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Nissan is optimistic about FCA partnership, but wants the right terms

BEIJING – Nissan is optimistic about partnering with a combined Renault and Fiat Chrysler (FCA), as long as it can protect the ownership of technology developed over two decades of working with Renault, a senior executive told Reuters. The executive, who declined to be identified because he is not authorized to speak to the media, said he was cautiously optimistic about the possibility of generating "synergies" by sharing Nissan's autonomous drive know-how, electrification and greenhouse-gas-scrubbing technologies for powertrains. But he said the possible $35 billion merger of Renault and FCA would not give FCA the automatic right to use those technologies, which it needs to meet stringent emissions regulations and better compete in a industry being transformed by electric vehicles. He also floated the possibility that Nissan could look at boosting its stake in Renault, or a merged Renault-FCA, to gain more say in shaping the future of the alliance. "We would go ahead with partnering or cooperating with FCA only if we can guarantee tangible benefits from sharing technologies with FCA and only if we can work out conditions that are satisfactory to us," the Yokohama-based executive said. "If Renault wants to pursue this deal, we feel we need to look seriously at supporting them," he said. The executive's comments highlight how Nissan could look to leverage its advanced technology to gain greater bargaining power with a merged Renault-FCA. Renault is Nissan's top shareholder with a 43.4% shareholding, while Nissan holds a 15% non-voting stake in the French automaker. That unequal partnership has long rankled Nissan, which is the bigger company by far. A Nissan spokesman referred Reuters to a statement issued on Monday, where Nissan Chief Executive Hiroto Saikawa said: "I believe that the potential addition of FCA as a new member of the alliance could expand the playing field for collaboration and create new opportunities for further synergies." "That said, the proposal currently being discussed is a full merger which — if realized — would significantly alter the structure of our partner Renault. This would require a fundamental review of the existing relationship between Nissan and Renault," Saikawa said, adding that Nissan would analyze and consider its "existing contractual relationships". BOOSTING STAKE?

1960s Fiat 500F becomes 960-piece Lego Creator Expert kit

Properly restored, the rear-engined Fiat 500 released in 1957 is worth more than most late-model front-engined examples. Lego is making it more accessible by adding a 1960s 500F model to its Creator Expert line of kits. This isn't the first Lego Fiat 500 we've seen, but we're not sure if this official one is related to the unofficial one we last saw back in 2018. The 960-piece set measures about four inches high, nine inches long, and four inches wide, meaning it will take up quite a bit of space on your desk. Lego recreated the 500's proportions with surprising accuracy, and its designers included details like the round headlights, the chromed emblem on the front fascia, the dish-shaped hubcaps, and the vented rear decklid. It's not as realistic as a die-cast model, but it's recognizable as a 500. Opening the hood reveals the gas tank and the spare tire — just like on the real car. Lego has thankfully left out the rust that tends to develop in the battery tray, which is right behind the front fascia. Both doors open to reveal a three-spoke steering wheel with a Fiat logo, a moving gear selector, a handbrake lever you can raise and lower, as well as a folding soft top — again, just like on the actual 500F. Lower the decklid to find the Danish firm's best rendition of Fiat's air-cooled twin, which in real life develops 18 horsepower and 22 pound-feet of torque in the 500F. Zero to 60 mph (its top speed) optimistically takes about a minute if you're on flat ground with a favorable tail wind. The replica's zero-to-60-mph time depends on what you're carrying it in. It totes a suitcase on its back everywhere it goes, and the kit includes a painting of a 500 in front of the Coliseum propped up on an easel. Lego will release its Fiat 500 on March 1. Sold online and through authorized retailers, it's priced at $89.99, which makes it a bargain compared to a vintage one. The catch is that you can't take it out for gelato. If you'd rather invest in one you can drive to cars and coffee, there's a 1967 500F just like the one Lego offers in its kit listed in the Hemmings classifieds for the princely sum of $29,500, or about $27 per pound — yikes. Related Video: Featured Gallery Fiat 500F Lego kit View 14 Photos Toys/Games Fiat

Fiat Chrysler cuts 2018 outlook, shares tumble on weaker quarterly profit

MILAN — The news of former Fiat Chrysler chief executive Sergio Marchionne's death arrived Wednesday moments before the group reported a surprisingly heavy drop in profit. The death of one of the auto industry's most tenacious and respected CEOs overshadowed a big selloff in Fiat Chrysler shares. FCA's scheduled second-quarter earnings presentation, led by Marchionne's successor and former lieutenant Mike Manley, began on Wednesday afternoon with a moment of silence. As eulogies flooded in, FCA shares fell as much as 10 percent as investors digested an unexpected 35 percent fall in net profit, well below market forecasts. Marchionne rescued Fiat and Chrysler from bankruptcy after taking the wheel of the Italian carmaker in 2004 and he multiplied Fiat's value 11 times through 14 years of canny dealmaking. He was due to step down at FCA in April next year. "The best way to honor his memory is to build on the legacy he left us, continuing to develop the human values of responsibility and openness of which he was the most ardent champion," Chairman John Elkann added. On Saturday, FCA named Jeep division head Mike Manley, 54, as head of the world's seventh-largest carmaker, saying the Briton would execute a strategy that Marchionne had outlined in June. FCA has said Manley will work to ensure a "strong and independent" future for the group. Underlining the task facing Manley, FCA cut its full-year earnings outlook after the weaker-than-expected quarterly earnings. Having to deliver the bad news four days into his new job, Manley blamed the result on a weaker performance in China, a market that represents one of new CEO's immediate headaches. "The biggest challenges we face and frankly we're going to continue to face ... are all focused in China," Manley said. FCA has yet to make any significant inroads in China. In Marchionne's June plan, FCA pledged to boost production of sport utility vehicles and invest in electric and hybrid cars to double operating profit by 2022. It unveiled bold targets for Jeep, FCA's profit engine. FCA said adjusted earnings before interest and tax (EBIT) for the April-June period fell 11 percent to 1.7 billion euros ($1.99 billion), compared with 2 billion euros in a Reuters poll of analysts. Chinese demand slumped in the quarter ahead of a July cut in import duties, resulting in higher incentive spending and an increase in unsold vehicle stocks that "particularly affected Maserati," Manley said.