Nissan

EU car sales plummet

Nissan sign
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Car sales dropped by 7.9% across the European Union during June, according to the Association of European Carmakers, in the biggest fall since December.

Registrations fell to 1.49 million cars last month compared to 1.62 million a year earlier.

A number of car makers reported a slump, including Nissan. Volvo and Fiat Chrysler Automobiles.

Ghosn press conference cancelled

Carlos Ghosn
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Former Nissan boss Carlos Ghosn has cancelled plans to hold a press conference at the Foreign Correspondents Club of Japan (FCCJ).

Reuters said an official at the FCCJ had said Mr Ghosn's lawyers called to cancel the event.

Nissan shareholders approve new board

A woman walks past a logo of Nissan Motors at the company's headquarters in Yokohama on May 14, 2019
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Nissan shareholders have approved a new board structure amid strains in the carmaker's alliance with France's Renault.

Under the reforms Renault, which owns 43.4% of Nissan, boosts its representation on some board committees.

Chief executive Hiroto Saikawa said the Japanese firm wanted a "win-win relationship with Renault".

"The alliance has been successful until now because we have respected each others' independence," he said.

It was the first annual general meeting since former chairman Carlos Ghosn was arrested last year on allegations of financial misconduct.

Ghosn charged over 11 million euros of 'questionable expenses'

Ex-Nissan chief executive Carlos Ghosn has been charged after car-maker Renault found 11 million euros of questionable expenses, the French government said today.

France holds a 15% stake in Renault and Finance Minister Bruno Le Maire told French television there would be a case against Ghosn by Renault over the expenses and the government would supply all the documents required.

The prospect of new legal action backed by France marks a new headache for the former Renault CEO, who was also Nissan chairman in the alliance with the Japanese car-maker, after his initial arrest in Tokyo in November.

Ghosn, who is a French citizen, was seen as a titan of the industry until his legal troubles hit.

Prosecutors in Japan have already indicted him with two charges involving financial crimes.

Carlos Ghosn
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Car merger: Not such a good fit

Today Programme

BBC Radio 4

car
Reuters

Back to that "transformative" merger proposal by Fiat Chrysler for French carmaker Renault.

Nick Oliver, professor of management at Edinburgh University, told BBC Radio 4's Today programme that he was more sceptical about the "fit" between the two carmakers than the market, where their share prices had jumped yesterday.

"If you look at Renault and Fiat you've got two European brands that are not particularly strong - that's putting it mildly in Fiat's case. In the case Chrysler, they've got a strong presence in north America but they are by far the weakest... and they are terribly exposed to the SUV pick-up market in North America which is profitable in the good times but tend to tank in the bad times," he said.

And what about Renault's possible tie-up with Nissan? "I'm not sure I would describe Nissan and Renault's first love.. All the signs are that Nissan is treating this really cautiously and it's going to be hugely difficult to get Nissan to join the deal".

"Integrating car companies is really difficult," he said. Two weaker companies put together does not make them a stronger one.