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Renault-Nissan goes for closer cooperation, outsells VW and Toyota

PARIS — Renault-Nissan plans to double cost savings to nearly $12 billion by 2022, partly through closer cooperation with Mitsubishi, but left key questions about the automakers' alliance unresolved. Chairman Carlos Ghosn has pledged to step up the pace of integration after Nissan took a controlling stake in Mitsubishi last year. The 18-year-old Renault-Nissan pairing has only recently begun rolling out cars on common architectures. Combined sales volumes are expected to rise to 14 million vehicles by 2022 from 10.5 million expected this year, with revenue advancing by a third to $240 billion, the alliance said at a news conference in Paris on Friday. However, any investors impatient for a new capital or management structure to speed integration and prepare Ghosn's succession were likely to be disappointed. There was "no answer from Ghosn on the possibility of a merger by 2022," Jeffries analyst Philippe Houchois noted.12 NEW ALL-ELECTRICS Ghosn has been seeking a new second-in-command, sources told Reuters in June. But such plans are linked to thornier questions about the balance of power between the two main carmakers and the French government's outsize clout as Renault's biggest shareholder, supported by double voting rights. Twelve new pure-electric models will be on the road by 2022 as Renault-Nissan seeks to defend the head-start it gained with the current generation of battery cars, spearheaded by the Nissan Leaf and Renault Zoe, as more competitors join the fray. With 5.27 million cars and vans delivered in the first half of the year, Renault-Nissan now claims the mantle of the world's biggest carmaker, ahead of Volkswagen and Toyota, even though Renault has never consolidated the sales of its 43.4 percent-owned Japanese affiliate into its own. Under existing plans, the alliance is seeking to increase synergies — from cutting costs and boosting revenue — to 5.5 billion euros next year from 5 billion recorded in 2016. SHARED PLATFORMS A fourth common vehicle platform will be shared across the alliance by 2022, the companies said on Friday, underpinning a future generation of electric cars which, together with hybrids, are expected to account for 30 percent of group sales. Renault-Nissan will aim to deliver more electric vehicles and also make greater use of shared technology and manufacturing processes.

Japanese automakers kick in $800k for new charging-station company

Cynics may say that gathering $800,000 (total) from four of Japan's largest automakers is merely a rounding error. Still, Toyota, Nissan, Honda and Mitsubishi, along with the Development Bank of Japan, are putting those funds to good use. So, that's something. Last week, those five entities officially founded Nippon Charge Service LLC. The company was established to promote plug-in vehicle charging installations across Japan and the automakers seeded it with 80 million yen, or about $786,000 US. Those funds will be used to help business owners deploy charging stations at convenience stores, highway-side locales and other locations that will make it easier for plug-in vehicle drivers (of Toyotas, Hondas, Mitsubishis and Nissans, obviously) to get their juice. The automakers first announced they'd collaborate last year, when they said they'd work with the Japanese government to more than triple the country's publicly accessible chargers to about 17,000 units. No targets were disclosed as far as how many charging stations would be deployed this time out, but, in a move similar to the EZ Charge system in the US, Nippon Charge Service will also have universally-accepted charging cards available by the end of the year to drivers all of those brands' plug-in vehicles to make the charging process a little more seamless. Check out Honda's press release below. Japan Automakers Advance Electric Charging Infrastructure with New Company, Nippon Charge Service -Established to help build charging infrastructure for electric-powered vehicles (PHVs, PHEVs and EVs)- Toyota Motor Corporation Nissan Motor Co., Ltd. Honda Motor Co., Ltd. Mitsubishi Motors Corporation Development Bank of Japan Inc. TOKYO, Japan, May 30, 2014 - Toyota Motor Corporation, Nissan Motor Co., Ltd., Honda Motor Co., Ltd., and Mitsubishi Motors Corporation jointly established a new company, Nippon Charge Service, LLC, on May 26 to promote the installation of chargers for electric-powered vehicles (PHVs, PHEVs, EVs). The goal is to help build a charging network that offers more convenience to drivers in Japan. The new company will promote the installation of chargers, for the good of society and to expand the use of electric-powered vehicles. Related industries are also expected to benefit. Development Bank of Japan Inc.

Nissan board meets but doesn't pick a replacement for Ghosn

YOKOHAMA, Japan — Nissan's board met Monday but failed to pick a new chairman to replace Carlos Ghosn, who was arrested last month on charges of violating financial regulations, saying more discussion was needed. Nissan Motor Co. Chief Executive Hiroto Saikawa told reporters that the board approved a special committee of outsiders to strengthen governance at the company. A date for the selection of a chairman was not decided. "We plan to be cautious in this process, and I do not plan to rush this," Saikawa said. The recommendations for beefing up governance are due in March, and Saikawa said he was willing to wait until then to choose a chairman. The board meeting came amid an unfolding scandal that threatens the Japanese automaker's two-decade alliance with Renault SA of France and its global brand, and highlights shoddy governance at the manufacturer of the Leaf electric car. Related: Carlos Ghosn coup theory grows: Did Nissan set him up for a fall? Ghosn and another board member Greg Kelly were formally charged last week with falsifying financial reports in underreporting Ghosn's income by about 5 billion yen ($44 million) from 2011 to 2015. They were arrested Nov. 19 by Tokyo prosecutors and remain in detention. A source close to Ghosn's family says Ghosn is innocent, as the alleged income was never decided upon or paid. Aubrey Harwell, the U.S. lawyer for Kelly, an American, says he is innocent, and that Nissan insiders and outside experts had advised him that the financial reporting was proper. The chairman must be selected from among the board members. Three outside board members — race-car driver Keiko Ihara; Masakazu Toyoda, an academic; and Jean-Baptiste Duzan, formerly of Renault — are making that decision. The special committee for governance includes the three outside board members and four other outsiders, including former judge Seiichiro Nishioka. One candidate for chairman is Saikawa, who was hand-picked by Ghosn to succeed him as chief executive. He has denounced Ghosn and Kelly as the "masterminds" in a scheme to falsify income reports and abuse company money and assets. Renault has kept Ghosn as chief executive and chairman, saying its investigation has not found wrongdoing in the awarding of Ghosn's compensation. Saikawa called on directors at Renault to heed its reasons for sacking Ghosn, but Renault's interim chairman Philippe Lagayette said on Friday that its board had not considered a replacement.