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FCA withdraws its offer to merge with Renault

UPDATE: Fiat Chrysler Automobiles released a statement confirming that it has withdrawn its merger offer, saying "it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully." The full statement can be read below our original story, which continues below. Fiat Chrysler has withdrawn its $35 billion merger offer for Renault, the Wall Street Journal and Bloomberg News reported on Wednesday. A source said that FCA had informed Renault it had withdrawn the offer after Renault's board of directors failed to reach a decision on the merger during a meeting that ran late into the night Wednesday. Instead, the board granted the French government's request to postpone its vote. The government wanted time to persuade Renault's reticent alliance partner Nissan. Renault's board issued a press release that said simply that it was "unable to take a decision due to the request expressed by the representatives of the French State to postpone the vote to a later Council." WSJ reported that Nissan's two members on Renault's board were balking, while the rest of the board favored the merger. The French government wouldn't it back the deal unless Nissan agreed to maintain its role in the Renault-Nissan alliance, sources said. Nissan had received little advance warning of the merger proposal and was balking. Apparently the French government thought Nissan could be brought around if given more time. "We should take our time to make sure that things are done well," French Finance Minister Bruno Le Maire told French television on Wednesday. When the French requested a delay and Renault's board granted it, FCA withdrew. The French state, which owns 15% of Renault, had also been seeking more influence over the merged company, firmer job guarantees and improved terms for Renault shareholders in return for blessing the $35 billion tie-up. The merger would have created the world's third-biggest automaker with combined sales of 8.7 million vehicles per year, and was intended to cut costs as the parties develop electric and autonomous vehicles. Read Fiat Chrysler Automobile's full statement below: FCA withdraws merger proposal to Groupe Renault June 5, 2019 , London - IMPORTANT NOTICE The Board of Fiat Chrysler Automobiles N.V. ("FCA") (NYSE: FCAU / MTA: FCA), meeting this evening under the Chairmanship of John Elkann, has resolved to withdraw with immediate effect its merger proposal made to Groupe Renault.

Road & Track names its 2013 Performance Car of the Year

Road & Track recently staged its first annual Performance Car of the Year test, pitting 13 new and updated performance cars against each other on track, then graduating the top six to a road test before picking a winner. Additionally, the magazine staff picked the best automobiles of the year in eight categories.
But first, let's cover the PCotY segment. Here's the list of cars brought to the comparison test: Audi R8 V10 Plus; BMW 435i; BMW M6 Competition Package; Chevrolet Corvette Stingray Z51; Ferrari F12 Berlinetta; Ford Fiesta ST; Jaguar F-Type V8 S; Jaguar XFR-S; Mercedes-Benz E63 AMG S-Model Wagon; Mercedes-Benz SLS AMG Black Series; Mini John Cooper Works GP; Nissan GT-R Track Edition; and Porsche Cayman S.
To find out the results of the comparison, head over to Road & Track's website or check the press release below, where you'll also find the magazine's top-rated vehicles in eight categories. Want more? Head over to the 2013 PCotY hub. But before you do that, take a stab at guessing the winner of PCotY (we'll give you one hint: it isn't a Porsche).

Next Nissan Rogue flaunts its new look

Remember last April, when Nissan told us it would be launching five new models over the course of 15 months? Well, we've seen the Altima, Pathfinder, Sentra and Versa Note, so that magical fifth model has to be the new Rogue, which our spy photographers recently caught testing. Despite looking like a hodge-podge of black duct tape and garbage bags, we can clearly see that the new Rogue takes a lot of its styling cues from the Hi-Cross concept that Nissan showed at the 2012 Geneva Motor Show. And that's fine - we found that CUV concept to be a decidedly handsome thing, and certainly more attractive than the weird little Rogue that currently roams the streets.
Details surrounding the next Rogue are still very unclear, though our spies suggest that it could be powered by a new 1.2-liter supercharged four-cylinder engine, good for something like 113 horsepower and 140 pound-feet of torque. We'll see about that, since those numbers represent a drastic drop in power versus the current Rogue - to the tune of 57 hp and 35 lb-ft. A diesel engine for other markets is expected to be on offer, and a plug-in hybrid version is also rumored to be in the works, though that won't show up at the vehicle's initial launch.
If Nissan sticks to its plan of showing these five new models in the course of 15 months, that means we should see the Rogue in July. Of course, since things don't always go as planned, it could be many more months before all that camouflage is taken away.