On Tuesday, Nissan Motor Co. announced that it would be selling its shares of Daimler AG. The Japanese firm owns about 1.5 percent of Germany’s oldest automaker and the move is something many were predicting after Renault did the same in March.

Nissan’s offloading will mimic its partners and likewise use an accelerated bookbuild offer that basically means dumping shares as quickly as possible with help from an underwriter. Investors were to expect shares to be priced around 69.85 euros apiece, netting the automaker at least $1.2 billion if everything goes smoothly.  (Read More…)

Today is one of the few occasions where Rare Rides presents a curated collection of cars for your review.

A serious Francophile in Minnesota has amassed a collection of trois Renault Fuegos et un 17 Gordini. Has a more exciting sentence ever been published? I think not.

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Hino is a well-known producer of commercial vehicles today and has been in the commercial truck market since World War II. But for a short while in the Sixties, they built their own rear-engine passenger car.

Say hello to Contessa.

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Today’s Rare Ride is one of those that’s always been on the to-do list, but never floated to top of mind. That changed the other day, when this very tidy example was posted on Twitter.

Let’s talk about Privilege.

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The United Nation Human Rights Council’s Working Group on Arbitrary Detention issued a report on Monday stating that Carlos Ghosn’s extended detention in Japan was an unacceptable infringement on his rights — adding that the matter would be forwarded to the UN’s rapporteur on torture, cruel and other inhuman or degrading treatment.

While there are undoubtedly larger examples of human rights abuses inside the automotive industry — Volkswagen’s apparent reliance on Chinese slave labor springs to mind — Japan’s bizarre treatment of the former head of the Renault-Nissan alliance garnered plenty of attention. Accused of financial crimes relating to the Japanese automaker he formally chaired and was once praised for saving, Ghosn was subjected to repeated arrests and strict limitations on who he was allowed to contact. Despite his having fled the country in a form befitting of a secret agent, the UN is still claiming his treatment ahead of the repeatedly delayed trial was tantamount to abuse.

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Today’s Rare Ride was a unique offering in Europe in its day, though not an original idea. Simple as pie, it’s plastic, low-powered, and meant for adventure!

It’s a Renault Rodeo, and someone’s taken the trouble of importing this one to California.

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Today’s Rare Ride is equally at home on a track or on a road. Lightweight and minimalistic in its approach, the Renault Sport Spider has only the things you need to drive, and nothing else.

Let’s check out this bashful looking sports car.

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Already in the midst of a comprehensive restructuring plan with partners Nissan and Mitsubishi, Renault announced a staggering 7.29 billion euro ($8.6 billion) loss on Thursday. That tally encapsulates the first half of the year and marks a new record for the brand, even if it’s not the kind one normally celebrates.

“Although the situation is unprecedented, it is not final. Together with all of the Group’s management teams and employees, we are fully dedicated to correcting the situation through a strict discipline that will go beyond reducing our fixed costs,” new CEO Luca de Meo said in response to the dismal financial report. “Preparing for the future also means building our development strategy, and we are actively working on this. I have every confidence in the Group’s ability to recover.” (Read More…)

An Indian-owned British automaker is about to land a French boss.

On Tuesday, Jaguar Land Rover parent Tata Motors announced the hiring of Thierry Bolloré, former CEO of Groupe Renault, as the automaker’s new CEO, replacing the retiring Sir Ralf Speth. The new boss arrives on September 10th. (Read More…)

Shortly after his high-flying escape from Japanese semi-captivity in late 2018, former Renault-Nissan Alliance boss Carlos Ghosn got catty, marveling at what became of those two automakers after they dropped him from the phone directory.

Despite the coronavirus pandemic sinking profits and sales across the globe, Ghosn is pretty sure he knows what’s really to blame for Nissan’s current misfortunes. (Read More…)

Carlos Ghosn’s claim that he was the target of an industrial coup is looking a lot more valid this week after emails surfaced showing a high degree of internal organization regarding his ousting and subsequent criminal charges. The former head of the Renault-Nissan-Mitsubishi Alliance was infamous for wanting further integration within the pact. In fact, his aim was to make sure the tie-up became “irreversible.”

That idea never quite landed for Nissan leadership and Japanese shareholders, with many already holding the view that the alliance had already given French interests too much authority.

Emails dating back nearly one year before Ghosn’s November 2018 arrest clearly indicate top-level management at Nissan had a strong aversion to deepening ties with Renault. While understandable to a large degree, it’s counter to the claim that his removal was strictly about under-reported income and other financial malfeasance that were of particular interest to Tokyo prosecutors. At the very least, some actors at Nissan wanted to make sure the alliance patriarch suffered a massive loss of face while confronting allegations.  (Read More…)

Renault finds itself reeling from pandemic-related shutdowns and industrial partnerships that proved more troublesome than helpful. Its alliance partner, Nissan, has been incredibly wary of any further integration with the French company — providing a major distraction within the alliance, even as the situation on the ground worsened. They’re now trying to reorganize the partnership while addressing the crippling financial situation they’ve both been confronted with.

Any talks of a merger (something Nissan clearly doesn’t want) have been suspended so the automakers can focus on reducing operating costs (layoffs, product reorganization, etc.). The duo also sought financial help to offset money lost back when we were all still collectively handling the pandemic in a super serious manner. While Nissan was interested in landing private loans, Renault hoped to get its aid via the French government. However, Chairman Jean-Dominique Senard made it clear that not all help will be welcomed, especially if it means nationalizing the company.  (Read More…)

Renault — struggling, like all other automakers, from the body blow called COVID-19 — has secured a financial lifeline from an unsurprising source: the French government.

France, which holds a 15 percent stake in the automaker, signed off on a $5.6 billion rainy day fund for the company, guaranteeing 90 percent of the borrowed sum. That takes a fair bit off the heat off. (Read More…)

The same week that Nissan outlined a supposedly sustainable path forward, alliance partner Renault did the same thing, revealing a blueprint for a streamlined business and pared-down workforce in the years ahead.

Annual production will be cut, plants will be shuttered, and about 15,000 employees will be let go, the automaker said. The company’s problem was thinking too big, its interim CEO remarked — something Renault’s former boss might disagree with. (Read More…)

Nissan and Renault opted against a full merger on Wednesday, but neither side seemed to feel now was the time to disband the alliance and see how they might fare as a solo act. Every member of the Renault–Nissan–Mitsubishi Alliance took time to address financial concerns last year, encouraging further product integration as a cost-mitigation strategy. Despite Nissan shareholders and staff clearly losing interest in the French-led confederation, the brand seems to understand that leaning upon its allies might be the only way to get through a period of increasing economic uncertainty.

Mitsubishi slashed its 2020 financial forecasts ahead of the coronavirus pandemic by over $500 million while the other two issued numerous profit warnings in the latter half of 2019. Now the world is exiting lockdowns and assessing the economic damage they caused. Obviously, this is not the time to be burning bridges, even if some alliance partners aren’t enthralled with what’s probably waiting on the other side.  (Read More…)