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PSA shares rise following FCA's breakup with Renault

Shares in Groupe PSA, parent company of automakers Peugeot, Citroen and the DS brand, rose on Thursday as analysts considered the possibility that Fiat Chrysler could turn back to PSA after withdrawing its $35 billion merger offer for Renault. "Both parties have acknowledged the need for scale or [mergers and acquisitions] and may pursue other opportunities. If Nissan was an obstacle (to an FCA-Renault deal) PSA-FCA discussions could resume," wrote brokerage Jefferies. Back in March at the Geneva Motor Show, rumors started swirling that PSA was interested in a potential merger with FCA. Mike Manley, who took over at the helm of Fiat Chrysler following the death of Sergio Marchionne, had indicated a willingness to look into potential partnership options. Of course, that was all before FCA proposed a merger with Renault — with that deal now off the table, attention naturally turns back to PSA, which is also based in France. "We expect both shares to react negatively but see FCA having wider strategic options and Renault shares more downside risk near-term," said Jefferies. According to Reuters, PSA shares were up 1.5% at the time this was published, making it the top-performing stock on France's benchmark CAC-40 Index. Renault saw its shares slump 7%. Shares for FCA fell 3% in early trading on the Milan Stock Exchange. Considering that FCA said in its statement confirming the withdraw of its merger offer with Renault that "political conditions in France do not currently exist for such a combination to proceed successfully," we have to wonder how keen the company is to begin negotiations with another French automaker like PSA. Those thoughts were similarly voiced by Bernstein Research analyst Max Warburton, who said (via Forbes), "Expect PSA to rise on unrealistic hopes it may be FCA's next date." Earnings/Financials Chrysler Fiat Mitsubishi Nissan Citroen Peugeot Renault FCA renault-nissan

Infiniti will move back to Japan from Hong Kong in 2020

BEIJING – Nissan's premium brand Infiniti is relocating its headquarters back to Japan from Hong Kong, its home since 2012, to create "more operational efficiencies" with its parent company, according to a document seen by Reuters on Wednesday. The move planned for mid-2020, and expected to be publicly announced later on Wednesday, will help the Japanese automaker cut costs amid a slump in its global earnings in the year ended March 31. "The relocation will further integrate (Infiniti) with global design, research and development and manufacturing functions based in Japan," Nissan said in the statement, adding that Infiniti would continue to "operate independently". The move also was "crucial" for Nissan to follow through on its strategy to electrify the Infiniti lineup, the document said, with plans for every premium model launched from 2021 to be either all-electric or "e-Power" hybrid. A Nissan official, speaking on condition of anonymity, said that while there was a "fair amount of platform and other base technology sharing" between Infiniti and the main volume brand Nissan, "there could be more". Nissan's global operating profit plunged 45% in the last fiscal year and would likely drop another 28% to "rock bottom" in the current one, according to company filings earlier this month. Infiniti's move back to Japan will reverse a decision made under ousted leader Carlos Ghosn to dilute the premium brand's Japanese origins in order to foster a more global image. Its Hong Kong headquarters has about 180 employees who were told about the move back to Yokohama earlier on Wednesday, according to the Nissan official. The Hong Kong headquarters and the global image it was intended to promote were seen as critical for Infiniti to make inroads in China, where being Japanese can sometimes be a handicap because of historical animosities. In 2012, Infiniti and other Japanese brands took a battering in the wake of diplomatic spats over disputed islets known as Diaoyu in China and Senkaku in Japan. Since then, Japan's bilateral relationship with China has steadily improved and Japanese automakers including Nissan and Toyota are seeing their businesses expand, even as China's overall auto market has slumped over the past year. (Reporting by Norihiko Shirouzu; Editing by Stephen Coates)

