboratory Locations: Tokyo, China, United States

☆ Nissan is slashing 9,000 jobs after a dire financial performance
▼ + stars: | 2024-11-07 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

Nissan is cutting 9,000 jobs globally to reduce costs, the company said Thursday. Nissan will cut production capacity by 20% and executives will take pay cuts. AdvertisementNissan is cutting 9,000 jobs globally in an effort to cut costs, the Japanese automobile giant said in an earnings statement on Thursday. Nissan said that sales volumes decreased year-on-year to 1.6 million cars, hurt by higher selling and production costs, particularly from the US. Along with the layoffs, Nissan is cutting production capacity by 20%.

Persons: —, Makoto Uchida, Guillaume Cartier, Carlos Ghosn Organizations: Nissan, Service, Automotive News, Automotive Locations: Africa, Middle East, India, Europe, Oceania, China, North America, Japan, Lebanon

☆ Sean McLain — Reporter at The Wall Street Journal
▼ + stars: | 2023-10-15 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

Sean McLainSean McLain is a reporter for The Wall Street Journal based in Los Angeles, covering EV startups like Rivian and Lucid and Japanese and Korean auto makers. Prior to moving to Los Angeles, Sean was based in Tokyo, where he covered Japanese car companies. He is the co-author of a book about Carlos Ghosn, and was awarded the Malcolm Forbes Award by the Overseas Press Club of America for his coverage of the arrest and detention of the former Nissan and Renault chief.

Persons: Sean McLain Sean McLain, Sean, Carlos Ghosn, Malcolm Forbes Organizations: Wall, Journal, Korean, Overseas Press Club of America, Nissan, Renault Locations: Los Angeles, Tokyo

BEIRUT (AP) — Lebanese judicial authorities have questioned two people at the request of Turkey on suspicion of being involved in the 2019 escape of auto tycoon Carlos Ghosn from Japan to Lebanon via Istanbul, officials said Friday. Before he could stand trial, however, he escaped to Lebanon, via Turkey, apparently hidden in a box on a private plane. The pilot, officials said, denied that he got paid to help Ghosn escape to Beirut. A Tokyo court handed down prison terms in 2021 for Taylor and his son Peter after they were accused of helping Ghosn escape. Since he fled to Lebanon, Beirut has received three notices from Interpol based on arrest warrants for him from those countries.

Persons: Carlos Ghosn, Ghosn, Ghosn’s, George, Antoine Zayek, Michael Taylor, Taylor, Peter, Zayek Organizations: Nissan, Associated Press, AP, Green, Renault Locations: BEIRUT, Lebanese, Turkey, Japan, Lebanon, Istanbul, Beirut, Tokyo, Dubai, France

☆ The Escape of Carlos Ghosn: New documentary series premieres
▼ + stars: | 2023-08-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Escape of Carlos Ghosn: New documentary series premieresJames Jones, director of ‘Wanted: The Escape of Carlos Ghosn’, and former Green Beret Michael Taylor join 'Squawk Box' to discuss the new documentary series on the escape of Carlos Ghosn.

Persons: Carlos Ghosn, James Jones, Carlos Ghosn ’, Michael Taylor Organizations: Green

Under the framework, the Japanese automaker would take as much as 15% of Renault's new electric vehicle unit, Ampere, while Renault would reduce its 43% stake in Nissan. That timeline was extended when senior Nissan executives and some directors challenged detailed provisions of deal, citing the need to better protect Nissan's intellectual property, Reuters has reported. Nissan executives sought to rebalance the alliance built by former Chairman Carlos Ghosn after his ouster sent the automaker into turmoil. While the size of the investment ultimately hinges on the value of Ampere, Nissan is likely to take less than 10%, one of them said. By closing out the restructured Renault deal, Nissan executives have the opportunity to pivot to other challenges, including a medium-term strategy update and a change in approach to China, where Nissan's sales, and those of other global automakers, are in decline.

Persons: Ampere, Carlos Ghosn, Makoto Uchida, Ashwani Gupta, Gupta, Maki Shiraki, Daniel Leussink, Kevin Krolicki, David Dolan, Christian Schmollinger, Sharon Singleton Organizations: Renault, Nissan finalise, Nissan, TOKYO, Reuters, Mitsubishi Motors, Qualcomm, Mitsubishi, Thomson Locations: U.S, China

Under the framework, the Japanese automaker would take as much as 15% of Renault's new electric vehicle unit, Ampere, while Renault would reduce its 43% stake in Nissan. The delay shows how the latest tension at the top of the Japanese automaker has complicated a drive to bring the decades-long relationship with Renault to a more equal footing. After the automaker was pitched into turmoil by the ouster of former Chairman Carlos Ghosn, Nissan executives sought to rebalance the alliance he built. We will make a statement in due course when the agreements are concluded," the Japanese automaker said in a statement. Nissan and Renault's junior partner, Mitsubishi Motors, has also indicated it may invest in the company.

