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UPDATE: Fiat Chrysler Automobiles released a statement confirming that it has withdrawn its merger offer, saying "it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully."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 Fiat Chrysler has withdrawn its $35 billion merger offer for Renault, the Wall Street Journal and Bloomberg News reported on Wednesday. A source said that FCA had informed Renault it had withdrawn the offer after Renault's board of directors failed to reach a decision on the merger during a meeting that ran late into the night Wednesday.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

i-MiEV doesn't survive Mitsubishi's updated EV plan

Mitsubishi will increase the number of electrified models in its lineup through the end of the decade, but the company's focus on crossovers will mean the axe for the aging i-MiEV. The flurry of new or updated models will begin arriving as soon as next year, and the automaker will offer nearly all of them in plug-in hybrid or electric versions, according to Automotive News. Rather than dedicated EVs like the i-MiEV, Mitsubishi will instead offer gasoline and electrified variants of a future lineup with three sizes of crossovers. The company will follow the current trend of coupe-like CUVs with its own version, including a plug-in hybrid option, between the Outlander Sport and Outlander sometime after the autumn of 2017, Automotive News reports. A new Outlander with a PHEV model will come after 2017, and a next-gen Outlander Sport with an EV trim will arrive around 2019. There won't be a Lancer replacement. "We are strong in SUVs and four-wheel drives. And that is what we would like to focus on as core models in the US market," Mitsubishi CEO Osamu Masuko said to Automotive News. Mitsubishi already offered a preview of its next-gen CUV design language with the eX Concept at the Tokyo Motor Show. The compact crossover evolved the styling of the refreshed Outlander's X-shape grille, and it featured a floating roof that created the appearance of a wraparound greenhouse. Power came from an electric motor at the front and rear axle and a 45-kWh lithium-ion battery. In the nearer term, the wait for the Outlander PHEV will finally end because the long-delayed plug-in crossover will launch in the US around the middle of next year. Earlier rumors suggested a possible arrival around April 2016, but the vehicle was previously reported to come here as early as the fall of 2014.

Nissan sees its EV sales surging to 1 million annually by 2022

YOKOHAMA, Japan — Nissan announced plans to sell 1 million electric vehicles (EVs) annually by 2022, a six-fold jump from what it sold last year, and said it had no plans to stop testing its self-driving cars on public roads, calling them safe. Japan's No. 2 automaker and its rivals are planning to crank up development and production of electric cars in response to tightening emissions regulations around the world, even as demand for such vehicles remains limited due to their high cost and limited charging infrastructure. Launched as the world's first mass-market all-battery EV in 2010, Nissan's Leaf compact hatchback is the world's best-selling EV, though sales have been just around 300,000 units in its lifetime. The company now plans to focus its lower-emissions lineup on all-battery and gasoline-hybrid EVs rather than costlier technologies including plug-in hybrids. Nissan said on Friday it would develop eight new all-battery EVs over the next five years, including four models for China. Its luxury Infiniti brand would begin carrying new electric models from 2021, it added. Through 2022, vehicles powered by its "e-Power" gasoline-hybrid technology would likely comprise the majority of Nissan's electric line-up, it said. Such vehicles use gasoline to power the car's motor, requiring a much smaller battery than EVs and therefore are less expensive to produce. "The heart of our strategy in terms of electrification is battery EVs and e-Power technology," Nissan Chief Planning Officer Philippe Klein told reporters at a briefing. Concerns about EV battery costs and components have prompted many automakers to develop a variety of lower emissions technologies, but Klein said that Nissan would largely forego plug-in hybrids and hydrogen fuel cell technologies, given their low cost-performance at the moment. In 2017, Nissan sold 163,000 electric vehicles globally. Nissan and its automaking partners, Renault and Mitsubishi, together plan to launch 17 electric models as part of their strategy to achieve annual vehicle sales totaling 14 million units by 2022, compared with 10.6 million units in 2017. Self-driving tests to continue Automakers and technology companies are facing mounting pressure to prove that their automated driving functions under development are safe to use on public roads following a fatal accident involving a self-driving car operated by Uber Technologies [UBER.UL] in the United States earlier this week.