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Friday Morning Auto News, Apr 05, 2019
Today’s issue of the Morning Auto News brought to you from Hong Kong ….
Fiat Chrysler settles 2016 suit over claims of phony US sales – Automotive News: Fiat Chrysler’s U.S. unit settled an antitrust lawsuit claiming the company pushed dealers to submit fraudulent sales numbers to prop up its share price.
Tokyo court rejects Ghosn appeal against 10-day detention – Reuters: The Tokyo District Court on Friday said it had rejected an appeal by Carlos Ghosn’s lawyers against the detention of the ousted Nissan Motor Co chairman for 10 days to question him regarding their latest accusations of financial misconduct.
Tilson: ‘This is the beginning of the end for Tesla’ – Yahoo: Tesla on Wednesday morning announced that it had only delivered 63000 vehicles to customers that quarter – a 31% drop from the previous quarter.
Here’s how Lyft is doing one week after its IPO – CNBC: Lyft’s first week as a publicly traded company had some twists and turns after positives sessions the last few days. The stock is now trading right at its …
Arrested, again: Why Ghosn has been detained, what is different now? – Reuters: Ousted Nissan boss Carlos Ghosn is back in the Tokyo detention center where he previously spent 108 days, after being released just last month on a $9 million …
What to expect after Elon Musk’s day in court – CNBC: Former SEC prosecutor Elliot Lutzker believes the agency won’t remove Musk as CEO, but he’ll face a fine significantly larger than $20 million.
London’s Ultra Low Emission Zone: what you need to know – Autocar: The first ULEZ is coming, and more cities will follow. If you drive in London, you need to know whether your car is affected London’s Ultra Low Emission Zone (ULEZ) will come into force on Monday 8 April, affecting hundreds of thousands of vehicles…
Ghosn’s Fate May Hang on Complex Financial Web in Middle East – Bloomberg: He built one of the industry’s biggest car alliances, which includes Renault and Mitsubishi Motors Corp. Until last year, he was a Davos Man business …
EU charges German carmakers with blocking emissions cleaning technology – Reuters: European Union antitrust regulators on Friday charged BMW, Daimler and Volkswagen with colluding to block the rollout of emissions cleaning technology in a move that could lead to hefty fines.
Volkswagen is testing level 4 autonomous driving in city center traffic – Yahoo: This is the first time that Volkswagen has conducted tests of such magnitude, using cars equipped with level 4 self-driving technology in urban areas.
2020 Karma Revero plug-in hybrid to use BMW engine – Autocar: Preview image shows the hybrid saloon will bear a close resemblance to the current model Re-engineered hybrid saloon will be fully unveiled in Shanghai and arrive in Europe next year The 2020 Karma Revero plug-in hybrid saloon will make use of a…
Ghosn faces 10 days in detention; lawyer to appeal – Automotive News: A Tokyo court approved a request by prosecutors to detain Carlos Ghosn for 10 days for further questioning, a move the ousted Nissan chief’s lawyer said he would appeal.
Uber adds one pound on journeys in London’s congestion charge zone – Reuters: Uber will add an additional pound to the cost of journeys in central London from next week after the city’s transport authority said private hire taxi operators will no longer be exempt from the congestion charge.
Fiat Chrysler’s retooling of Mack Engine would mean 700 temporary layoffs – Freep: If city and state officials greenlight Fiat Chrysler Automobiles’ plan to convert its Mack Avenue Engine factory in Detroit to an assembly plant, about 700 …
BMW, Daimler, Volkswagen charged by EU regulators with emissions collusion – Automotive News: EU antitrust regulators charged BMW, Daimler and Volkswagen Group on Friday for hindering competition on emissions-cleaning technology between 2006 and …
EU regulators charge BMW, Daimler, Volkswagen with emissions collusion – Reuters: EU antitrust regulators charged BMW, Daimler and Volkswagen on Friday for hindering competition on emission cleaning technology between 2006 to 2014.
Supercar brands using female advisory boards to tap the potential of women buyers – Yahoo: From Aston Martin to Lamborghini, top luxury car makers are investing in getting more women to buy their cars.
Russia sales rise nearly 2% in March on by gov’t subsidies – Automotive News: Russia car sales rose 1.8 percent last month to 160180, helped by the introduction of government subsidies in March for lower-priced vehicles, the Association …
Trump to Cap Week of Border Threats by Visiting Calexico Wall – Bloomberg: Supply chains are closely integrated between the two countries, particularly in the auto industry. Car makers and farmers, who have already been hit …
Brexit depresses car demand in UK as sales drop 3% in March – Automotive News: 3 Vauxhall saw volume rise 2.1 percent, ahead of sister brand Peugeot, which rose 1 percent, but behind sibling Citroen, which jumped 22 percent.
Western European car registrations down 3.7% in March – Automotive News: Western European car sales fell 3.7 percent in March as a recovery from emissions-test bottlenecks proved short-lived, LMC Automotive data showed.