Persons: Ampere, Carlos Ghosn, Makoto Uchida, Ashwani Gupta, Gupta, Maki Shiraki, Daniel Leussink, Kevin Krolicki, David Dolan Organizations: Nissan, Renault, Reuters, Mitsubishi Motors, Qualcomm, Mitsubishi, Thomson Locations: TOKYO, U.S

☆ Ghosn says Nissan, Renault are going for mini alliance with rebalancing deal
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: 1 min

TOKYO, July 18 (Reuters) - Former Nissan Motor (7201.T) chairman Carlos Ghosn said on Tuesday the Japanese automaker and Renault (RENA.PA) are trying to go for "very small and reduced" cooperation between them with a deal to overhaul their long-standing alliance. "With the latest agreement, they're trying to go for a mini alliance with a very reduced scope of cooperation," Ghosn told reporters in Tokyo via video stream. Nissan and Renault are holding discussions about a final agreement to overhaul their alliance, after announcing in January that the deal will see Renault bring down its stake in Nissan to 15% from about 43% to put them on an equal level. Reporting by Daniel Leussink; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlos Ghosn, Ghosn, Daniel Leussink, Muralikumar Organizations: Nissan, Renault, Thomson Locations: TOKYO, Tokyo

TOKYO, June 24 (Reuters) - Nissan (7201.T) has launched an investigation into claims by a senior adviser that Chief Executive Makoto Uchida carried out surveillance of his deputy Ashwani Gupta, four people with direct knowledge of the matter said. In the letter, Nada said Uchida carried out surveillance over a long period. Asked to comment on the surveillance investigation, Nissan said in response to Reuters: "Independent third parties have been retained to verify facts and carry out appropriate actions." Nada did not detail in the letter how he knew of the alleged surveillance of Gupta. Nada is a member of two executive committees established by Nissan in 2019 as part of a governance reform after the Ghosn scandal.

Persons: Makoto Uchida, Ashwani Gupta, Hari Nada, Nada, Uchida, Renault, Gupta, Nissan, Akira Takeuchi, Anderson Mori, Tomotsune, Carlos Ghosn, Ghosn, Jean, Dominique Senard, Luca de Meo, de Meo, Greg Kelly, Nissan's, Ampere, David Dolan, Gilles Guillaume, Kevin Krolicki, David Clarke Organizations: Nissan, Financial Times, Reuters, Renault, NISSAN, RENAULT, Thomson Locations: TOKYO, Tokyo, Lebanon, Japan, Paris

☆ Carlos Ghosn sues Nissan for $1 billion in Lebanon
▼ + stars: | 2023-06-20 | by ( ) edition.cnn.com time to read: +1 min

Former Nissan chairman Carlos Ghosn has sued the company for more than $1 billion in a lawsuit filed to Lebanon’s public prosecutor, according to a copy of the lawsuit seen by Reuters. The lawsuit filed on May 18 accuses Nissan (NSANF), along with two other companies and 12 named individuals, of crimes including defamation, slander, libel and the fabrication of material evidence. He denied the charge and said his detention was part of a plot by Nissan executives to block a merger. He escaped Japan hidden in a box aboard a private jet in December 2019, fleeing to Lebanon, his childhood home. After arriving in Lebanon, Ghosn said he was escaping a “rigged” justice system in Japan and that he intended to clear his name.

Persons: Carlos Ghosn, Ghosn Organizations: Nissan, Reuters Locations: Japanese, Japan, Lebanon

☆ Carlos Ghosn sues Nissan for $1 billion in Lebanon, legal document shows
▼ + stars: | 2023-06-20 | by ( ) www.cnbc.com time to read: +1 min

Carlos Ghosn, former chairman of Nissan Motor Co., leaves his lawyer's office in Tokyo, Japan, on Thursday, May 23, 2019. Former Nissan Chairman Carlos Ghosn has sued the company for more than $1 billion in a lawsuit filed to Lebanon's public prosecutor last month, according to a copy of the lawsuit seen by Reuters. The lawsuit filed on May 18 accuses Nissan along with two other companies and 12 named individuals of crimes including defamation, slander, libel and the fabrication of material evidence. He denied the charge and said his detention was part of a plot by Nissan executives to block a merger. After arriving in Lebanon Ghosn said he was escaping a "rigged" justice system in Japan and that he intended to clear his name.

