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Nissan, Fisker in advanced talks on investment, partnership

Nissan is in advanced talks to invest in electric vehicle maker Fisker in a deal that could provide the Japanese automaker with access to an electric pickup truck while giving the struggling startup a financial lifeline, according to two people familiar with the negotiations. The deal could close this month, said the sources, who asked not to be identified because the talks are ongoing and have not been finalized. Terms being discussed include Nissan investing more than $400 million in Fisker's truck platform and building Fisker's planned Alaska pickup starting in 2026 at one of its U.S. assembly plants, one of the sources said. Nissan would build its own electric pickup on the same platform, the source said. Nissan has U.S. assembly plants in Mississippi and Tennessee. Fisker said on Thursday, when it announced it might not be able to continue as a going concern and would cut 15% of its workforce, that it was in talks with a large automaker for a potential investment and joint development partnership. It did not name the automaker. A Fisker spokesman said the company does not comment on speculation, while Nissan officials were not immediately available to comment. Fisker shares had been down about 45% before the Reuters report but pared those losses and were trading down about 25% with a market capitalization of more than $295 million. The term sheet is ready and the deal is going through due diligence, one of the sources said. Nissan was an EV pioneer with its fully battery powered Leaf hatchback in 2010 but has since struggled in the face of nimbler new entrants. A deal with Fisker would help it move into the growing U.S. electric pickup market. Nissan's talks with Fisker comes in the wake of the former's “rebalanced” relationship with its long-time alliance partner Renault. Last year, Nissan and Renault finalised terms of a restructured alliance after months of negotiations. They aim to have cross-shareholdings of 15% as part of the deal. The more limited alliance removes certain restrictions and has opened the door for Nissan to develop growth plans in areas such as EVs and software independent of Renault, said one of the sources, who is familiar with Nissan's thinking. The Yokohama-headquartered automaker is scouring “many, many opportunities,” the person said.

Recharge Wrap-up: Car2go launches in Brooklyn, Green Fleet Car of the Year Award announced

The Car2go carsharing service is starting operations in Brooklyn next month. Beginning October 25, the service will offer 400 Car2go edition Smart Fortwo vehicles for point-to-point travel. Members pay a one-time sign-up fee, and are charged by the amount of time the use the vehicle (fuel and insurance is free). Drivers can find a car using the Car2go app or website, and can return the car to any non-metered parking spot within the 36-square-mile Brooklyn Home Area. Car2go is offering free membership and 30 minutes of credit for those who sign up early with a special promotional code. Learn more in the press release below. Renault and the Eco2charge consortium are working to bring better EV charging to France. They are providing research and development aimed at turning simple charging stations into "fully fledged energy ecosystems" through a smart grid. This grid would coordinate charging, consumption and energy storage in a way that increases efficiency and decreases cost. Read more in the press release below. The Renault-Nissan Alliance could source EV batteries from suppliers other than Nissan, according to CEO Carlos Ghosn. This news comes after recent questions of whether or not Nissan would scale back battery production in the US and UK. Ghosn says, "At the moment, we continue to produce our own batteries and we are open to outside sourcing, period." He also denies any plans to shutter Nissan's battery production facility in Tennessee. One source of batteries the alliance will look to is Korea's LG Chem. Read more at Automotive News Europe. The first-ever Green Fleet Car and Truck of the Year Awards will be presented at the Los Angeles Auto Show. The presentation on November 20 will be part of the LA show's Connected Car Expo. Nominees are selected by Bobit Business Media, with finalists picked by readers of Green Fleet, Automotive Fleet, Work Truck and Business Fleet magazines. The winners will be chosen based on performance, fuel economy, emissions, safety, capacities and other similar factors. Read more in the press release below. car2go Heads To Brooklyn Brooklyn To Be First To Launch Point-To-Point Carsharing Service In New York City Area On October 25th car2go North America LLC, the fastest-growing global carsharing company, announced today that it will be launching its pioneering carsharing service in Brooklyn on October 25th, marking Brooklyn as car2go's 29th market and the very first in the New York City area.

Nissan's Carlos Ghosn reportedly arrested, to be fired for financial misconduct

TOKYO — Nissan Motor Co said it was ousting Chairman Carlos Ghosn for alleged financial misconduct and Japanese media reported he been arrested, a shocking fate for a leader hailed for rescuing the company from close to bankruptcy. The Japanese automaker said Ghosn's alleged misconduct included personal use of company money and under-reporting how much he had been paid. Ghosn is also chairman and chief executive of Nissan's French partner Renault and one of the best-known figures in the global car industry, and his departure would raise question about the future of the alliance. Nissan said it launched an months-long investigation after a whistleblower tipped it off to wrongdoing by Ghosn and Representative Director Greg Kelly. "The investigation showed that over many years both Ghosn and Kelly have been reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount, in order to reduce the disclosed amount of Carlos Ghosn's compensation," Nissan said in a statement. It said CEO Hiroto Saikawa would propose that the Nissan board remove Ghosn and Kelly. Neither Ghosn nor Kelly could be reached for comment. Renault shares tumbled 11 percent in Paris to be among the worst performing stocks in Europe. Nissan's German-listed securities plunged 10 percent. French President Emmanuel Macron said the government, the French carmaker's top shareholder, will be vigilant about Renault and its alliance with Nissan. Cost cutter Known as "Le Cost Killer," Ghosn is credited for reviving the Japanese automaker and has remained popular despite the massive job cuts that he brought and recent controversy over his lucrative pay package. Japanese media reported that Ghosn had reported around 10 billion yen worth of compensation as around 5 billion yen. Ousting Ghosn, 64, is bound to raise questions about an alliance that he personally shaped and had pledged to consolidate with a deeper tie-up, before eventually stepping back from its operational leadership. "The initial share price reaction shows how pivotal he is," Citi analyst Raghav Gupta-Chaudhary said on Monday. The current alliance structure has long undervalued Nissan shares held indirectly by Renault investors, he added. "Ghosn is viewed as critical for value unlock." Renault owns 43.4 percent of Nissan, while Nissan owns 15 percent of Renault, with no voting rights in a partnership that began in 1999.