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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UPDATE: Fiat Chrysler Automobiles released a statement confirming that it has withdrawn its merger offer, saying "it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully."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 Fiat Chrysler has withdrawn its $35 billion merger offer for Renault, the Wall Street Journal and Bloomberg News reported on Wednesday. A source said that FCA had informed Renault it had withdrawn the offer after Renault's board of directors failed to reach a decision on the merger during a meeting that ran late into the night Wednesday.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.

Mitsubishi e-Evolution concept EV has AI that can teach you to drive better

Following a teaser last month, Mitsubishi has revealed additional details, and a couple more images of the e-Evolution concept. The new teasers show a car with a pretty wild profile. The windshield is incredibly long and raked, and it generally has an angular, wedge-like shape. It's also an extremely cab-forward design, which is possible because it is fully electric, and there isn't an engine up front to take up lots of space. That's bad news for anyone hoping Mitsubishi might just hybridize a high-strung turbo engine. But it is still all-wheel drive, courtesy of a trio of electric motors. There's one motor up front for the front wheels, and a pair at the back for the rear wheels. These rear motors can apply different amounts of power for torque vectoring. The e-Evolution also has a unique feature in its artificial intelligence ( AI) system. Mitsubishi didn't go deep into the details of how it works, but by using many sensors, the AI can adjust how the car drives and reacts based on road conditions, traffic, and driver preferences. It can make you a better driver by silently assisting you, but it can also make you a better driver by teaching you. Apparently it can assess your driving skills and advise you on how to improve. Hopefully the e-Evolution, or whatever production model takes inspiration from it, will be fun enough to drive that you will want to improve your skills. The e-Evolution will be on display at the Tokyo Motor Show. It will only be on display for one of the press days, so if you happen to be able to get to the show then, make sure you catch it. For everyone else, stay tuned to Autoblog for more photos and info when it's fully revealed. Related Video:

Carlos Ghosn takes a walk in a park, as lawyer apologizes for disguise

TOKYO — Former Nissan chairman Carlos Ghosn was seen walking in a Tokyo park on Friday, two days after his release in a strange disguise from a Japanese detention center. Ghosn, this time in sunglasses and a Stanford baseball cap (his daughter Caroline's alma mater), was spotted outdoors twice on Friday, strolling outside in the crisp March air. He and several others, believed to be his wife and daughters, visited a downtown Tokyo garden as members of the media trailed them and watched. The intense media attention was what led Ghosn's lawyers to suggest he leave the Tokyo Detention Center after his release on bail Wednesday in a laborer's outfit of cap, surgical mask and high-visibility vest, attorney Takashi Takano said. Many were baffled by the somewhat transparent disguise, which has riveted Japanese tabloid media. One TV show re-enacted his departure. Takano said in a blog post that he took full responsibility for what he called the "theater of disguise." He apologized for its failure. The outfit was confusing but didn't deter media from tracking the small van he traveled in after his release, in a spectacle broadcast live on television. "My immature plan, as a result, has tarnished the reputation that he has devoted his whole life to build," Takano said of his client. Takano asked the media to respect Ghosn's privacy. That plea appeared to go unheeded as cameramen closely followed the celebrity executive as those walking with him stared straight ahead in apparent annoyance. Ghosn, who headed the Renault-Nissan-Mitsubishi Motors alliance, has been charged with falsifying financial reports, under-reporting his income and breach of trust in having Nissan Motor Co. shoulder personal investment losses and make payments to a Saudi businessman. He says he is innocent and that the income allegedly under-reported was never paid or decided, that Nissan never suffered the investment losses and the payments were for legitimate services. In Japan, suspects are routinely kept in detention until preparations for their trials are ready, meaning they are often detained for months. The court rejected two earlier requests by Ghosn for bail. Ghosn led Nissan for two decades, saving the Yokohama-based automaker from near bankruptcy. He was arrested on Nov. 19.