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Nissan shares slide 5% after report Renault exploring stake reduction

TOKYO — Shares of Nissan Motor Co slumped 5% on Monday, their biggest fall in more than a month, following a report that top shareholder Renault may consider lowering its stake in the Japanese automaker. Bloomberg reported on Friday that Renault may consider lowering its Nissan shareholding as part of plans to separate its electric vehicle business. The French car maker has been pushing ahead with plans to split its electric and combustion-engine businesses in an attempt to catch rivals such as Tesla and Volkswagen On Friday, Renault said all options were on the table for separating the electric vehicle business, including a possible public listing in the second half of 2023. Any plans would be subject to approval from alliance partner Nissan, Renault finance chief Thierry Pieton said, adding the Japanese automaker was "in the loop" as Renault weighed up its options. Renault and Nissan have declined to comment on the report. Shares of Nissan fell to 509.8 yen in Tokyo, marking their biggest one-day decline since early March and underperforming an almost 2% drop in the Nikkei index. The car makers' two-decade-old alliance, which includes Mitsubishi Motors, was rocked by the 2018 ouster of alliance founder Carlos Ghosn amid a financial scandal. They have since pledged to pool more resources. In January they said they would work more closely together to make electric cars. They detailed a $26 billion investment plan for the next five years. But their unequal relationship has long been a source of friction in Japan. Renault owns 43.4% of Nissan, which in turn has a 15% non-voting stake in its shareholder. Renault bailed out Nissan two decades ago, but is now the smaller automaker by sales. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Earnings/Financials Green Mitsubishi Nissan Renault

2023 Mitsubishi Outlander PHEV shown, full details coming October 28

The wait for details on the plug-in hybrid 2023 Mitsubishi Outlander are almost over. The company has been promising the model for quite a while, and it has been tight-lipped about details. But on October 28, the company will reveal nearly all before the SUV's U.S. launch in the second-half of 2022. In the meantime, Mitsubishi released photos of the plug-in model. As you can plainly see, it looks pretty much identical to the non-hybrid variant. The only real exception are the large hybrid badges placed on the doors and on the hatch. The white example in the photos also showcases a black contrast roof that's seemingly unavailable on non-hybrid Outlanders. The interior is also virtually unchanged. Mitsubishi also let slip one other interesting tidbit about the Outlander PHEV before the full reveal: it comes standard with a third row of seats. This is a change from the previous model that was two-row only. This is also interesting considering that Mitsubishi has previously said the new PHEV will have more battery capacity than the outgoing model. When the electrified Outlander has its official reveal in a couple weeks, we should have far more details on the powertrain. We're expecting it will continue to use a pair of electric motors, one for the front wheels and one for the rears. The engine will probably run mainly in a series-hybrid configuration, generating electricity for the motors, and only engaging the drivetrain under particular circumstances in which doing so would provide the necessary power and when it's efficient. Pricing will probably have to wait until closer to the Outlander's on-sale date next year. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Mitsubishi struggling to sell doomed plant due to union workers

Mitsubishi is about to end vehicle production in the US, but the company is having serious problems finding a buyer for its Normal, IL, factory that currently assembles the Outlander Sport. A major sticking point, according to a report by The Wall Street Journal, is the plant's workforce of over 900 United Auto Workers members. The automaker has been trying to find another company to take over the site for months and has set November as the point to stop manufacturing there. The Normal, IL, factory is unique because it's the only plant in the country that's run by a Japanese automaker with a UAW-represented workforce, after starting as a joint venture with Chrysler. That makes Ford, General Motors, and FCA the preferred buyers because they could conceivably take over the union contract. However, the Blue Oval and the General likely aren't interested. According to plant officials speaking to The Wall Street Journal, FCA and some unnamed car companies are potential buyers, but there's absolutely nothing final, yet. Proponents argue that buying the location is cheaper than building a new one. Making matters harder is that the UAW and Mitsubishi are currently negotiating a new union contract, and the factory's next owner might have to take over the deal, according to the WSJ. The workers were ready to vote whether to strike recently, but that was averted when an announcement on the local's webpage said a tentative agreement was expected Sunday. Of course, the Big Three have been experiencing their own, similar issues with crafting deals, too. Related Video: