It doesn’t sound like the Nissan-Renault Alliance plans to buy Chrysler anytime soon—no matter how many speculators insist it is inevitable.

Industry watchers can’t be blamed for adding two and two and coming up with four. Ever since Ghosn failed to broker an alliance with General Motors a few years ago to add the third leg of a stool that now consists of the Japanese Nissan and the European Renault, Ghosn has said he remains interested in a North American partner. And with a Ford tie-up seemingly thwarted by that automaker’s family ownership and control, Chrysler loomed as the obvious target.

The speculation only got louder with a pair of product partnerships: Nissan will build a version of its Versa B-segment car to be rebadged as a Dodge, and Chrysler will build a version of its Ram as the next-generation Titan full-size pickup.