Nearly a decade ago, Nissan launched an ambitious assault on the U.S. commercial van market with the launch of their NV vans. It started with the Titan-dervived, body-on-frame NV1500/2500/3500 vans. This was followed by the unibody NV200 van, which was for a time the "Taxi of Tommorow" in New York City. But Nissan is reportedly throwing in the towel.
Automotive News has learned from a source that it will end production of their commercial vans. No time frame was given.
"We don't want to go more in the business of vans in the U.S. We will exit," said the source.
Nissan spokesman Brian Brockman declined to comment about the future of the commercial vans, only saying in a statement that the automaker " is considering a number of opportunities to streamline the product portfolio and drive efficiencies within our manufacturing operations."
When the NV lineup was launched in 2009, Nissan was hoping to steal away sales from the Detroit Three. At the time, Ford and GM had 97 percent of the large van segment. The NV was positioned as being a more modern option compared to the Ford E-Series and Chevrolet Express/GMC Savana. It was more comfortable with adjustable seats, taller ceiling for easier access to the cargo area, and pre-drilled holes in the body to allow owners to add interior racks easily. But Nissan wasn't able to make decent inroads into this market, only achieving around an eight percent share in the marketplace.
What was the NV's downfall?
Brand Loyalty to the American brands
Using a modified Titan platform for the larger vans comprised them in urban areas with their extended front nose, and cargo capacity.
"A third of the vehicle is dedicated to the engine and passenger compartment instead of cargo. The van takes up more real estate for the same amount of cargo space," explained Sam Fiorani, vice president at AutoForecast Solutions.
NV200 Taxis were dinged by taxi companies poor ride quality, difficulty entering/exiting the van for elderly passengers, and increasing maintenance costs.
Proved to a be a difficult sale to fleet buyers due to the automaker lacking the numerous combinations of light-trucks that the Detroit three can offer. Trucks and vans work hand in hand to attract sales in the commercial market.
"Chevrolet and Ford can be everything to everybody," said Tyler Slade, operating partner at Tim Dahle Nissan Southtowne in Salt Lake City. "When we went to some of these fleet companies, it didn't make sense for them to have trucks from Ford and vans from Nissan."
Add in $2.8 billion in cuts that the company is planning to stay afloat and COVID-19, and the death knell was coming sooner than later for the NV family.
If Nissan does go forward with dropping the NV family, this will be a major blow to about a forth of Nissan dealers in the U.S. They made various investments such as installing heavy-duty lifts capable of lifting fully-loaded vans and having a dedicated sales staff to handle specific fleet issues.
"Dealers now have serious concerns about their investments in commercial vehicles," said Slade.
There is also the question as to whether Nissan may try again. Automotive News notes that in the new business strategy outlined last month, Nissan is wanting more global cooperation with its alliance partner Renault. The French automaker already has a number of vans in its lineup and is quite successful in various markets. Nissan already sells a version of the Renault Traffic, called the NV300 in Europe.
But getting a Renault van into the U.S. as a Nissan will be difficult and costly in terms of homologation. Also, Nissan would still need to figure out how to appeal to larger fleet buyers that go with Ford or GM.
Source: Automotive News (Subscription Required), The Drive
Pic Credit: William Maley for Cheers & Gears
Nissan is forcing employees to go without pay for two days at the beginning of January 2020 by remaining closed on the 2nd and 3rd of January. The move equates to a 9.2% pay cut for those paid monthly. In addition to the pay cuts, Nissan is cutting travel expenses by half effective immediately. All of Nissan's US operations, including Infiniti an Nissan Motor Acceptance Corp, the company's in house financing unit are included in the shut down.
Nissan has been plagued with falling sales in the U.S. with the entire group falling 16 percent in November. Nissan brand fell 13 percent and Infiniti fell 33 percent (You can view the industry sales figure ticker for November here). Nissan has been moving away from high volume fleet sales and cutting back on retail incentives in a drive to be more profitable.