Auto sales in March and first quarter down nearly across the board

Nearly every major automaker reported weak U.S. sales for March and the first quarter of 2019, citing a rough start to the year, but said a robust economy and strong labor market should encourage consumers to buy more vehicles as 2019 rolls on. GM, which no longer releases monthly sales figures, saw first-quarter sales fall 7 percent, with declines across all brands. Sales of Silverado pickup trucks fell nearly 16 percent and the high-margin Chevy Suburban large SUV dropped 25 percent. Ford also no longer releases monthly sales numbers, but is due to release its first-quarter sales figures on Thursday. According to industry data, Ford's sales fell 2 percent in the quarter and 5 percent in March. Ford representatives did not immediately respond to requests for comment. FCA reported a 7 percent fall in U.S. sales in March and a 3 percent drop for the first quarter. All of FCA's brands dropped in March, except for Ram, which saw a 15 percent increase in pickup truck sales. "The industry had a tough first quarter, but with spring finally starting to show its face and continued strong economic indicators ... we are confident that new vehicle sales demand will strengthen going forward," FCA's U.S. head of sales, Reid Bigland, said in a statement. Toyota reported a 3.5 percent fall in U.S. sales in March and 5 percent for the first quarter, hurt by declining demand for its Corolla sedans and Camry vehicles. "While some of our competitors are abandoning sedans, we remain optimistic about the future of the segment," Toyota said in a statement. Nissan posted a 5.3 percent drop in sales in March, and its first-quarter sales were down 11.6 percent. Honda and Hyundai bucked the trend. Honda's U.S. sales rose 4.3 percent in March and 2 percent in the quarter, while Hyundai's were up 1.7 percent and 2.1 percent, respectively. Passenger-car sales suffered throughout the January-March quarter compared with the same period in 2018 as Americans continued to abandon them in favor of larger, more comfortable pickup trucks and SUVs, which are far more profitable for automakers. The battle for market share in the particularly lucrative large-pickup truck market intensified in the quarter, as Fiat Chrysler Automobiles' Ram brand outsold the U.S.' No. 1 automaker General Motors' Chevrolet-brand trucks. The two automakers have both launched redesigned pickup trucks.

Infiniti is pulling out of Western Europe, cutting models

BEIJING — Nissan's premium brand Infiniti has announced it will exit Western Europe early next year, as it restructures its global operations and focuses on the world's top two auto markets. Infiniti said it will discontinue the Q30 sedan and the QX30 sport-utility vehicle and cease their production by the middle of 2019 at Nissan's manufacturing factory in Sunderland, England. Both models are sold globally but produced only in Britain. The QX30 is sold in the United States. The move comes as Infiniti seeks to divert its resources to markets with bigger opportunities, such as China and the United States, from a region where non-European premium brands are struggling to compete against local players such as Audi, BMW and Mercedes-Benz. Nissan also recently scrapped plans to build its new X-Trail SUV in Britain amid the uncertainty surrounding Brexit, saying it had taken the decision to optimize its investments by building the next generation model in Japan. "Western Europe remains the most challenging and competitive region for premium cars," Infiniti's chief spokesman, Trevor Hale, told Reuters. Infiniti's sales in western Europe almost halved last year to 5,800 vehicles. In addition to the tough competition, the Japanese premium brand, headquartered in Hong Kong since 2012, has struggled to effectively meet emissions and other regulatory requirements in the region, Hale said, referring to stringent Euro 6 emissions requirements and other regulatory challenges. "The commercial reality for Infiniti in Western Europe is that there is simply no visibility of a viable and sustainable business, especially given the regulatory challenges," he said. Infiniti said an exit from Western Europe will allow it to focus on its initiative to electrify a good portion of its product portfolio from 2021 and discontinue diesel offerings. The brand plans to focus more on its SUV lineup in North America, bring five new or significantly-redesigned vehicles to China over the next five years, improve quality of sales and residual value and realize more synergies with Nissan. "This is all part of Infiniti's vision to become a top challenger brand in the premium segment," it said. As it prepares to withdraw from Western Europe, Infiniti said it is working to find alternative opportunities for employees who would be affected, consulting with employee representatives where necessary and identifying opportunities for transition and training support where appropriate.

