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  1. Drew Dowdell

    Nissan Executive Jose Munoz Suddenly Resigns

    Another Nissan exec who is in hot water resigned suddenly today. Jose Munoz is Nissan's Cheif Performance officer. He and Arun Bajaj, Nissan's Senior Vice President for Human Resources took leaves of absence one week ago. Both men are considered loyal to Carlos Ghosn, leader of the Renault-Nissan-Mitsubishi Alliance, who is currently jailed in Japan on multiple corruption charges. Nissan has moved to oust Ghosn after his arrest. We will update this story as more details emerge.
  2. Another Nissan exec who is in hot water resigned suddenly today. Jose Munoz is Nissan's Cheif Performance officer. He and Arun Bajaj, Nissan's Senior Vice President for Human Resources took leaves of absence one week ago. Both men are considered loyal to Carlos Ghosn, leader of the Renault-Nissan-Mitsubishi Alliance, who is currently jailed in Japan on multiple corruption charges. Nissan has moved to oust Ghosn after his arrest. We will update this story as more details emerge. View full article
  3. Nissan had originally planned on debuting their long-range variant of the Leaf EV back at the LA Auto Show. But with the arrest of chairman Carlos Ghosn, plans were scrapped and we were left wondering when the long-range Leaf would debut. Last night at the Consumer Electronics Show, Nissan unveiled the long-range variant known as the Leaf Plus - other parts of the world will know the model as the Leaf e+. The plus signifies a larger battery pack - 62 kWh. This boosts range from 150 to 226 miles. Along with the bigger battery, Nissan has bumped up the output of the electric motor from 147 horsepower and 236 pound-feet of torque to 215 and 250 respectively. For recharging, Nissan developed a faster 70 kW charging system that will allow the Leaf e+ have quick charge times similar to the standard Leaf. A 60 percent recharge (about 90 miles) takes about 30 minutes with the standard Leaf. That could mean a 30 minute quick charge in the Leaf Plus could net you about 135 miles. No mention of how long it takes for a charge on 120 or 240V chargers. No word on pricing, but we're expecting a sizeable bump when compared to the standard Leaf. The Plus version arrives at dealers this spring in U.S. Gallery: 2019 Nissan Leaf e+/Leaf Plus Source: Nissan Nissan LEAF e+ joins world’s best-selling electric vehicle family New powertrain option offers expanded range and power LAS VEGAS, Nevada – Nissan today unveiled the Nissan LEAF e+, further broadening the appeal of the world's best-selling electric car*1 by offering a new powertrain with additional power and range. The "e+" refers to the increased energy density of the model's 62 kWh battery pack and the higher output of its powertrain. The new powertrain adds to the car's range by approximately 40 percent, with EPA-estimated range of up to 226 miles, ensuring that there's a Nissan LEAF to meet the driving needs of a wider range of customers. "The new Nissan LEAF e+ offers all of the style, convenience and electric vehicle benefits that have helped make LEAF the best-selling electric vehicle in the world, plus even more driving excitement, range, power and choice," said Denis Le Vot, senior vice president and chairman, Nissan North America. "Customers now have a selection of powertrains and models to best suit their driving needs." The LEAF e+ will be sold under the LEAF PLUS Series in the US and Canada, with each trim level receiving its own designation of S PLUS, SV PLUS and SL PLUS. Globally, the vehicle will be referred to as the Nissan LEAF e+. More than 380,000 Nissan LEAF vehicles have been sold globally since the 100 percent electric model first went on sale in 2010, with over 128,000 sold in the US. Equipped with advanced technologies including ProPILOT Assist semi-autonomous driving system and e-Pedal mode for one-pedal driving, the LEAF embodies Nissan Intelligent Mobility, the company's vision for changing how cars are powered, driven and integrated into society. "Nissan Intelligent Mobility is at the core of everything we do and the new Nissan LEAF e+ takes this vision even further," Le Vot continued. "EV's will play a significant part in our product lineup as we move forward and will lead the way to providing an efficient and sustainable future for the world." Having pioneered mass-market electric cars with the LEAF, Nissan is continuing to promote alternative vehicle transportation. The LEAF family of cars play a vital role in Nissan's efforts to integrate electric vehicles and energy systems into customer's lives – creating an "EV ecosystem." Among these efforts is Nissan Energy, the company's initiative for its electric vehicles to easily connect with energy systems to charge their batteries, power homes and businesses, or feed energy back to power grids, as well as new efforts to reuse batteries.