When it comes to electric vehicles, Telsa takes nearly all of the headlines, but Nissan has been quietly selling the Leaf since 2010, two years before the Tesla Model S came to market. Now, Nissan wants some of its thunder back and is working on a dual motor prototype of the Leaf e+. The motors are set up at each axle and provide a combined output of 304 hp and 501 lb.-ft of torque. The regular Leaf e+ has 214 horsepower and 251 lb.-ft of torque and gets to 62 mph from a stop in 6.9 seconds, so with 90 more horsepower and about double the torque, the dual motor version should scoot along quite nicely.
Nissan has tuned the power delivery to be smooth but very responsive. The all-wheel drive system has been tuned to work with the regenerative braking to help control stability even more than a normal all-wheel drive system would.
While it is not going into production, this test bed shows that Nissan is working on more EV systems for the future for a greater variety of vehicles.
At the Texas State Fair today, Nissan debuted the updated 2020 Nissan Titan. The 2020 Titan features a bold new grille and light designs that help differentiate the various trim levels of the truck. Inside on the redesigned center stack is a new 9-inch diagonal touchscreen infotainment system with built in Wifi router. The infotainment system also features Android Auto and Apple Car Play. Safety features include Nissan Safety Shield 360, standard on all grades of truck. The Titan will come in King Cab and Crew Cab body styles and 5 levels of trim. Crew Cab models have an available panoramic sunroof that is one of the largest in the segment at over 3 square feet.
On the powertrain front, the Titan retains its sole 5.6 liter V8, but now upgraded to 400 horsepower and 413 lb.-ft of torque. By virtue of not offering a V6, the Titan can lay claim to having the most powerful base engine offered in the segment. Backing up that V8 is a new 9-speed automatic running power to the rear or all four wheels.
The new Titan goes on sale in early 2020.
Nissan has debuted the 2020 Nissan Patrol for the Middle East. We had gotten a preview when the Nissan Patrol leaked out on Facebook a few weeks ago.
The Nissan Patrol is known as the Nissan Armada in the U.S., however we will not get this update until at least the 2021 model year as the 2020 Armadas are already on dealer lots.
Overall, the Patrol's formula remains the same, a chiseled, upright SUV with a posh interior and real off-road chops. It takes on the company's V-Motion grille with a broad flat bottom. It's flanked by C-shaped LED running lamps. At the rear, there are fewer changes, though Nissan did install new tail-lamps with sequential turn signals. The interior has moved even more upscale with available diamond-stitched quilted leather seats. The infotainment system has been upgraded with support for Android Auto and Apple Car Play. Nissan says that the interior will also be noticeably quieter.
In the Middle East, the standard engine is a 4.0 liter V6 producing 275 horsepower and 291 lb.-ft of torque or customers can upgrade to the 5.6 liter V8 with 400 horsepower and 413 lb.-ft of torque. In the US, only the 5.6 liter V8 is available with 390 horsepower and 394 lb.-ft of torque. Customers who chose the V8 will also get to choose Nissan's Hydraulic Body Motion Control adaptive suspension system.
No official word on when the Patrol updates will make it to the Armada in the U.S., but we expect to see something for 2021. Middle East buyers can pick one up by the end of this month.
Nissan has announced a date for the next version of the Nissan Titan. The refresh for the 2020 Model year will be unveiled on September 26th. It is said to include a new "hot" Nissan badge with lava red accents featured on the PRO-4X model.
Not much to be seen from the teaser picture, but it shows a revised grille with new headlights which include a C-Shaped running light, new front bumper, fog lights, and more visible tow hooks. Also expect a new tail gate and a revised center stack and switchgear. One the powertrain front, gone will be the optional 5.0 liter Cummins V8 diesel. The only engine offered will be the 5.6 liter gasoline V8, but no word on if that has received any updates. Currently it produces 390 horsepower and 394 lb.-ft of torque.