Watch these Super Bowl car commercials [UPDATE]

On Sunday, February 3, the New England Patriots take on the Los Angeles Rams in Super Bowl 53 at Mercedes-Benz Stadium in Atlanta, Georgia. Some will watch because of the storyline of the old-school dynasty facing off against the new-school wunderkinds, but a large chunk of people will solely be watching for the commercials. Lucky for those who slot into the latter category, many of the manufacturers release their super bowl ads ahead of time, or have simply opted to release the commercials only online. Scroll down to see what car companies have already shown their cards. Audi Audi goes the comedic route in its clip for the Big Game. It starts with a grandpa showing his grandson a gorgeous Audi e-tron GT tucked away in a garage before he's shaken awake. Turns out he was just choking on a cashew in his cubicle at his boring job. Dodge Dodge does what it knows: create enough smoke to punch more holes in the ozone layer. Set to "The Devil Went Down to Georgia (the Super Bowl is in Atlanta, get it!?), a Challenger SRT Hellcat widebody, Charger SRT Hellcat, and Durango SRT are seen ripping through a city, leaving a trail of rubber crumbs in their wakes. Genesis Genesis has not yet released a commercial prior to the Super Bowl, but it is the official luxury vehicle of the NFL. Because of this, Genesis is hosting a fan experience for 10 days before the game. It will showcase the brand's cars, offer games, and have photos opportunities and autograph days. Hyundai Jason Bateman alert! Hyundai is one of the few companies to hook a major celebrity for its advertisement, and the casting is perfect. Bateman plays a doorman who takes people to various terrible events in life, including root canals, the middle seat, and shopping for a car. The ad centers around Hyundai's Shopper Assurance, which is Hyundai's new method for car shopping. Jeep An old 1963 Jeep Gladiator finds its strength in the crusher and transforms into a a new 2020 Gladiator, with a firm declaration that the nameplate is officially back. Kia Through Kia's commercial, a young boy wonders out loud what it'd be like if the millions spent on Super Bowl commercials were used to help others.

Join Autoblog editors for a full video tour of the 2019 Detroit Auto Show

The 2019 North American International Auto Show might have been a little more quiet than past years, but there were still some pretty major reveals, including the Toyota Supra, new Ford Explorer, Shelby GT500, Subaru WRX STI S209 and Kia Telluride. We also saw some lovely concepts like the Nissan IMs and Lexus LC Convertible. Senior Editor Alex Kierstein, Consumer Editor Jeremy Korzeniewski and Senior Green Editor John Beltz Snyder join me, Associate Editor Reese Counts — with Social Media Manager Michael Dylan Ferrara behind the camera — on a long walk through the show. We discuss cars, poke around the stands, dress a bloody wound and answer your questions in the Facebook comments. For more Detroit coverage, you can check out Autoblog's picks for the best in show, listen to our podcast or look at the best images from all the reveals. Finally, don't forget to watch Editor-in-Chief Greg Migliore hand over our 2019 Technology of the Year award. Related Video: Green Detroit Auto Show Acura Cadillac Chevrolet Ford GM Hyundai Infiniti Kia Lexus Nissan RAM Subaru Toyota Volkswagen Truck Convertible Coupe Crossover Hatchback Minivan/Van SUV Videos Sedan facebook 2019 detroit auto show live