Tokyo court approves 10-day detention of Ghosn that his lawyer will appeal – Reuters: A Tokyo court approved on Friday a request by prosecutors to detain Carlos Ghosn for 10 days for further questioning, a move the ousted Nissan boss’ lawyer said he would appeal.
Coalition modelling not far off Labor’s electric vehicle target – despite criticising it – Guardian: Government modelling for climate policy cuts assumes an electric vehicle uptake of 25-50% of new car sales by 2030. Lisa Cox. Fri 5 Apr 2019 01.43 …
Carlos Ghosn to Stay Behind Bars for at Least 10 Days – WSJ: TOKYO-Carlos Ghosn will be held in jail until at least April 14 without possibility of bail, a Tokyo court said Friday. The former chairman of Nissan …
Court Approves Request to Keep Ghosn Detained Until April 14 – Bloomberg: Carlos Ghosn will remain in jail until at least April 14 after a Japanese court granted prosecutors’ request to keep the former chairman of Nissan Motor Co. longer …
Canadian AI company shapes supply chain – Automotive News: As automakers race to develop self-driving vehicles, they look to companies such as … are spending a lot of their AI resources on autonomous driving.
Austria’s AI Brain Has a Plan to Take Down Waymo and Tesla – Bloomberg: Silicon Valley has an early lead in driverless cars, but a collaborative effort across Europe wants to close the gap.
Detroit partners with Maven in first step to support car-sharing – Detroitnews: Patty Fedewa hasn’t owned her own car since January 2009, but she typically needs one to pick up her 11-year-old daughter from a private …
Morgan Stanley Wins Stabilization Role for Uber IPO – Bloomberg: Morgan Stanley will take on the profitable job of overseeing Uber Technologies Inc.’s stock in the early hours of trading after the global ride-hailing …
Elon Musk says he’s ‘very happy’ after judge orders settlement negotiations with SEC – Yahoo: Tesla (TSLA) CEO Elon Musk emerged from a Manhattan federal district courtroom Thursday afternoon with a renewed opportunity to resolve a …
Google to pull plug on AI ethics council – Reuters: Alphabet Inc’s Google said on Thursday it was dissolving a council it had formed a week earlier to consider ethical issues around artificial intelligence and other emerging technologies.
Google Scraps New AI Ethics Council After Outcry – Bloomberg: The Alphabet Inc. company introduced the group, called the Advanced Technology External Advisory Council (ATEAC), on March 26. Google asked …
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Japanese Justice stops Carlos Ghosn again
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Renault reportedly wants to merge with Nissan and buy Fiat Chrysler
Bill Pugliano | Getty Images
Fiat Chrysler Automobiles, Chrysler Group headquarters
Renault is reportedly looking to restart merger talks with Nissan within the next 12 months before making an audacious attempt to buy Fiat Chrysler.
The Italian-American multinational is a prime target for the French firm, according to the Financial Times who cited several people familiar with Renault's plans, and former Renault CEO Carlos Ghosn held talks with Fiat in recent years before his arrest in Japan on financial misconduct charges.
The FT also reported that Fiat Chrysler Chairman John Elkann is open to a potential partnership or merger in a bid to boost his firm. A combination of Renault, Nissan and Fiat Chrysler would be viewed as a viable rival to the current global auto leaders, Volkswagen Group and Toyota.
Ensuring permanence of auto alliance a priority, Renault CEO says
7:15 AM ET Tue, 5 March 2019 | 04:24
Renault, Nissan and Mitsubishi are not officially merged but all three carmakers operate a partnership under a complex arrangement of cross-party share ownership.
The arrangement was plunged into crisis in November last year when former Nissan chairman and Renault CEO Carlos Ghosn was arrested in Japan following allegations of financial misconduct, which he denies.
Shares in Renault have risen 2.5 percent during Wednesday's European trade, while Fiat Chrysler is up more than 3 percent.
Renault and Fiat Chrysler were not immediately available for comment when contacted by CNBC.
For more on this story, please click here.
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Inside the Tensions at Carlos Ghosn’s Nissan
TOKYO — It was 2011, and Carlos Ghosn was preparing his automotive empire for its most ambitious phase yet. Under his plan, within five years, one of every 12 cars sold around the world would be made by Nissan of Japan. To achieve that goal and cut costs relentlessly, he said, Nissan would have to… Continue reading Inside the Tensions at Carlos Ghosn’s Nissan
Nissan executives allegedly orchestrated Carlos Ghosn’s arrest to kill merger with Renault
Takaaki Iwabu | Bloomberg | Getty Images
Carlos Ghosn, former chairman of Nissan Motor Co., center, sits in a vehicle as he leaves his lawyer's office in Tokyo, Japan, on Wednesday, March 6, 2019.
Nissan executives took steps to have former Chairman Carlos Ghosn jailed in the hopes the arrest would stall or kill any attempts to merge the Japanese automaker with its French counterpart Renault, reported the Wall Street Journal Thursday, citing unnamed people familiar with the matter.