*2 The Nissan LEAF PLUS Series is scheduled to join the LEAF at Nissan dealerships in Japan in January 2019. U.S. sales are expected to begin in spring 2019 and European sales to commence in mid-2019. Nissan Intelligent Mobility The Nissan LEAF e+ represents a step forward in each of the three key areas of the Nissan Intelligent Mobility vision: Intelligent Power, Intelligent Driving and Intelligent Integration. Nissan Intelligent Power: increased range and performance The Nissan LEAF e+ features a new version of the LEAF's revolutionary electric powertrain, delivering excellent energy efficiency and robust torque and power output. While the current LEAF meets the needs of many customers with its driving range of EPA-estimated 150 miles, the LEAF e+ offers an EPA-estimated range of up to 226 miles, allowing customers the ability to do more between charges.*3 The high-capacity battery and more powerful, 160 kW motor in the LEAF e+ combine to produce 45 percent more power and 250 lb-ft (340 Nm) of torque, enabling faster acceleration when driving at high speeds. Accelerating from 50 mph (80 kph) to 75 mph (120 kph) is nearly 13 percent quicker. This allows the LEAF e+ to confidently pass slower-moving vehicles, exit corners faster and more seamlessly, and merge easily with fast-moving traffic. The top speed has increased by approximately 10 percent for comfortable cruising. Thanks to the available new 70 kW (100 kW peak) Quick Charging system, the 2019 Nissan LEAF e+ can charge more efficiently than ever.*3 Based on early testing, Nissan LEAF e+ owners can expect similar charging times when hooked up to a 100 kW charger as current LEAF owners do with a 50 kW charger, despite a 55 percent larger battery storage capacity. Even with a 25 percent increase in energy density and the increase in energy storage capacity, the LEAF e+ battery pack is almost the same size and configuration as the pack in the Nissan LEAF. Other than a 5-millimeter increase in overall height (16-inch wheels), the car's exterior and interior dimensions are unchanged. Because ownership satisfaction and peace of mind are pivotal for all Nissan LEAF owners, the battery limited warranty of 8 years/160,000 km (whichever occurs first) is standard for all versions. Nissan Intelligent Driving: innovative ProPILOT Assist features and smooth e-Pedal operation Playing a leading role in Nissan Intelligent Driving is ProPILOT Assist, an in-lane semi-autonomous driving technology that can automatically adjust the distance to the vehicle ahead, using a speed preset by the driver (between about 18 mph and 62 mph). ProPILOT Assist can also help the driver steer and keep the vehicle centered in its lane. If the car in front stops, ProPILOT Assist can automatically apply the brakes to bring the vehicle to a full halt if necessary. After coming to a full stop, the vehicle can remain in place even if the driver's foot is off the brake. If traffic restarts, the car will resume driving when the driver touches the steering wheel-mounted ProPILOT Assist switch again or lightly presses the accelerator to activate the system. All these functions can reduce stress when driving on the highway in both heavy and fast-moving traffic. Further enhancing the LEAF's driving experience is e-Pedal, which allows the driver to start, accelerate, decelerate and stop using only the accelerator pedal.*4 To match the LEAF e+'s additional power and increased mass, Nissan has reprogrammed the e-Pedal software for smoother operation and enhanced pedal feedback, especially for operation in reverse, and for smoother and more rapid deceleration, making it easier to stop the car using e-Pedal, even when backing up. In addition to ProPILOT Assist and e-Pedal, every LEAF is equipped with advanced safety technologies including Intelligent Lane Intervention, Lane Departure Warning, Intelligent Emergency Braking, Blind Spot Warning, Rear Cross Traffic Alert and Intelligent Around View Monitor with moving object detection. Nissan Intelligent Integration: updated interface, larger display and convenient updates The new Nissan LEAF links