Persons: Carlos Ghosn, Ghosn, Lebanon Ghosn Organizations: Nissan Motor Co, Nissan, Reuters Locations: Tokyo, Japan, Lebanon

☆ Carlos Ghosn sues Nissan for $1 bln in Lebanon, legal document shows
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

A spokesperson for Nissan said the company will not be commenting on the matter. Ghosn, once a titan of the global car industry, was arrested in Japan in late 2018 and charged with financial misconduct. He denied the charge and said his detention was part of a plot by Nissan executives to block a merger. He escaped Japan hidden in a box aboard a private jet in December 2019, fleeing to Lebanon, his childhood home. After arriving in Lebanon Ghosn said he was escaping a "rigged" justice system in Japan and that he intended to clear his name.

Persons: Carlos Ghosn, Ghosn, Lebanon Ghosn, Maya Gebeily, Laila Bassam, Tom Perry, Daniel Leussink, Tala Ramadan, Kirsten Donovan, Louise Heavens, David Goodman Organizations: Nissan Motor, Nissan, Reuters, Thomson Locations: BEIRUT, Japan, Lebanon, Beirut

☆ Mercedes won't join Renault's new electric van project-sources
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +1 min

PARIS, June 2 (Reuters) - Mercedes Benz Group (MBGn.DE), a longtime partner of Renault (RENA.PA) in vans, won't take part in the French company's FlexEvan electric project and will focus instead on its own premium electric vehicle VAN.EA, two sources with knowledge of the matter said. A spokeswoman of Mercedes confirmed that the group had no plan to launch a mid-sized van or a large one on a different platform than VAN.EA. Renault has long sought to expand its cooperation in vans with Mercedes, but in vain. "It is true that for light commercial vehicles, the bulk (of the cooperation with Mercedes) has been done", one of the sources said. Reporting by Gilles Guilaume; Editing by Silvia Aloisi and David HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: FlexEvan, Mercedes, Luca de Meo, Carlos Ghosn, Gilles Guilaume, Silvia Aloisi, David Holmes Organizations: Mercedes Benz Group, Renault, Nissan, Renault Trucks, Sweden's Volvo, Mercedes, Daimler, Thomson Locations: U.S

Imbalance had long riled Nissan executives who complained Renault did not pay its fair share of costs for innovation and development. In a joint statement to Reuters, Nissan and Renault said they were working toward final partnership terms that would make them more competitive. Nissan will invest and provide technology for the venture but will limit its operational involvement, one of the people told Reuters. In rebalancing talks, Nissan has pushed for protection of its technology to limit any downside from continued partnership, people involved have said. Among technology Nissan wants to protect is its work on solid-state lithium-ion battery making and its e-Power electric hybrid powertrain, the people said.

But production is running at least a third below plan, keeping the Ariya from shipping to new customers, according to three of the people and production planning notes reviewed by Reuters. Implementation has proved "an extremely, extremely high challenge" and the advanced paint line has become a persistent headache, one of the people said. In a statement to Reuters, Nissan said Ariya production had faced challenges including supply of semiconductors, disruptions in components shipments and the factory's paint line. EVs accounted for just 4.5% of Nissan's global sales of 3.2 million vehicles in 2022. Output over the next two months is expected to fall short of that, according to production planning notes from last month reviewed by Reuters.

☆ Renault swings back to losses on Russia exit, offers dividend
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +2 min

The group share of net income saw a 338 million euro loss, sharply down from an 888 million euro profit in 2021 but broadly in line with an analyst consensus provided by the company that saw a 310 million euro loss. It said a dividend of 0.25 euros per share will be proposed to the vote of the annual general meeting on May 11. Renault sold its majority stake in Avtovaz (AVAZI_p.MM) to the Russian state for reportedly just one rouble last year, but with a six-year option to buy it back. Under a deal announced earlier this month, Renault, will cut its stake in Nissan to 15% from 43% now, in a reboot of their long and sometimes contentious alliance. The agreement, which came after months of tense talks, will also see Nissan buy a stake of up to 15% in Renault's electric vehicle unit Ampere.