The 2020 Nissan Armada also recently leaked out and is expected to be debuted at the 2019 Los Angeles Auto Show.
Nissan is known for their Zero Gravity Seats found in many of their vehicles, some of the most comfortable cars seats I've found in the industry. Nissan took that experience and applied it to three gaming chair concepts aimed at the gaming crowd.
First of the three is a chair based on the Nissan GT-R Nismo (shown above). It's made from carbon fiber and aluminum and shaped like a racing seat. The soft areas are covered with a red leather and synthetic suede surfaces.
My personal favorite is the Nissan Armada. Inspired by Nissan's full-size SUV, the chair is based on the Platinum Reserve with black and brown leather seating surfaces in the shape of a captain's chair. It has climate controlled heating and cooling with lumbar support for additional comfort.
Finally, the Nissan Leaf. It features gun metal painted surfaces with light-gray leather-appointed seats with electric blue inserts, usb charging ports, and integrated leg rests.
Unfortunately, Nissan has no current plans to build any of these chairs, but is gauging public reaction. If you are interested in one of these chairs, but sure to tweet them at @NissanUSA. What say you reader? Should Nissan build one of these models?
The latest CEO at Nissan, Hiroto Saikawa, is out-of-office permanently as of September 16th after yet another financial scandal rocks the company. Saikawa is the second Nissan CEO to be tainted by financial misconduct allegations.
Allegedly, Saikawa received improper payments with regards to the sale of Nissan stock. The payments were after the date of the sale of the stock was altered and netted Saikawa additional hundreds of thousands of dollars. Saikawa has not yet been charged with a crime. Saikawa originally said he would stay on until a replacement was found, but abruptly changed course and formally resigned today.
The temporary replacement will be Chief Operating Officer Yasuhiro Yamauchi until a permanent replacement has been found. There are currently ten candidates for the positions and Nissan says it is considering outsiders and non-Japanese.
The current generation of Nissan Armada came out in 2016 for model year 2017. As we're already into the 2020 model year it seems it was about time for a refresh. Someone in Saudi Arabia snapped shots of a Nissan Patrol, the same vehicle as the Armada, and leaked them out on Facebook.
Nissan's big body-on-frame SUV gets some updated headlights and updated grille. It could just be the angle, but the hood looks more horizontal and the lower side air inlets are a different shape. Around back the bumper gets smaller and more integrated into the body and new tail lamps show up that remind one of an Expedition.
On the inside, the shape of the interior looks familiar, though the center stack is now flat rather than having a bulge in the middle. There also appear to be two screens as in many Infiniti models. Red quilted leather seats and the badge on the back indicate that this is a Platinum model.
Under the facelift, expect the hardware to remain the same with a 390 horsepower, 5.6-liter V8 and a 7-speed automatic.
We expect to see the 2020 Nissan Armada at the Los Angeles International Auto Show in November.
A little over a week ago we told you that Nissan was going to start cutting parts of its model lineup. Some of the low hanging fruit for Nissan are the variants of the Nissan Titan. Nissan Titan sales are down 22.6 percent, selling only 18,026 copies in the first half of 2019.
The biggest news is that Nissan will be killing off the Cummins diesel option for the Titan XD. The 5 liter turbocharged V8 produces 310 horsepower and 555 lb-ft of torque. For 2020, the Titan XD will be powered solely by the 5.6 liter gasoline V8 unless Nissan has a card up their sleeve to offer something else.
Also going away will be the standard cab variants of the Titan and Titan XD, leaving just the extended cab and crew cab in the lineup.
For 2020, the truck will be receiving a light refresh. The exterior is getting a face lift and the interior is lightly updated plus gaining a new infotainment system with a larger screen.
We reviewed the 2016 Nissan Titan XD with the Cummins diesel back in May 2016 and came away impressed but confused by its place in the market. Take a read to find out why.
The Nissan Versa once held the dubious title of being the cheapest new car you could buy. Now, with the all new 2020 Nissan Versa, Nissan hopes to bring the sub-compact a little bit more premium and with that the Versa goes up in price. Now coming only in a sedan (The Kicks has replaced the Versa Note), the Versa wears one of the more stylish exteriors for the sub-compact class. The engine is a next generation 1.6 liter 4-cylinder, with an increase in horsepower to 122. Fuel economy is rated at 32 city / 40 highway / 35 combined.
Those of you who prefer to row your own gears instead of letting Nissan's CVT do it are limited to buying the base model Versa S, starting at $14,730. Above that, all models come with the CVT.
Versa S 1.6 5MT
Versa S 1.6 Xtronic
Versa SV 1.6 Xtronic
Versa SR 1.6 Xtronic
Destination and Handling $895.
These prices are roughly a $2,000 increase over the current car. But you do get a lot more for your money. Nissan Safety Shield 360 is standard on the SV and SR. Available equipment includes heated front seats, 60/40-split fold-down rear seat, and Automatic Climate Control, bigger wheels, and intelligent cruise control.
The 2020 Nissan Versa is available at dealerships soon.
...It's not just employees that will be leaving Nissan...
There's one disadvantage to being partially owned by the French, they know how to cut things off when they need to. We reported last week that due to lagging sales and plunging profits, Nissan was readying to layoff 12,500 employees globally, or 9% of their global workforce. It seems that other cuts are on the way as well, though we may not see as much of it here in the U.S.
Along with the 9% cut in jobs will be around 10% of its global lineup as well. First to go will be the low-end models in developing markets like India. Their overseas brand Datsun could see the bulk of the cuts, but the US will lose models as well. Expect coupes and hatchbacks to be the first to go, the Versa hatchback for example will not be returning for 2020, replaced by the more crossover-like Kicks. Which coupe might die? The Nissan 370Z, the Nissan GT-R, and the Infiniti Q60 are prime targets. Deliveries of the Infiniti Q60 are down 48.8% as of June. In Sedan-Land, the Maxima fell 30% and the Altima, which is all-new, is down 12.1%.
But it isn't just cars that could get kicked to the curb. The Nissan Titan sales are down 22.6%, selling a mere 18,026 copies in the first half of this year. This trails even the slow selling Toyota Tundra by some 36,000 units. The Murano is down 33% year to date.
So if you're wondering which models may have their head in the Guillotine, take a look at our Sales Figure Ticker for Nissan for June and put a big red question mark on them.
Yesterday we reported that Nissan may be cutting up to 10,000 jobs.... we were short by about 2,500. Nissan Motor Company's CEO Hiroto Saikawa said "The results were really more negative than we expected" in a financial briefing at Nissan Headquarters. Operating profit was nearly wiped out, falling to just $14.8 million in the first fiscal quarter ending June 30th. Operating margin shrank from 4.0 percent last year to barely 0.1 percent this year. Global retail volume fell 6.0% to 1.23 million vehicles.
On the back of these poor results. Nissan has annouced job cuts of up to 12,500 worldwide as part of a plan to revive the company. Of that, 6,400 job cuts are already underway with 1,420 jobs lost in the U.S. An additional 6,100 job cuts are planned over the next 4 years. Most of the job cuts will be at plants that are working below capacity.
In the U.S., Nissan is trying to move away from fleet sales and focus on increasing retail sales, with the goal of boosting retail sales by 100,000 units.
...as profits plummet, job huge job cuts could be coming...
Rumor has it that that Nissan is about to report that its first-quarter profit fell by nearly 90%. Nissan has yet to recover from the financial scandal caused by Carlos Ghosn. Additionally, years of chasing volume over profits in the U.S. has damaged the brand, requiring heavy discount and cheap financing to move metal. Investors are also worried that the alliance with Renault is breaking down. Friction with France's Renault over the failed merger with Fiat-Chrysler Automobiles has brought tensions between the two companies to an all-time high.
Reports are that due to the falling profits, Nissan will be cutting up to 10,000 jobs, primarily in Asia and South America. In doing so, Nissan would join the ranks of Mercedes-Benz, Ford, Honda, and others with global layoffs in the five digit range. Nissan/Infiniti sales in the US are down 8.9 percent year to date as of June.
Nissan is releasing the next version of ProPilot in Japan in the fall of 2019 on the new Nissan Skyline (Infiniti G50 to us Yanks), but here in the U.S., we'll need to wait a bit longer while the system undergoes further testing and mapping of the US highway system.
ProPilot 2.0 makes a big jump in autonomous driving capability, the biggest of which is true hands-off highway driving. The system can switch lanes and pass cars, but those moves require a hands on approach from the driver. ProPilot 2.0 also takes orders from the Navigation system, while using seven cameras, five radar sensors, and 12 sonar sensors to pilot the car. The system will only work on highways where the roads have been mapped in 3D High-Definition. Japan's more compact nature means that most of the roads there have already been scanned. The US, with its wide open space will take longer to map.
Currently ProPilot Assist (1.0) is offered only on the Leaf, Rogue, Rogue Sport, and Altima. In the US, 60 percent of Leaf buyers and 40 percent of Rogue buyers opt for the 1.0 version of the system. Eventually Nissan wants to expand ProPilot to 20 models.
After Nissan having a heavy hand in helping to scuttle the potential merger between Renault and FCA, Renault is getting payback by helping to block corporate reforms Nissan is attempting to put in place after the arrest of Carlos Ghosn and poor financial performance by the company. Nissan and Renault are fighting because Nissan abstained from the vote on whether to merge, and following that, the French government did as well. Without the cooperation of the French government, FCA pulled out of the deal.
Renault holds 43.4 percent of Nissan and is upset with the representation they would have on the board and committees under the current plans. The French company says that their abstention from voting is not final and can change pending changes to the proposals.
Meanwhile, rumors say that FCA and Renault are still looking for ways to salvage the merger while Nissan is pressuring Renault to reduce their holdings in Nissan. Nissan has been seeking more autonomy from Renault ever since the Ghosn scandals.
A Nissan executive who has declined to be identified is upbeat about the possible FCA-Renault merger according to a report by AutoBlog. The deal, estimated at about $35 billion, would not give FCA the right to use Nissan technology via the Nissan-Renault alliance.
The executive said he was optimistic about possible synergies of using Nissan's green and electric vehicle know-how in other vehicles. He also raised the possibility that Nissan could increase its stake, currently 15%, in Renault or FCA-Renault. Without increasing their stake, Nissan's share of the resulting company would be cut to 7.5%. FCA-Renault however, would continue to hold 43.4% of Nissan.
Examples of some of the sharing could be Nissan's advanced engine technology currently used in Infiniti as a possible benefit for Alfa Romeo and Jeep.
FCA and Renault for their part are still negotiating with each other and with the French government which wants job and production guarantees. Renault is said to have a decision on the merger by end of this week.
Nissan unveiled the Nissan Sylphy at the Shanghai Auto Show earlier this month and spies have caught it in the US virtually confirming it will be coming to the US as the next generation Nissan Sentra.
Looking like a mini-Nissan Altima, Nissan says the chassis is now much stiffer and they have gone and improved the suspension and steering feel. The interior has been made to look much more luxurious with quilted seats and a slicker looking dashboard.
The infotainment system is a 8-inch TFT screen and the driver gets a 7-inch TFT gauge cluster. Nissan's ProPilot Assist will be available and includes things like collision warning, blind spot warning, lane departure warning, cross traffic alert, and others.
No details yet on powertrain except that Nissan says the 4-cylinder engine and CVT have been updated.
...Nissan is showing that not all small cars are dead...
At the Tortuga Music Festival in Ft. Lauderdale Florida yesterday, Nissan unveiled the all-new 2020 Nissan Versa.
Nissan packed technology usually reserved for higher end cars into the low-cost Versa including Nissan's Safety Shield 360. Safety Shield 360 includes:
Nissan Intelligent Mobility that helps provide front, side and rear safety monitoring and intervention technologies.
Standard safety features include Automatic Emergency Braking with Pedestrian Detection
Rear Automatic Braking
Lane Departure Warning
High Beam Assist
Available equipment includes Blind Spot Warning, Rear Cross Traffic Alert, Intelligent Driver Alertness and Intelligent Cruise Control.
The exterior has been refreshed to look like a smaller version of the Nissan Altima with Nissan's V-Motion grille and a rear floating roof. The interior has been greatly upgraded. Inside, Nissan took styling elements from the Nissan Maxima. Heated front seats, push button start, Automatic Climate Control, Apple CarPlay and Android Auto are also available.
Under the hood is a 1.6 liter 4-cylinder producing 122 horsepower and 114 lb-ft of torque with either a CVT or 5-speed manual.
No word yet on pricing, but the Nissan Versa is one of the least expensive vehicles available in the U.S.... that it packs this much technology into an inexpensive package will make it a killer value if Nissan can hold the line on pricing.
...the oldest small truck on the market is about to get a redesign...
The Jeep Gladiator is new. While it is based on older underpinnings and a somewhat dated interior, the Ford Ranger is the second newest truck in the U.S. market. Behind that is the just-refreshed but still on an older chassis Toyota Tacoma, that is getting a new platform in a few years. Behind that is the Honda Ridgeline. Behind that are the GM twins of Colorado and Canyon which came out in 2012. And finally, behind those two, the oldest small/midsize truck is the Nissan Frontier, trucking on since 2004 without a major redesign. Put into some perspective, the current Nissan Frontier is only one year younger than the previous generation of Colorado and Canyon. As far as the automotive industry goes, that is ancient, but Frontier buyers don't seem to mind. Nissan sold nearly 79,646 Frontier trucks in 2018, a 7.1% increase over 2017. That's with all the new competition coming on the market and without any major incentives. That makes it the brands third best seller in the crossover/truck segment after Rogue and Murano.
People wanting something a bit fresher from Nissan still have about 18 months to wait. The next Frontier, sold as a 2021 model, should arrive in dealerships in the Fall of 2020. People who have seen previews of the truck describe it as "futuristic" and "Modern, but still looks like a truck". It will get a new 300 horsepower V6 engine replacing the current 4.0 V6 and the 5-speed automatic will be upgraded to a 7-speed.
However, unlike the Tacoma, which is moving to an all new platform in a few years. The Frontier will get a heavily revised version of its current frame. Nissan opted not to go with their global Navara truck platform primarily because it is too small to compete with the likes of the Ranger and Gladiator. It also uses a more expensive coil spring rear suspension instead of the traditional leaf springs.
With the Ford Ranger and Jeep Gladiator now entering the market, Nissan wants to catch up and be the newest kid on the block, if only for a little while.
In what is being called a highly unusual turn, Japanese prosecutors have arrested Carlos Ghosn again while he was out on bail on suspicion of trying to enrich himself at Nissan's expense. Ghosn has called on the French government for help. Ghosn was free on $9 Million bail at the time.
Prosecutors say that Ghosn had caused over $5 million in losses at Nissan Motor Co in a breach of his legal duties to the company with the goal of personal gain. The losses come from the alleged shifting of funds through a dealer in Oman into an account that Ghosn owned.
Prosecutors visited Ghosn's residence on Thursday for questioning and later took him into custody. Ghosn remained defiant, saying through a spokesman "Why arrest me except to try to break me? I will not be broken" and that the arrest was "an outrageous and arbitrary attempt to silence him".
Prior to his arrest, Ghosn said on Twitter that he would hold a press conference on April 11th to tell the truth about the allegations against him. Prosecutors can hold him for 22 days without charge under Japanese law.
Carlos Ghosen leaves jail disguised as a Japanese laborer on bail.
