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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.

Mitsubishi announces new and updated models are around the corner

Mitsubishi has remained relatively quiet in 2020. It was hit hard by the ongoing coronavirus pandemic, like all of its peers and rivals, and it's caught in the middle of the cold war between opposing sister companies Renault and Nissan. It announced plans to emerge from its silence by introducing an array of new or updated models in America. The Japanese company explained its goal is to pack more value and technology into its cars. It will launch its American product offensive in late 2020 by introducing an updated Outlander PHEV. Although full details aren't available, Mitsubishi hinted the crossover will receive a new hybrid powertrain built around a bigger, more powerful gasoline-burning engine that works jointly with better electrified technology. It will be capable of driving on electricity alone for longer distances, and at higher speeds. Other revisions are planned, too. Next up is the Mirage, the firm's entry-level model and one of the smallest cars in a market that has decided bigger is better. Mitsubishi confirmed the American-spec model (pictured) will receive the same visual updates as the variant sold overseas, so it will receive a sharper-looking front end that falls in line with the rest of the range. Shortly after, Mitsubishi will continue its push by giving the Eclipse Cross comprehensive visual updates. The crossover's front end will borrow styling cues from the company's next design language, and earlier spy shots suggest stylists have smoothed out the Pontiac Aztek-like rear end. Inside, the Eclipse Cross will receive a new infotainment system, though we'll need to wait to learn about the features it will incorporate. Mitsubishi Outlander prototype View 16 Photos Finally, the next-generation Outlander (shown above in spy shots) will break cover with a new-look design that Mitsubishi characterizes as "bold, aggressive, and distinctive." Although we haven't seen the crossover without camouflage yet, peeking through the wrap suggests the model draws inspiration from the Engelberg Tourer concept introduced at the 2019 edition of the Geneva auto show. Unverified rumors claim it will switch to a Nissan-sourced architecture in the name of economies of scale, and some variants might be available with an engine plucked out of the Nissan parts bin. What's certain, at least according to Mitsubishi, is that the next Outlander will be the quietest and best-equipped car it has ever sold in the United States.

Brand new cars are being sold with defective Takata airbags

If you just bought a 2016 Audi TT, 2017 Audi R8, 2016–17 Mitsubishi i-MiEV, or 2016 Volkswagen CC, we have some unsettling news for you. A report provided to a US Senate committee that oversees the US National Highway Traffic Safety Administration (NHTSA) and reported on by Automotive News claims these vehicles were sold with defective Takata airbags. And it gets worse. Toyota and FCA are called out in the report for continuing to build vehicles that will need to be recalled down the line for the same issue. That's not all. The report also states that of the airbags that have been replaced already in the Takata recall campaign, 2.1 million will need to eventually be replaced again. They don't have the drying agent that prevents the degradation of the ammonium nitrate, which can lead to explosions that can destroy the airbag housing and propel metal fragments at occupants. So these airbags are out there already. We're not done yet. There's also a stockpile of about 580,000 airbags waiting to be installed in cars coming in to have their defective airbags replaced. These 580k airbags also don't have the drying agent. They'll need to be replaced down the road, too. A new vehicle with a defective Takata airbag should be safe to drive, but that margin of safety decreases with time. If all this has you spinning around in a frustrated, agitated mess, there's a silver lining that is better than it sounds. So take a breath, run your fingers through your hair, and read on. Our best evidence right now demonstrates that defective Takata airbags – those without the drying agent that prevents humidity from degrading the ammonium nitrate propellant – aren't dangerous yet. It takes a long period of time combined with high humidity for them to reach the point where they can rupture their housing and cause serious injury. It's a matter of years, not days. So a new vehicle with a defective Takata airbag should be safe to drive, but that margin of safety decreases with time – and six years seems to be about as early as the degradation happens in the worst possible scenario. All this is small comfort for the millions of people who just realized their brand-new car has a time bomb installed in the wheel or dashboard, or the owners who waited patiently to have their airbags replaced only to discover that the new airbag is probably defective in the same way (although newer and safer!) as the old one.