☆ What the Renault-Nissan Shakeup Says About the Global Auto Industry
▼ + stars: | 2023-02-13 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

What the Renault-Nissan Shakeup Says About the Global Auto Industry The alliance was plagued by rivalry and suspicion, rising when Carlos Ghosn was ousted as the companies' leaderBy Wall Street Journal Feb 13, 2023 10:57 am Renault CEO Luca de Meo and Nissan CEO Makoto Uchida spoke to The Wall Street Journal about the reorganization of their alliance in a deal that gives both companies more autonomy. WSJ’s Nick Kostov explains the factors behind the decision and what it means for auto makers and investors. Photo Composite: Adele Morgan

☆ Nissan's 2022 contribution to Renault results highest in four years
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

PARIS, Feb 9 (Reuters) - French carmaker Renault (RENA.PA), which is revamping its 24-year old alliance with Nissan (7201.T), said on Thursday the Japanese firm contributed 174 million euros ($187 million) to its own results in the fourth quarter. The total contribution for 2022 stood at 526 million euros, the highest amount since 2018 and up from 352 million euros in 2021. Renault, which under the overhaul of the partnership will cut its stake in Nissan to 15% from 43% now, will announce its own full-year results on Feb. 16. The stake that is being cut will be placed in a French trust, with Renault continuing to cash in on related dividends. ($1 = 0.9300 euros)Reporting by Gilles Guillaume; writing by Silvia Aloisi; Editing by Richard LoughOur Standards: The Thomson Reuters Trust Principles.

That announcement came after nearly four months of intense talks complicated by concerns about the sharing of intellectual property as Renault sought tie-ups with companies outside their alliance. The deal will see the French carmaker reduce its stake in Nissan to 15% from around 43%. That will see Renault put around 28% of the Japanese automaker in a French trust, crucially making the two more equal partners. While Renault bailed out Nissan two decades ago, it is the smaller automaker by sales. "One almost wonders what's the point of them having any stake in either one, any stake at all," Richter said.

☆ Nissan and Renault Fix One Problem, Leave Others
▼ + stars: | 2023-01-30 | by ( Stephen Wilmot | ) www.wsj.com time to read: 1 min

A new era for the unhappy marriage of Nissan and Renault brings hope but also complications. On Monday, the two auto makers announced a shake-up of the cross-shareholdings that underpin their beleaguered global alliance. Renault will transfer most of its stake in its Japanese peer to a trust for eventual sale, where it won’t carry voting rights. The companies will then have 15% effective stakes and 15% voting rights in each other, redressing an imbalance that has upset Nissan for years and held back cooperation since unifying former boss Carlos Ghosn was arrested in 2018.

☆ Renault-Nissan-alliance: Automakers restructure their longstanding alliance
▼ + stars: | 2023-01-30 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Carmakers Renault and Nissan have agreed to restructure their longstanding partnership, with the French company whittling down its stake in the Japanese firm to 15%. Under the agreement, Renault will transfer 28.4% of its shares in the Yokohama-based company into a French trust. Renault (RNLSY) and Nissan (NSANF) will each retain a 15% stake in one another’s businesses through a cross-shareholding agreement, with voting rights. Previously, Nissan (NSANF) had held a 15% non-voting stake in the French company, while Renault (RNLSY) owned about 43% of Nissan (NSANF). In its Monday statement, Nissan said the two would continue to work together on projects in Europe, India and Latin America.

LONDON/HONG KONG, Jan 30 (Reuters Breakingviews) - Renault (RENA.PA) and Nissan (7201.T) have helped their 24-year alliance move forward after four years of stalemate. The deal marks the end of the French group’s domination of its Japanese partner, and addresses festering governance issues. The voting rights of the Nissan shares transferred to the trust will be "neutralised" for most decisions, the statement said. Renault shares fell 2.7% to 37.16 euros, as of 0837 GMT. Nissan shares were largely unchanged at 453.9 yen.

☆ Analysis: Renault cedes power at Nissan for uncertain benefits
▼ + stars: | 2023-01-30 | by ( Gilles Guillaume | ) www.reuters.com time to read: +5 min

[1/2] The Nissan logo is seen on a car wheel at Nissan Gallery in Yokohama, Japan November 29, 2021. REUTERS/Androniki ChristodoulouPARIS, Jan 30 (Reuters) - Renault and Nissan hailed a new deal announced on Monday as a major step in reviving their two decade alliance. The deal, months in the making and still subject to board approvals, will see Renault (RENA.PA) reduce its stake in Nissan to 15% from around 43%. The deal sees Nissan commit to invest in Renault's flagship Ampere electric vehicle unit, which was the French group's key goal. "It is interesting for Renault to see Nissan enter Ampere, if only for financing projects.

☆ From boom to bottom and now big change: Renault and Nissan reshape alliance
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +5 min

It gave Nissan a 15% stake in Renault, on a par with the French state, but no voting rights. The alliance was thrown into turmoil following Ghosn's arrest on financial misconduct charges in late 2018 and his subsequent ouster as alliance chairman. 2002 Nissan announces its "Nissan 180" three-year plan, targeting an increase of 1 million vehicles in global sales by 2005. 2017 Both Nissan and Renault post record operating profits, though Nissan still falls short on some targets. Alliance Chairman Senard rules out any merger of the carmaking partners, saying they don't need to combine to be efficient.

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