Japanese journalists await Carlos Ghosn who was expected to be released from Jail on bail after the Tokyo court granted the bail request. Ghosn lawyer's office said it would be near impossible for him to be released the same day due to an appeal by the prosecutor's office.
Ghosn was granted bail set at $1 billion yen or equal to $9 million US at today's exchange rate. Ghosn is 64 and head of the auto alliance of Nissan Motors, Mitsubishi Motors, and Renault. He was arrested in 2018 on suspicion of underreporting his income by more than $80 million US dollars and saddling Nissan with his personal investment losses, allegations he denies.
Ghosn new legal team was able to get bail granted on the conditions he will be kept under guard locally with limited to no outside information. Ghosn has claimed that the executives of Nissan are responsible for his arrest as they plotted and committed treason to prevent him from bringing Nissan further under Renault's control.
While Carlos Ghosn has resigned from the CEO position on all three companies, he remains on the boards of all three companies.
Yet now that he is out on bail he seems to be insulting the average workers of Japan and according to various stories, his new legal team has apologized for advising the former CEO to leave jail in a disguise being taken away in a work van with ladders attached to the roof.
Local news outlets have mocked the costume drama bringing more attention than if he had just left on his own in normal business attire and in a business auto. Ghosn is one of the highest-profile detainees which also has made him one of the most famous now.
Ghosn was seen later in the day walking with two women, one believed to be his wife and the other his daughter in a Tokyo park by where he will be living surrounded by press and still wearing the blue baseball cap and sunglasses.
"[Have I] done [something] inappropriate? I am not a lawyer, I don't know the interpretation of [such] facts."
Carlos Ghosn has been sitting in a Japanese jail cell since mid-November on charges financial violations, including under-reporting compensation. It is unclear what awaits him in the coming months, but he believes that his downfall is due the result of "plot and treason" by Nissan executives opposed to plans of a merger between Nissan and Renault.
Today, the Nikkei Asian Review published an exclusive interview with Ghosn from the detention center he is currently being held at. This is quite surprising as Ghosn has been "barred from meeting with his family or Nissan employees".
During the short interview (about 20 minutes), Ghosn dismissed various accusations ranging from his 19-year reign at Nissan being a "dictatorship," to the numerous financial charges he is currently facing. One of those charges deals with $14.7 million in payments to a company run by Saudi businessman Khaled al-Juffali. Ghosn said "the executive in charge of the region signed [the approval]," and the funds came from Ghosn's "CEO reserve," a pot of money that he was free to decide how to spend.
"[Have I] done [something] inappropriate? I am not a lawyer, I don't know the interpretation of [such] facts," Ghosn said.
"These are known by everybody, why didn't they tell me?"
Ghosn also talked about the plans for the deeper integration of Nissan, Renault, and Mitsubishi. The plan was to have the three closely integrated to ensure "autonomy under one holding company." Ghosn also revealed that he wanted to have Mitsubishi Motors CEO Osamu Masuko in the talks about the integration, but Nissan CEO Hiroto Saikawa wanted to keep the talks "one-on-one". Allies of Ghosn believed some Nissan executives were worried that Ghosn's power could increase under the integration, prompting them to work with Tokyo prosecutors.
A Nissan spokesman told Bloomberg that Saikawa previously refuted the notion of a coup.
“Nissan’s investigation uncovered substantial and convincing evidence of misconduct,” the company said in a statement.
Source: Nikkei Asian Review, Bloomberg
Seen as a way to try and smooth out the relationship of Nissan and Renault
Saying he wants to give a fresh start for the Nissan-Renault alliance, Nissan CEO Hiroto Saikawa has announced that he'll be stepping down as CEO in the coming months. In the meantime, Saikawa will be focusing on "reforming the poor governance" that weakened the Japanese automaker before leaving.