Nissan CEO Hiroto Saikawa, who had in the past been close with Ghosn, said at a Jan. 31 meeting that he believed Nissan executives had gone digging for evidence and presented their findings to Japanese authorities with the purpose of removing Ghosn from power, the paper reported. Ghosn had reportedly been trying to merge the two automakers, who had formed an alliance in 1999.
Theories that Nissan executives might have had a role in Ghosn's arrest have abounded in the automotive world. Ghosn had become something of a national hero in Japan for his role in helping to turn around Nissan, but many who follow the industry say the Japanese would have balked at the idea of a foreign automaker such as Renault owning such an important company in Japan.
Ghosn spent more than 100 days in jail in Japan for an array of alleged financial misdeeds before he was released on bail. He has been stripped of his roles at the Renault-Nissan-Mitsubishi alliance, which he had formerly chaired. If found guilty he could face up to 15 years in prison. He has denied the accusations.
Nissan was not immediately available for comment to CNBC, but company spokesman Nicholas Maxfield told the Wall Street Journal the motives of company executives is not relevant, and that the company found “substantial evidence of blatantly unethical conduct. The sole cause of this chain of events is the misconduct led by Ghosn.”
Read the full story in the Wall Street Journal.
Fiat Chrysler shares climb on talk of a merger analysts think is ‘half-baked’
Uli Deck | picture alliance | Getty Images
A Jeep Renegade 4×4 e is presented at the Geneva Motor Show March 5, 2019. Signage in the background says”'FCA Fiat Chrysler Automobiles,” to which Jeep belongs.
Shares of Fiat Chrysler climbed just over 3 percent Wednesday on talk of a merger with French carmaker Renault, but analysts are skeptical a marriage between the two companies is likely.
The Financial Times reported Wednesday the automaker is a potential acquisition target by French carmaker Renault, after Renault sorts out its relationship with Nissan, the Japanese manufacturer with which Renault has had a longstanding but lately troubled alliance.
But a merger between Renault and Fiat Chrysler seems just a bit far-fetched, Bernstein analyst Max Warburton said in a research note Wednesday.
“We've been asked to give a view, so here goes: this idea is half-baked, politically almost impossible to deliver and even if achieved, the resulting company would be unmanageable,” Warburton said. “We hope it is a banker's fantasy rather than a serious proposal from the key decision makers.”
Renault and Nissan have lately had their relationship tested after Japanese authorities jailed the alliance's former leader Carlos Ghosn over allegations of financial misbehavior.
But before going after Fiat Chrysler, Renault wants to restart talks of a merger with Nissan, the Financial Times reported. That is something Ghosn had reportedly been working on himself a few years ago, long before he was ousted from his position over accusations of financial misbehavior. Ghosn has denied all the accusations against him.
Commerzbank analyst Demian Flowers said he thinks the ordeal will drag on.
“Therefore, it's far from clear that the alliance can sort their internal disagreements out in time to be in the running for FCA,” Flowers said of Fiat Chrysler. That at least one other automaker has expressed interest in acquiring Fiat Chrysler and that the company's controlling owners, the Agnelli family, seems interested in a deal suggests the automaker is a potential target, Flowers added. If the deal depends on Renault's merger with Nissan, it will be a lot tougher to pull off, he said.
Warburton had even stronger words of skepticism for the hope that Renault and Nissan can reconcile their differences.
The problems between Renault and Nissan do not stem directly from Ghosn himself, said Warburton, but from the wider French control at Japanese Nissan and Renault's “cadre of international 'citizen of nowhere' managers.”
“We live in an era of de-globalisation and heightened anxieties about national and regional identities,” he said. “This applies to corporations as well as politicians and individuals. Proposing a merger with Nissan would be like demanding the UK's Brexiteers turn 180 degrees and sign up to a European superstate, or inviting the Baltic States to rejoin the USSR. We just can't see it happening. We'd describe hopes of a functional Renault-Nissan merger as delusional.”
Automotive history is littered with examples of mergers that have not worked out, he added. The alliance between Renault and Nissan, which Japanese manufacturer Mitsubishi later joined, proved critics wrong and functioned largely because it was not a merger, but a loose alliance. Now even that has unraveled.
That said, Renault would probably be a better candidate for a merger with Fiat Chrysler if the alliance breaks up, which seems more likely than a Renault-Nissan merger anyway, Warburton said. Alternatively, a merger between Fiat Chrysler and French automaker Groupe PSA, could be a better fit.
“PSA may not bring electric tech or Asian exposure but it does come complete with a superstar CEO with a proven ability to lead, motivate and integrate,” he said of Groupe PSA CEO Carlos Tavares. Groupe PSA owns Peugeot, Citroen, Opel and other carmakers. “And in this industry, that's probably worth more than a few million units more 'scale,' an extra nameplate or the ability to build a battery.”