Nissan CEO plans to deliver 'raw details of the misconduct' to Renault

TOKYO/PARIS — Nissan Motor's CEO plans to meet one-on-one with the deputy CEO of automaking partner Renault in Amsterdam this week, sources told Reuters, amid tensions over the future of the alliance after Chairman Carlos Ghosn's arrest last month. The meeting would be the first face-to-face interaction between Nissan's Hiroto Saikawa and Renault's Thierry Bollore since Ghosn was arrested on Nov. 19 in Tokyo. It would take place alongside regular top-level, monthly talks between the partners and Mitsubishi Motor Corp that will be held over two days from Tuesday, according to one of the sources familiar with the matter. Saikawa, who took over from Ghosn as CEO last year, is planning to discuss at the meeting with Bollore possible changes to the partnership's management and operations with an eye to continuing the alliance, another source who is close to Nissan's management said. The talks in Amsterdam could provide Saikawa with an opportunity to try and convince Renault executives of the gravity of Ghosn's alleged misconduct discovered during an in-house investigation by the Japanese automaker. They are being held a day after Saikawa rebuffed a demand from Renault for an extraordinary shareholder meeting that would have offered the French car maker a chance to weigh in on Ghosn's replacement as chairman and on other Nissan board appointments. Mitsubishi Chairman Osamu Masuko said late on Monday he will attend the Amsterdam meetings via video conference. A Nissan spokesman said Saikawa would attend meetings with alliance partners in Amsterdam from Tuesday, but declined to comment on the possibility of the one-on-one meeting with Bollore. Ghosn was charged last week alongside alleged accomplice Greg Kelly and Nissan itself over the company's failure to declare $43 million in deferred income that Ghosn had arranged to be paid while chairman and CEO. Both men remain in custody. The scandal has shaken the Renault-Nissan-Mitsubishi alliance, with Saikawa calling for changes to weaken Renault's control as he moved to oust Ghosn in the week of his arrest. Renault directors were briefed last week on the Nissan investigation that led to Ghosn's arrest but reiterated their earlier decision to keep him in office as chairman and CEO. But the Renault board has yet to be given direct access to Nissan's findings, which are being closely held by Renault lawyers answering to Ghosn's long-standing chief of staff and head of legal affairs at Renault, Mouna Sepehri.

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.

Prius AWD-e, Subaru Forester and car museums | Autoblog Podcast #565

On the latest Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Green Editor John Snyder. They talk about driving the 2019 Toyota Prius AWD-e and the 2019 Subaru Forester. Then they discuss the weeks new, including conspiracy theories about Nissan and Carlos Ghosn, GM's EV plans and classic Ford Broncos for sale. The editors reminisce about their favorite automotive museums. They also help a reader choose a replacement for his Audi S4 in the "Spend My Money" segment.Autoblog Podcast #565 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown 2019 Toyota Prius AWD-e 2019 Subaru Forester Was Carlos Ghosn set up? Should General Motors be required to build EVs domestically? Al Oppenheiser to work on GM EVs Gateway Broncos Our favorite car museums Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video:

Infiniti electric crossover will mark a milestone at Detroit Auto Show

In November, it was announced that both Nissan and Infiniti will display EV concepts at the 2019 North American International Auto Show in Detroit, taking place in January. Previously, it wasn't made clear what kind of vehicles they would be, but Infiniti stated today that its Detroit concept will be an electric crossover. Both the Nissan and Infiniti concepts will continue the design direction shown by Infiniti's Q Inspiration concept, and later next year, there will be stylistically similar cars shown at the Tokyo Motor Show in October. The luxury brand has released the above teaser photo of the crossover, depicting sharp headlights and a lit grille outline surrounding the badging. We can also see large wheels and tires and sizeable, defined wheel arches. Future Infinitis will be electrified from 2021 on, featuring either serial hybrid tech or full electric drivetrains. Serial hybrid refers to using Nissan's e-power technology, which relies on range extender engines instead of a large combustion engine (such as Infiniti's lauded VC-Turbo). The Detroit Auto Show is also a significant event for Infiniti, as the brand and its first car, the grille-less Q45 luxury sedan, was first displayed 30 years ago at the 1989 NAIAS. "Thirty years ago, as a 24-year-old designer in the audience, I saw the birth of Infiniti in person and am proud to be part of the journey of creating iconic luxury automobiles," said Nissan's senior vice president for global design, Alfonso Albaisa. Meanwhile, Infiniti's November 2018 sales were the best November numbers in the brand's history. "The concept car we will show in Detroit is the beginning of a new era for Infiniti, and an illustration of where we want to go with the brand," said Karim Habib, Infiniti's design director. Earlier, Albaisa echoed his statements, telling us how electrification can inspire the brand's future design thanks to the battery packs' size development, saying: "It's getting denser, it's getting thinner, the cars are able to get a little bit bigger, more space, we can really do much more." Related Video: