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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:

Automakers Renault, Nissan will become equals, with equal stakes in each other

TOKYO — Nissan and Renault have agreed to equalize the stakes they hold in each other, both sides said Monday, ironing out a source of conflict in the Japan-French auto alliance. Up to now, Renault Group has held a 43.4% stake in Nissan Motor Co., potentially giving it a larger say in how the Japanese automaker is run. It will transfer shares equivalent to a 28.4% stake to a French trust so each side will hold the same 15% stake in the other, according to the companies. The disparity between the holdings was a cause of friction, especially after Nissan became far more profitable than Renault. The agreement on the change is still being finalized and needs board approval from both companies. The companies said the shares in the French trust can eventually be sold but did not say to whom or how. They said the sale will be carried out in a “coordinated and orderly process” if a deal makes commercial sense to Renault Group, and that there is no time deadline. Until then, the voting rights would be “neutralized” for most managerial decisions, but the economic rights, such as dividends, will continue to go to Renault, the companies said. The top shareholder in Renault is the French government. Japanese Prime Minister Fumio Kishida met with French President Emmanuel Macron earlier this month. The alliance has had its ups and downs since it began in 1999, when Renault sent one of its executives, Carlos Ghosn, to then-struggling Nissan to lead a turnaround. Ghosn first served as Nissan's chief executive and later its chairman before he was arrested in late 2018 on various financial misconduct charges. The alliance, which also includes smaller Japanese automaker Mitsubishi Motor Corp. and remains one of the world's top auto groups, has been eager to put the Ghosn scandal behind it. Allegations against Ghosn include underreporting income, using investment funds for personal gain and illicit use of company expenses, including overseas homes and a yacht. Ghosn said he is innocent of all charges. He jumped bail in late 2019 and is now in Lebanon, which has no extradition treaty with Japan. The equalization of the crossholdings has been speculated about for some time. The companies called the move “an important milestone.” “The ambition is to strengthen the ties of the alliance and maximize value creation for all stakeholders,” said Nissan, based in the port city of Yokohama.

Mitsubishi shows off its boxy new XFC Concept

Mitsubishi’s lineup has dwindled in the United States, but its presence is strongest in Asia, where it offers several vehicles not destined for our shores. Its latest concept vehicle previews a vision for a small utility vehicle with beefy styling and a futuristic interior. The XFC Concept is a compact SUV that Mitsubishi calls the “best-suited buddy for an exciting life.” ItÂ’s debuting at the Vietnam Motor Show later this month and is initially destined for life in Southeast Asia, though the company says it wants to expand that presence globally. The conceptÂ’s styling is a departure for the brand, whose other recent releases havenÂ’t been the easiest vehicles on the eyes (cough, cough, Outlander). Boxy lines and unique lighting are standout visual elements on the XFC, and the rear fender flares give it a muscular stance. Concepts rarely make it to production unchanged, so Mitsubishi is likely to alter the XFCÂ’s fantastic interior before release. The cabin appears to offer a mix of materials and large windows. Mitsubishi says it has class-leading interior space and notes that it focused on making the vehicle as comfortable as possible over rough roads. Flooding is an issue in the XFCÂ’s home region, so Mitsubishi gave it good ground clearance and four drive modes. Drivers can choose between normal, wet, gravel, and mud modes, and Mitsubishi says it developed the new wet mode specifically with Southeast Asian countries in mind. Mitsubishi will launch the XFC in 2023 and says an electric variant is coming down the road. Though itÂ’s still in the concept stage, the automaker plans for the SUV to become a core model for the brand on the global stage, alongside vehicles like its popular Xpander MPV.