Because if Sergio Marchionne can bash Chrysler and Fiat together, why else would the man who is paid chief executive salaries by both Renault and Nissan resist talking about the same after a 15 year courtship?
Indeed, we understand that last year Carlos Ghosn left US investors with the impression that when he sets out his strategic plan for Renault on February 13 in Paris, the future structure of the two companies would at least be part of the conversation. Yet in body language since, and in a recent FT interview, the message has been more of the same.
So lets take a look at the record of Mr Ghosn and the history of both companies on the way to our conclusion: why not bash these two together. Read more
Car sales are related to economic growth and consumer confidence, says Citi. But wait! The bank’s analysts, Philip Watkins makes the journey to that humdrum conclusion interesting — with a detour through the banks, psuedo-banks, and financing operations of the European car companies.
Even if sales are tied more to GDP than to interest rates — seven in every ten new cars are sold on credit these days. Plus, the financial companies hiding within the automakers have around €400bn of assets and produce a sixth of of pre-tax profits (click chart to enlarge). Read more
Patrick Pélata will step down as Renault’s chief operating officer – the most senior official at the French carmaker to lose his job after the company released findings from audit reports of its botched internal probe into alleged spying in its electric vehicles programme, reports the FT. Pélata offered his resignation after an extraordinary meeting of Renault’s board, and it was accepted, a company source told the FT on Monday.
Renault, Nissan and Daimler on Wednesday revealed a strategic partnership that will see the three carmakers swap equity stakes and develop and build small cars, engines and vans together, says the FT. The tie-up will allow the Franco-Japanese auto alliance and the German luxury group to pool efforts on new vehicles and technologies and add essential volumes to their production plants.
Breaking pre-market news on Wednesday,
- Peabody continues talks with Macarthur shareholders – Reuters. Read more
Ford is expected to receive up to six indicative bids for Jaguar and Land Rover on Thursday, kicking off a surprisingly competitive auction of the UK luxury carmakers. Cerberus Capital Management, Ripplewood Holdings and One Equity Partners are among private equity groups understood to be planning bids. At least one trade buyer is thought to be planning an indicative bid. Tata Motors of India appears to be the most likely contender while Renault Nissan of France is thought to have backed away and Hyundai of South Korea said it had “no interest” in buying another brand.