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Nissan CEO Makoto Uchida rules out closer capital ties with Renault

YOKOHAMA — Nissan is committed to its automaking alliance with Renault but will not look to deepen its capital ties with the French automaker any time soon, its new CEO said on Monday. On his first day in the new position, chief executive Makoto Uchida also pledged to repair profitability at Japan's No. 2 automaker and said setting realistic targets would be key toward that goal, as it tries to make a clean break from the leadership of former chairman Carlos Ghosn. "Closer capital ties with Renault are not a focus in the short term," he told reporters. Uchida became CEO of Nissan on Dec. 1, as the car maker tries to recover from a profit slump and draw a line under a year of turmoil after the Ghosn scandal. The ousted chairman is fighting financial misconduct charges in Japan. One of the new CEO's big tasks is to salvage ties with Renault, which have deteriorated since Ghosn's ouster as chairman of both companies. Renault holds a 43.4% stake in Nissan after it saved the Japanese automaker from financial ruin two decades ago, and has pushed for the two companies to merge. In rejecting a notion of a merger with Renault, Uchida, 53, echoes his predecessor Hiroto Saikawa, who stepped down in September. He added that the alliance must re-think how it can serve all of its three members, which also includes Mitsubishi Motors. "The alliance has to benefit each of its partners in terms of revenue and profit," he said. "We need to re-evaluate what has worked and what hasn't worked in the alliance in the past few years." The CEO called for Nissan to set "challenging but achievable" targets, adding that this and the launch of more new car models and vehicle technologies would be key to its financial recovery. Nissan is bracing for its lowest annual profit in 11 years and has slashed its dividend by 65%. Its struggles come at a time when car companies desperately need scale to keep up with sweeping technological changes like electric vehicles and ride-hailing. "Somewhere along the way we created a culture of setting targets which could not be achieved," Uchida said, adding that this had resulted in a focus on short-term results. "Years of this had led Nissan to its current "difficult situation," he said, using heavy vehicle discounting in the U.S. market as an example of how aggressive sales targets to grow market share had deteriorated the company's brand.

Recharge Wrap-up: Renault EV movie, H2 fueling in Paris

Renault has debuted a new documentary called Le Peuple Electrique, or The Electric People. The film features two drivers touring France over the course of three weeks in a Renault Zoe electric vehicle. Along the way, the duo meet and come to rely upon other members of the EV driving community. Renault is showcasing the film at the COP21 summit in Paris to give an insight into the culture of electric vehicles. See the film above (it's in French), and read more in the press release from Renault.Nissan and Renault have joined forces for an ad campaign for their electric vehicles. The campaign, which focuses on the Nissan Leaf and Renault Zoe, coincides with the COP21 environmental summit, for which the automakers have supplied 200 electric cars as shuttles for attendees. The ad campaign consists of press, posters, and a series of six videos, each 15 seconds in length, to be shown on social media networks in France, the UK, Germany, Spain and Italy. Read more from Renault.Air Liquide has announced a hydrogen fueling station for fuel cell taxis in Paris. Electric taxi company STEP plans to launch a fleet of at least 70 Hyundai ix35 (Tucson) Fuel Cell taxis in the next five years. The fueling station will be located at Cours Albert 1er near the Eiffel Tower, so this is truly in the heart of the city. "This first station will allow us to promote the benefits of hydrogen as a clean energy for vehicles with consumers," says Air Liquide's Francois Darchis. "Hydrogen offers a concrete solution to the challenges posed by the issue of sustainable mobility, reducing greenhouse gas emissions as well as local pollution in urban areas." Read more from Air Liquide, or at Technologic Vehicles.The world's largest ultra-fast EV charging station is now operational in Beijing, China. Located at the Xiaoying Public Transit Bus Terminal, the station is capable of charging buses to 100 percent in as little as 10 minutes. It features 25 360-kW chargers and five 90-kW chargers, and enough space for 30 buses at a time. The buses come in to charge two or three times a day during their regular operation. Just in time, too. Read more in the press release below. World's Largest Ultra-fast EV Charging Station Goes Live in Beijing, Fully Charging Commercial Vehicles in 10 Minutes This 26,500 m(2) EV charging complex has 25 chargers at 360kW and 5 chargers at 90kW; maintaining a capacity for Ultra-fast charging 30 urban transit buses at the same time STAFFORD, Texas, Dec.

Nissan may take control of struggling Mitsubishi Motors

Update: The reports were largely correct. Nissan will take a 34 percent stake in Mitsubishi for roughly $2.2b. Read all about it here. Reports say Nissan will buy a controlling stake in Mitsubishi Motors, either 30 or 34 percent, for about 200 billion yen or $1.84 billion. Nissan and Mitsubishi motors are currently part of a joint venture, NMKV, to build minicars together. Nissan is also responsible for reporting fuel-economy discrepancies with cars built under the joint-venture agreement, which put Mitsubishi in its current weakened state. Earlier today, reports surfaced that the fuel-economy issues were wider ranging than originally thought. Mitsubishi now admits that all of its Japanese-market cars sold since 1991 could have had faked fuel-economy data. Shares of Mitsubishi Motors have dropped by about half since the scandal was uncovered, opening the door for a takeover. While Nissan is a much larger company, it can benefit from Mitsubishi's 60-percent share of Japan's minicar market. The two companies also had plans to build electric vehicles together in the joint venture. Japan's Nikkei reports that talks are ongoing between the company and that a decision could be made Thursday by the companies' boards. Related Video: News Source: Nikkei Green Mitsubishi Nissan