drivers, vehicles and communities through its convenient graphic-based Human Machine Interface. It allows the owner to use the NissanConnect smartphone app to perform tasks such as monitoring the vehicle's state of charge, scheduling charging to benefit from optimal energy tariffs, finding the nearest charging station, and heating or cooling the car before getting in. New for the LEAF e+ (on North American and EU models) is a larger, thin-film transistor, full-color 8-inch display, with an updated navigation system that can be linked to a compatible smartphone. The display features smartphone-like operation including swiping, scrolling and tapping. Applications, maps and firmware are updated over the air with the simple touch of a button, instead of having to manually update by USB or at a Nissan dealership.*5 Other new features include Door-to-Door Navigation, which syncs the vehicle's navigation system with your compatible smartphone for seamless driving and walking directions. The Connections feature allows any of the car's passengers to quickly and easily connect to a device within the vehicle.*6 Integration goes beyond what's in the vehicle and now includes Nissan Energy, the company's existing and future initiatives for Vehicle-to-Grid, Vehicle-to-Building and Vehicle-to-Home connections, generating solar electricity, as well as reusing batteries. With Nissan Energy, LEAF vehicles are part of a larger electric vehicle ecosystem.*2 Sleek, modern design One of the most eye-catching exterior elements of the new Nissan LEAF is the car's sleek, streamlined silhouette, which maximizes aerodynamic efficiency. The car's bold fascia features Nissan's signature V-Motion grille with blue 3D mesh. The car's streamlined profile gives it a sporty look, while the rear features a distinctive tail light design. The LEAF e+ carries over most of the LEAF's design. Subtle clues to its e+ designation include a revised front fascia with blue highlights and an "e+" logo plate on the underside of the charge port lid. There will also be a rear trim level badge for U.S. and Canada which will be designated as S PLUS, SV PLUS and SL PLUS. Like the standard model, the LEAF e+ boasts a spacious, highly functional interior with a quality, high-tech feel. The combination of premium materials throughout the cabin befits a luxury vehicle. Vibrant blue contrast stitching for the steering wheel, seats and instrument panel accentuate the car as a Nissan electric vehicle. Pricing North America pricing will be announced closer to on-sale date. View full article
  4. Nissan had originally planned on debuting their long-range variant of the Leaf EV back at the LA Auto Show. But with the arrest of chairman Carlos Ghosn, plans were scrapped and we were left wondering when the long-range Leaf would debut. Last night at the Consumer Electronics Show, Nissan unveiled the long-range variant known as the Leaf Plus - other parts of the world will know the model as the Leaf e+. The plus signifies a larger battery pack - 62 kWh. This boosts range from 150 to 226 miles. Along with the bigger battery, Nissan has bumped up the output of the electric motor from 147 horsepower and 236 pound-feet of torque to 215 and 250 respectively. For recharging, Nissan developed a faster 70 kW charging system that will allow the Leaf e+ have quick charge times similar to the standard Leaf. A 60 percent recharge (about 90 miles) takes about 30 minutes with the standard Leaf. That could mean a 30 minute quick charge in the Leaf Plus could net you about 135 miles. No mention of how long it takes for a charge on 120 or 240V chargers. No word on pricing, but we're expecting a sizeable bump when compared to the standard Leaf. The Plus version arrives at dealers this spring in U.S. Gallery: 2019 Nissan Leaf e+/Leaf Plus Source: Nissan Nissan LEAF e+ joins world’s best-selling electric vehicle family New powertrain option offers expanded range and power LAS VEGAS, Nevada – Nissan today unveiled the Nissan LEAF e+, further broadening the appeal of the world's best-selling electric car*1 by offering a new powertrain with additional power and range. The "e+" refers to the increased energy density of the model's 62 kWh battery pack and the higher output of its powertrain. The new powertrain adds to the car's range by approximately 40 percent, with EPA-estimated range of up to 226 miles, ensuring that there's a Nissan LEAF to meet the driving needs of a wider range of customers. "The new Nissan LEAF e+ offers all of the style, convenience