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Renault to propose joint holding company with Nissan, Nikkei reports

TOKYO — Renault SA will propose to Nissan Motor Co a plan to create a joint holding company that would give both firms equal footing as the French automaker seeks further integration with its Japanese partner, the Nikkei newspaper reported on Friday. Under the proposal, both firms would nominate a nearly equal number of directors to the new company in which ordinary shares in both Nissan and Renault would be transferred on a balanced basis, the newspaper said, without citing sources. This would effectively dilute the stake held by the French government in Renault to around 7-8 percent, from its current 15 percent, it added. The new company would be headquartered in a third country, such as Singapore. Renault plans to make the proposal to Nissan soon, the Nikkei said, having modified an earlier merger idea that Nissan rejected on April 12. Nissan declined to comment on the issue. The Financial Times newspaper reported that both Nissan and the Japanese government have refused to engage in merger talks with Renault. The report of the proposal comes as the outlook for the alliance — one of the world's top automaking partnerships — has clouded since the arrest in November of its main architect, Carlos Ghosn, for suspected financial misconduct. It also comes as Nissan's financial performance struggles following years of focusing on volume sales over building its brand, particularly in the United States, its biggest market. Nissan slashes its forecast This week, the Japanese automaker slashed its profit forecast for the year just ended to its lowest in nearly a decade, citing weakness in its U.S. operations. Renault for years has been vying for a closer merger with Nissan, which it rescued from the brink of bankruptcy two decades ago. Ghosn had been working to achieve a deeper integration before his arrest on financial misconduct charges in November last year. While the automakers have been consolidating many of their operations over the past decade, including procurement and production, many executives at Nissan have opposed an all-out merger with Renault. Instead, Nissan has argued for a more equal footing with Renault, which holds a 43 percent stake in its bigger partner. Nissan holds a 15 percent stake in Renault. It was unclear whether Renault would hold the casting vote in major decisions at the new company, as it did in Renault-Nissan B.V., a strategic management company jointly held by both companies that oversaw operations for the partnership.

Andy Palmer leaves Renault-Nissan to serve as CEO of Aston Martin

Aston Martin has been without a helmsman since Ulrich Bez stepped down from the chief executive office at the end of last year, stepping back to serve as non-executive chairman in a semi-retired ambassadorial capacity. The British automaker, now on the cusp of a new era, has been running without a CEO since, but has now named Bez's replacement in Andy Palmer.
If you don't recognize the name, you should: Palmer has worked under the Renault-Nissan Alliance for decades now, rising through the ranks to become one of the top executives under Carlos Ghosn. Most recently he was serving as executive vice president of the entire group and chairman of the Infiniti brand, but like Carlos Tavares, who recently left Renault to run Peugeot, Palmer is now embarking on a new mission as CEO of Aston Martin.
Once the transition period is complete at the start of October, Palmer's role as Chief Planning Officer at Renault-Nissan will be assumed by Philippe Klein, who steps up from his current role as executive vice president of product planning for Renault. Read the statements from both companies below.

Nissan recalling 909k vehicles globally over accelerator issue

Nissan is issuing a massive recall that will see the Japanese automaker repair 908,900 vehicles worldwide, with nearly 100,000 of the affected models in the United States. While an official recall notice from Nissan or the National Highway Traffic Safety Administration is not yet available, Reuters has been able to confirm the recall with Nissan.
Nissan's recall is kind of the opposite of the Toyota unintended acceleration, in that it covers a lack of acceleration. According to the report, a sensor in the gas pedal can develop faults, leading to a sluggish acceleration or an outright stall regardless of how much throttle the driver dials in. The huge recall covers mostly Japanese domestic models like the Serena, X-Trail, Lafesta and Fuga, which make up for 764,800 of the 908,900 faulty vehicles. However, 98,300 Infiniti M sedans are being recalled in the US, although it's unclear at this time which model years and trims are affected. The remaining vehicles are found in Europe and Oceania, according to Nissan spokesman Chris Keefe.
No injuries or accidents have been reported due to the faults. The 90-minute repair will see techs replace the accelerator pedal and tweak the engine control programs. We'll update this story as soon as Nissan or NHTSA makes an official statement.