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FCA-Renault merger talks: France wants job guarantees and Nissan on board

PARIS — France will seek protection of local jobs and other guarantees in exchange for supporting a merger between carmakers Renault and Fiat Chrysler, its finance minister said on Tuesday, underscoring the challenges facing the plan. Renault Chairman Jean-Dominique Senard arrived in Japan to discuss the proposed tie-up with the French company's existing partner Nissan — another potential obstacle to the $35 billion-plus merger of equals. Renault and Italian-American rival Fiat Chrysler Automobiles (FCA) are in talks to tackle the costs of far-reaching technological and regulatory changes by creating the world's third-biggest automaker. Nissan found out about Renault's merger talks with Fiat Chrysler only days before they became public, four sources told Reuters, stoking fears at the Japanese carmaker that a deal could further weaken its position in a 20-year alliance with Renault. A deal between Renault and FCA would create a player ranked behind only Japan's Toyota and Germany's Volkswagen and target 5 billion euros ($5.6 billion) a year in savings. Some analysts, however, say the companies face a challenge to win over powerful stakeholders ranging from the French and Italian governments to trade unions and Nissan. Patrick Pelata, a former Renault chief operating officer, also criticized the deal plan for undervaluing Renault and threatening to overstretch its engineering resources. By valuing Renault at its market price, the all-share offer attributes a negative 6 billion euro value to Renault operations after deduction of its 43.4% stake in Nissan and 3.1% Daimler holding, Pelata told BFM radio. "That's hardly reasonable," he said. "And I think that shareholders, including the French state, are bound to take issue with this sooner or later." Pelata added: "FCA has big problem because they haven't invested for the future — they have no electric vehicle platform and they've done nothing in autonomous cars." French finance minister Bruno Le Maire told RTL radio on Tuesday that the plan was a good opportunity for both Renault and the European car industry, which has been struggling for years with overcapacity and subdued demand. France sets conditions Le Maire also said the French government would seek four guarantees in exchange for backing a deal that would reduce its 15% stake in Renault to 7.5% of the combined entity. "The first: industrial jobs and industrial sites.

Nissan and Infiniti recall 1.2 million vehicles because backup camera might go blank

Nissan North America has issued a recall for more than 1.2 million vehicles due to the ability to change backup camera settings to the point where there is no image in the display. The recall, which was filed with NHTSA on Sept. 12, 2019, includes cars, trucks, crossovers, SUVs, vans, and coupes across both the Nissan and Infiniti lineups.  Reported by Automotive News, NHTSA recall No. 19V654000 affects a total of 1,228,830 vehicles across two brand lineups and more than two dozen models. It includes the 2018-2019 Nissan Altima, Frontier, Kicks, Leaf, Maxima, Murano, NV, NV200, Pathfinder, Rogue, Rogue Sport, Sentra, Titan, Versa Note, Versa sedan; and 2018-2019 Infiniti Q50, Q60, QX30 and QX80. It also lists the 2019 Nissan GT-R and Taxis, as well as the 2019 Infiniti QX50, QX60, Q70, and Q70L. According to the recall, it is possible to adjust the backup camera and display settings "such that the rearview image is no longer visible and the system will retain that setting the next time the vehicle is placed in reverse." Although this type of occurrence would be extremely rare and most likely a mistake made by the driver, its real possibility means all of these cars are technically breaking the law. Federal Motor Vehicle Safety Standard (FMVSS) No. 111, "Rear Visibility," says so. According to Automotive News, this recall is not limited to the United States and also affects vehicles in Canada, South Korea, and Israel. The recall begins Oct. 19, 2019, and Nissan will provide affected customers with a free software update to fix the issue.        

European new car sales drop nearly 8% in first half of 2019

PARIS — European car sales dropped 7.9% in June, led by bigger declines for Nissan, Volvo and Fiat Chrysler (FCA), according to industry data published on Wednesday. Registrations fell to 1.49 million cars last month from 1.62 million a year earlier across the European Union and EFTA countries, the Brussels-based Association of European Carmakers said in a statement. Calendar effects resulted in two fewer sales days in most markets, accentuating the decline. Registrations for the first half closed 3.1% lower, ACEA said. For European carmakers, weakening demand at home compounds the pressure from a sharper contraction in China and emerging markets that may yet bring more profit warnings. NissanÂ’s aging model lineup contributed to a 26.6% June sales slump while Volvo Cars, owned by ChinaÂ’s Geely, saw deliveries tumble 21.7%. Registrations also fell 13.5% last month at FCA, 10.1% at BMW, 9.6% at Volkswagen Group and 8.2% for both Mercedes parent Daimler and FranceÂ’s PSA Group. The Peugeot makerÂ’s domestic rival Renault suffered less, posting a 3.9% decline. By the Numbers BMW Chrysler Fiat Nissan Volkswagen Volvo Peugeot Renault