and electric vehicle benefits that have helped make LEAF the best-selling electric vehicle in the world, plus even more driving excitement, range, power and choice," said Denis Le Vot, senior vice president and chairman, Nissan North America. "Customers now have a selection of powertrains and models to best suit their driving needs." The LEAF e+ will be sold under the LEAF PLUS Series in the US and Canada, with each trim level receiving its own designation of S PLUS, SV PLUS and SL PLUS. Globally, the vehicle will be referred to as the Nissan LEAF e+. More than 380,000 Nissan LEAF vehicles have been sold globally since the 100 percent electric model first went on sale in 2010, with over 128,000 sold in the US. Equipped with advanced technologies including ProPILOT Assist semi-autonomous driving system and e-Pedal mode for one-pedal driving, the LEAF embodies Nissan Intelligent Mobility, the company's vision for changing how cars are powered, driven and integrated into society. "Nissan Intelligent Mobility is at the core of everything we do and the new Nissan LEAF e+ takes this vision even further," Le Vot continued. "EV's will play a significant part in our product lineup as we move forward and will lead the way to providing an efficient and sustainable future for the world." Having pioneered mass-market electric cars with the LEAF, Nissan is continuing to promote alternative vehicle transportation. The LEAF family of cars play a vital role in Nissan's efforts to integrate electric vehicles and energy systems into customer's lives – creating an "EV ecosystem." Among these efforts is Nissan Energy, the company's initiative for its electric vehicles to easily connect with energy systems to charge their batteries, power homes and businesses, or feed energy back to power grids, as well as new efforts to reuse batteries.*2 The Nissan LEAF PLUS Series is scheduled to join the LEAF at Nissan dealerships in Japan in January 2019. U.S. sales are expected to begin in spring 2019 and European sales to commence in mid-2019. Nissan Intelligent Mobility The Nissan LEAF e+ represents a step forward in each of the three key areas of the Nissan Intelligent Mobility vision: Intelligent Power, Intelligent Driving and Intelligent Integration. Nissan Intelligent Power: increased range and performance The Nissan LEAF e+ features a new version of the LEAF's revolutionary electric powertrain, delivering excellent energy efficiency and robust torque and power output. While the current LEAF meets the needs of many customers with its driving range of EPA-estimated 150 miles, the LEAF e+ offers an EPA-estimated range of up to 226 miles, allowing customers the ability to do more between charges.*3 The high-capacity battery and more powerful, 160 kW motor in the LEAF e+ combine to produce 45 percent more power and 250 lb-ft (340 Nm) of torque, enabling faster acceleration when driving at high speeds. Accelerating from 50 mph (80 kph) to 75 mph (120 kph) is nearly 13 percent quicker. This allows the LEAF e+ to confidently pass slower-moving vehicles, exit corners faster and more seamlessly, and merge easily with fast-moving traffic. The top speed has increased by approximately 10 percent for comfortable cruising. Thanks to the available new 70 kW (100 kW peak) Quick Charging system, the 2019 Nissan LEAF e+ can charge more efficiently than ever.*3 Based on early testing, Nissan LEAF e+ owners can expect similar charging times when hooked up to a 100 kW charger as current LEAF owners do with a 50 kW charger, despite a 55 percent larger battery storage capacity. Even with a 25 percent increase in energy density and the increase in energy storage capacity, the LEAF e+ battery pack is almost the same size and configuration as the pack in the Nissan LEAF. Other than a 5-millimeter increase in overall height (16-inch wheels), the car's exterior and interior dimensions are unchanged. Because ownership satisfaction and peace of mind are pivotal for all Nissan LEAF owners, the battery limited warranty of 8 years/160,000 km (whichever occurs first) is standard for all versions. Nissan Intelligent Driving: innovative ProPILOT Assist features and smooth e-Pedal operation Playing a leading role in Nissan Intelligent Driving is ProPILOT Assist, an in-lane semi-autonomous driving technology that can automatically adjust the distance to the vehicle ahead, using a speed preset by the driver (between about 18 mph and 62 mph). ProPILOT Assist can also help the driver steer and keep the vehicle