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Renault keeps 15% stake in Nissan, transfers majority of shares to French trust

Renault and Nissan completed a landmark deal to rebalance their 24-year-long alliance, paving the way for a new relationship after years of acrimony between the two partners. The automakers on Wednesday announced the creation of a French trust to which Renault transferred 28.4% of Nissan shares. The companies first disclosed plans for the trust in January. Renault Group and Nissan now have a cross-shareholding of 15% with lock-up and standstill obligations, the companies and junior alliance partner Mitsubishi Motors Corp. said in a statement. Renault managers in recent weeks have reiterated that staff should no longer share information with their Nissan counterparts, according to people familiar with the situation, after the French carmaker announced in September that aspects of the alliance would be unwound by year-end.  Taken together with the deal to equalize their cross-shareholdings at 15%, the developments are the clearest indications yet that members of one of the world’s biggest automotive tie-ups are increasingly going their separate ways. Renault told employees in September it was moving away from common structures with Nissan in favor of a new, project-by-project approach to working together. The dissolution of the companiesÂ’ joint purchasing organization means the two will no longer pool information on a regular basis due to antitrust concerns. The sell-down of shares held by the trustee will be coordinated with Nissan, which will have the right of first offer to purchase the stock. The trust will have no obligation to sell the shares within a specific or pre-determined period of time. The new alliance deal presented to investors in London in February followed months of tense negotiations that nearly collapsed late last year due to sticking points on intellectual property and disagreement over the valuation of RenaultÂ’s electric-vehicle and software arm Ampere, in which Nissan has agreed to invest. The alliance dates back to 1999, when Renault rescued Nissan with a cash injection and the two formed one of the biggest auto partnerships in the industry. Rivalries and mutual suspicion mounted over the years and came to a head when former leader Carlos Ghosn openly contemplated merging the two companies, contributing to his downfall.

2022 Mitsubishi Eclipse Cross First Drive Review | A welcome improvement

We’ve considered the Mitsubishi Eclipse Cross a better-than-expected option in a mostly uninspiring vehicular segment ever since it was introduced for the 2018 model year. ItÂ’s sized and priced somewhere between subcompact and compact crossovers, making it an in-betweener that may attract some buyers due to its distinctive positioning. And itÂ’s been given a pretty comprehensive refresh for the 2022 model year that erases a few of our complaints and makes it more compelling, especially against subcompact crossover models like the Honda HR-V and Toyota C-HR. In an odd bit of launch timing that we figure was probably shaken up by a certain global pandemic, thereÂ’s no 2021 edition. The 2022 Mitsubishi Eclipse Cross isnÂ’t a total redesign — it rides on the same platform and is powered by the same engine and transmission as before — but the exterior design has been given a serious makeover while the interior gets some nice ergonomic upgrades that will make it easier to live with on a daily basis. On the outside, the updates are focused on the very tips of the little crossover. A redesigned front fascia further separates the light clusters into upper LED driving lights and lower stacked headlights and fog lamps. MitsubishiÂ’s Dynamic Shield grille design features chrome swooshes that flank a blacked-out diamond-pattern mesh in the center. ThereÂ’s a definite human-esque look to the face of the Eclipse Cross, and in person the overall appearance is aggressive and interesting. The rear received an even bigger makeover than the front. Gone is the two-piece rear glass that was bisected by a faux spoiler-shaped panel with full-width taillights, and in its place is a much more conventional hatchback with a larger single-piece window. The 2022 Eclipse Cross is a significant 5.5 inches longer than the 2020 model, and four of those were tacked on the back end. That makes for a bump in cargo capacity to 23.4 cubic feet (up 0.8 over the 2020 version) with the rear seat in place and 50.1 (an increase of 1.2 cubic feet) with the second row folded. It also adds 11% more floor area for long and/or wide items. While the added space is a welcome improvement, the reconfiguration of the Eclipse CrossÂ’s dashboard and center console may be even more useful. The infotainment screen, which measures 7 inches on the base ES model and 8 inches on everything else, was moved a couple inches closer to the driver.

Scrapyard Gem: 2007 Mitsubishi Colt CZ2 5-door hatchback

YORK, England — Remember the Dodge and Plymouth Colts of 1971 through 1994? The Colt name stayed alive after that on Mitsubishis sold elsewhere in the world, and I've found a 21st-century example in a self-service wrecking yard near York, England. This generation of Colt served as the basis for the Smart ForFour, so (as promised) I'm following up a ForFour Junkyard Gem with this article about its sibling in the same knacker's yard. Like the ForFour, this car was built at the NedCar assembly plant in the Netherlands. Mitsubishi began using the Colt name in Japan back in 1962, then killed the name at home in favor of the Mirage when that car debuted in 1978. Export-market Mirages got Colt (or Champ, or Lancer and many others) badging at that point. For 2002, the Colt returned to Japan with a brand-new platform, and that's the generation we have here. The engine here is a 1.5-liter Mercedes-Benz turbodiesel, rated at 95 horsepower and 155 pound-feet. A 148-horse turbocharged gasoline-burning Mitsubishi 1.5 was available in the UK as well. The transmission is a five-speed manual. A six-speed automatic was an option. It's a small car but not microscopic; its wheelbase is just over 98" and its curb weight is about 2,500 pounds. The tall roof gives it great storage capacity, a trick often seen in kei vans. This generation of Colt continues to be sold in Taiwan through the present day, as the Colt Plus. In Europe, an all-new Colt based on the Renault Clio was launched last year. It was cheap. In Japan, cuteness was played up in Colt commercials.