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UPDATE: Fiat Chrysler Automobiles released a statement confirming that it has withdrawn its merger offer, saying "it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully."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 Fiat Chrysler has withdrawn its $35 billion merger offer for Renault, the Wall Street Journal and Bloomberg News reported on Wednesday. A source said that FCA had informed Renault it had withdrawn the offer after Renault's board of directors failed to reach a decision on the merger during a meeting that ran late into the night Wednesday.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

200 Nissan Leafs recalled for faulty power inverters

Nissan is going full speed ahead with strong sales for its all-electric Leaf. Unfortunately, some of those Leafs had a glitch that could stop some of those Leafs from doing the same. Credit a faulty power inverter. US Department of Transportation says the faulty power inverters may cause some Leafs to shut down unexpectedly. Thankfully, the glitch affects just 196 Leafs, all of which were produced between April 15 and 24, 2014. Official DOT information on the recall is available here and it's also pasted below. Nissan started contacting Leaf owners in late May, instructing them to bring their vehicles to certified Leaf dealers for repairs, Nissan spokesman Brian Brockman told AutoblogGreen, adding that there'd been no cases of vehicle shut downs from the power inverter. Nissan confirmed the 196-vehicle figure and isn't charging the vehicle owners for the repairs. The company is also providing loaner vehicles at no cost. The recall marks a rare bit of bad news for Nissan's electrification efforts, as the Japanese automaker has been boosting sales of the Leaf all year. Through May, Leaf sales in the US were up 36 percent from a year earlier to 10,389 units, and May sales alone had surged 46 percent from a year earlier. In May, Chrysler recalled more than 4,141 Fiat 500e models from the 2013 and 2014 model years for a similar issue. Inverter modules on those vehicles may allow coolant to seep onto electrical components, which could cause a short circuit and power loss. The recall impacted cars built between September 2012 and April 2014. Report Receipt Date: MAY 16, 2014 NHTSA Campaign Number: 14V263000 Potential Number of Units Affected: 196 Manufacturer: Nissan North America, Inc. SUMMARY: Nissan North America, Inc. (Nissan) is recalling certain model year 2014 Nissan LEAF vehicles manufactured April 15, 2014, through April 24, 2014. Due to a problem with the motor control circuit board, the inverter may fail, causing the vehicle shut down. CONSEQUENCE: An unexpected vehicle shut down increases the risk of a crash. REMEDY: Nissan will notify owners, and dealers will replace the inverter, free of charge. The recall is expected to begin on July 7, 2014. Owners may contact Nissan customer service at 1-800-647-7261. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov.

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)