Saikawa has been leading the charge of ousting former Nissan Chairman and CEO Carlos Ghosn, a bit surprising since Saikawa was a protege of Ghosn. As we reported a month ago in the rumorpile , the relationship between Saikawa and Ghosn has been strained due to the two clashing on various issues. There was talk about Ghosn ousting Saikawa during a board meeting in November, but that would not happen as Ghosn would be arrested before it.
Saikawa's reign as Nissan CEO has been problematic with a number of vehicles being recalled in Japan due to improper inspections and declining sales in the U.S.
Now it is official. Carlos Ghosn has stepped down as chairman and CEO of Renault late on Wednesday. The announcement was made this morning by French Finance Minister Bruno Le Maire in an interview with Bloomberg television.
"Carlos Ghosn just resigned last night. Now it's time to define and put a new governance in place," said Le Maire.
Renault's board of directors have decided on making outgoing Michelin CEO Jean-Dominique Senard as chairman, and promoting Thierry Bollore as CEO during an emergency meeting today.
Renault is the last automaker in the alliance to deal with Ghosn. Since he was arrested back in November, both Nissan and Mitsubishi have kicked him out. But Renault kept him as chairman and CEO until they had all of the information on his alleged misconduct. This caused the relationship between Nissan and Renault to be become further strained.
Source: Bloomberg, Renault
Board of Directors communication
Boulogne-Billancourt, 24 January 2019 – Renault's Board of Directors met on January 24, 2019 at 10 a.m. under the chairmanship of Philippe Lagayette, Lead Independent Director.
The Board has taken note of the resignation of its current Chairman and Chief Executive Officer. The Board praised the Alliance's track record, which has enabled it to become the world's leading automobile manufacturer.
The Board of Directors has decided to provide Renault with a new governance structure and, on this occasion, to institute a separation of the functions of Chairman of the Board and Chief Executive Officer.
In addition to all the functions normally performed by the Chairman of the Board, the new Chairman of the Board of Directors of Renault will have to evaluate and, if necessary, change Renault's governance in order to ensure the transition to the new structure. He will present his proposals on the evolution of governance to the Board of Directors before the next General Shareholders' Meeting.
In addition, Renault's Board of Directors wishes to supervise actively the functioning of the Alliance and decides to give its Chairman full responsibility for managing the Alliance on behalf of Renault, in liaison with the Chief Executive Officer.
In this capacity, the Chairman of Renault's Board of Directors will be the main contact person for the Japanese partner and the other Alliance partners for any discussion on the Alliance's organization and evolution. He will propose to the Board of Directors any new Alliance agreement that he considers useful for Renault's future. He will be Renault's main representative in the Alliance's management bodies and at Nissan when Renault has the right of proposal.
The Chief Executive Officer will coordinate for the company the Alliance's activities in the operational field under the authority of the Chairman.
The Board co-opted Mr. Jean-Dominique Senard as new Director and elected him Chairman.
On the latter's proposal, the Board appointed Thierry Bolloré as Chief Executive Officer.
The Board expresses its confidence in the new leadership and wishes it every success in its mission.
Cool sounding updates for the Gladiator and Wrangler for 2021 model year. Seems more V8 power will be on tap for those wanting it.
For new Model S and X purchases, Tesla has increased the charge rate to be equal to the model 3 and Y at 250kWh charge rate. Supposedly when they show off the all new designed S, they are supposed to have a new battery and charge rate to be competitive with upcoming Rivian, Ford and GM which is going to have 350 kWh charge rates bringing fast charging to the same time as ICE fueling.
The question asked in this story is why and what has changed in the existing products to bring up this increase finally?
New ordered Tesla S and X get these accessories included with the auto. Yet for everyone else, pay up is what Tesla Says for the new Wireless charging pad $125 and the new cargo net $50. OUCH when both are so much cheaper on Amazon via 3rd party suppliers.
Mercedes-Benz takes financial stake and creates partnership to insure battery supply for EV product line in Chinese company that is also building production facility in Germany.
Seems MB is not able to produce and bring online enough production in time to support their products, so buying into a Chinese company to ensure supply.