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France tries to dodge blame for blowing up FCA-Renault merger deal

PARIS — France sought to fend off a hail of criticism on Thursday after it was blamed for scuppering a $35 billion-plus merger between carmakers Fiat-Chrysler and Renault only 10 days after it was officially announced. Shares in Italian-American FCA and France's Renault fell sharply in early trading after FCA pulled out of talks, saying "the political conditions in France do not currently exist for such a combination to proceed successfully." French finance minister Bruno Le Maire said the government, which has a 15% stake in Renault, had engaged constructively, but had not been prepared to back a deal without the endorsement of Renault's current alliance partner Nissan. Nissan had said it would abstain at a Renault board meeting to vote on the merger proposal. However, a source close to FCA played down the significance of Nissan's stance in the discussions, believing French President Emmanuel Macron was looking for a way out of the deal after coming under pressure at home. Context The FCA-Renault talks were conducted against the backdrop of a French public outcry over 1,044 layoffs at a General Electric factory. The U.S. company had promised to safeguard jobs there when it acquired France's Alstom in 2015. The collapse of the deal, which would have created the world's third-biggest carmaker behind Japan's Toyota and Germany's Volkswagen, revives questions about how both FCA and Renault will meet the challenges of costly investments in electric and self-driving cars on their own. The merger had aimed to achieve 5 billion euros ($5.6 billion) in annual synergies, with FCA gaining access to Renault's and Nissan's superior electric drive technology and the French firm getting a share of FCA's lucrative Jeep and Ram brands. FCA has long been looking for a merger partner, and some analysts say its search for a deal is becoming more urgent as it is ill-prepared for tougher new regulations on emissions. It previously held unsuccessful talks with Peugeot maker PSA Group, in which the French state also owns a stake. French budget minister Gerald Darmanin said the door should not be closed on the possibility of a deal with Renault, adding Paris would be happy to re-examine any new proposal from FCA. "Talks could resume at some time in the future," he told FranceInfo radio.

Nissan slashes profit forecast as Ghosn arrest hurts brand appeal

TOKYO — Nissan cut its profit forecast for the fiscal year through March on Wednesday to reflect slowing sales, higher costs and the fallout from a criminal investigation of its former chairman, Carlos Ghosn. Nissan Motor Co. expects to post a 319 billion yen ($2.9 billion) profit for the fiscal year, marking a 22% drop from its earlier 410 billion yen ($3.7 billion) forecast. Nissan said the downgrade reflects higher costs in the U.S. from a warranty extension campaign for some vehicles and falling sales due to "corporate issues," alluding to the Ghosn scandal. Ghosn was arrested in November and is facing charges of underreporting his income and breach of trust. He says he is innocent. He was released on bail in March and is awaiting another court decision on bail after his re-arrest on April 4. Nissan, which is allied with Renault SA of France, has seen sales lag in France and Japan, where Ghosn is widely known. In the U.S. and China, buyers aren't as affected by the scandal, but the markets there overall have slowed. Other factors contributed to the revision, such as production not keeping up with demand for the Note, an extremely popular model in Japan. But the high-profile scandal has weakened the brand appeal of the maker of the Leaf electric car, Infiniti luxury model and X-trail sports utility vehicle. Nissan said it expects to sell 5.5 million vehicles in this fiscal year. Earlier it predicted it would sell 5.6 million. The company sold nearly 5.8 million vehicles in the fiscal year that ended in March 2018. The automaker reduced its sales outlook by 0.2% for the fiscal year through March 2019 to 11.5 trillion yen ($103 billion), compared to its previous forecast. It was Nissan's second downgrade for its outlook following one in February that cited faltering sales in China and the U.S. At that time, Nissan also logged costs about 9.2 billion yen ($83 million) related to the alleged underreporting of Ghosn's compensation. Nissan has promised to strengthen its corporate governance to prevent a recurrence of what it says is serious wrongdoing by Ghosn. Ghosn was sent by Nissan's French alliance partner, Renault SA, to help turn the Japanese automaker around when it was near bankruptcy 20 years ago. The future of the alliance is one of many questions clouding Nissan's future following Ghosn's ouster since he was the main liaison for the alliance, which includes smaller Japanese automaker Mitsubishi Motors.

Hyundai Tucson Adventuremobile ready for camping at SEMA

A troop of customized 2016 Hyundai Tucsons will be making their way to the company's SEMA Show display in Las Vegas, NV, this year, and now there'll be one more in attendance, too. Joining hardcore offroad and high-horsepower takes on the crossover is the Adventuremobile from tuner John Pangilinan for those that love the outdoors but still need a vehicle to commute to work during the week. The Adventuremobile has everything for a camping excursion. There's no worry about where to rest in the wilderness thanks to a roof-mounted tent that sleeps two, and solar panels keep electronics topped up. An LED light bar should mean no problems finding the perfect spot, either. Even the cabin is a comfy place for a drive to the campsite with an upgraded stereo and Katzkin leather upholstery. The crossover looks rugged thanks to a coat of army green paint, but this tuned Tucson keeps the rest of the mods fairly realistic for the average adventurer. For a little added ability offroad, there's a 1.5-inch suspension lift and Toyo Open Country A/T II tires on some Rays wheels. The powertrain also gets some small tweaks with some new plumbing by AEM and a Magnaflow exhaust. The whole package seems like a great tool for spending a weekend in the woods. JOHN PANGILINAN CREATES TUCSON ADVENTUREMOBILE FOR SEMA FOUNTAIN VALLEY, Calif., Oct. 19, 2015 – John Pangilinan, the renowned Southern California tuner known for creating vehicles that blur the lines between lifestyle and automotive, has released details on his 2016 Tucson SEMA build. Dubbed the "Adventuremobile," the vehicle blends Hyundai's new crossover platform with a passion for the great outdoors, perfect for the weekend getaway. The car will be revealed at Hyundai's SEMA press conference on November 3 at 11:30 a.m. PT, in Las Vegas. The "Adventuremobile" is just as home on the daily commute as it is lugging gear up into the mountains for the weekend out of town. Most obvious is the addition of a Treeline Tamarack roof-top tent, with ample room to sleep two campers, and Goal Zero solar panels to power all of their accessories. The exterior has been beefed up with the addition of an Aries bull bar and side steps, Rigid Industries LED lights, and the vehicle has been finished in a BASF army green paint scheme by Strasse Sport. A custom 1.5-in.