centered in its lane. If the car in front stops, ProPILOT Assist can automatically apply the brakes to bring the vehicle to a full halt if necessary. After coming to a full stop, the vehicle can remain in place even if the driver's foot is off the brake. If traffic restarts, the car will resume driving when the driver touches the steering wheel-mounted ProPILOT Assist switch again or lightly presses the accelerator to activate the system. All these functions can reduce stress when driving on the highway in both heavy and fast-moving traffic. Further enhancing the LEAF's driving experience is e-Pedal, which allows the driver to start, accelerate, decelerate and stop using only the accelerator pedal.*4 To match the LEAF e+'s additional power and increased mass, Nissan has reprogrammed the e-Pedal software for smoother operation and enhanced pedal feedback, especially for operation in reverse, and for smoother and more rapid deceleration, making it easier to stop the car using e-Pedal, even when backing up. In addition to ProPILOT Assist and e-Pedal, every LEAF is equipped with advanced safety technologies including Intelligent Lane Intervention, Lane Departure Warning, Intelligent Emergency Braking, Blind Spot Warning, Rear Cross Traffic Alert and Intelligent Around View Monitor with moving object detection. Nissan Intelligent Integration: updated interface, larger display and convenient updates The new Nissan LEAF links drivers, vehicles and communities through its convenient graphic-based Human Machine Interface. It allows the owner to use the NissanConnect smartphone app to perform tasks such as monitoring the vehicle's state of charge, scheduling charging to benefit from optimal energy tariffs, finding the nearest charging station, and heating or cooling the car before getting in. New for the LEAF e+ (on North American and EU models) is a larger, thin-film transistor, full-color 8-inch display, with an updated navigation system that can be linked to a compatible smartphone. The display features smartphone-like operation including swiping, scrolling and tapping. Applications, maps and firmware are updated over the air with the simple touch of a button, instead of having to manually update by USB or at a Nissan dealership.*5 Other new features include Door-to-Door Navigation, which syncs the vehicle's navigation system with your compatible smartphone for seamless driving and walking directions. The Connections feature allows any of the car's passengers to quickly and easily connect to a device within the vehicle.*6 Integration goes beyond what's in the vehicle and now includes Nissan Energy, the company's existing and future initiatives for Vehicle-to-Grid, Vehicle-to-Building and Vehicle-to-Home connections, generating solar electricity, as well as reusing batteries. With Nissan Energy, LEAF vehicles are part of a larger electric vehicle ecosystem.*2 Sleek, modern design One of the most eye-catching exterior elements of the new Nissan LEAF is the car's sleek, streamlined silhouette, which maximizes aerodynamic efficiency. The car's bold fascia features Nissan's signature V-Motion grille with blue 3D mesh. The car's streamlined profile gives it a sporty look, while the rear features a distinctive tail light design. The LEAF e+ carries over most of the LEAF's design. Subtle clues to its e+ designation include a revised front fascia with blue highlights and an "e+" logo plate on the underside of the charge port lid. There will also be a rear trim level badge for U.S. and Canada which will be designated as S PLUS, SV PLUS and SL PLUS. Like the standard model, the LEAF e+ boasts a spacious, highly functional interior with a quality, high-tech feel. The combination of premium materials throughout the cabin befits a luxury vehicle. Vibrant blue contrast stitching for the steering wheel, seats and instrument panel accentuate the car as a Nissan electric vehicle. Pricing North America pricing will be announced closer to on-sale date.
  5. William Maley

    Ghosn Makes His First Appearance In Court

    Today in a Tokyo courtroom, former Nissan chairman Carlos Ghosn arrived for a hearing to have an explanation of why he is being detained. The hearing also allowed Ghosn and his team of lawyers to make their case against the various charges brought against him. Since November 19th, Ghosn has been in detention on violating various financial rules including failing to report 5 billion yen (about $44 million) from the 2010-2014 fiscal years. Ghosn's lawyers got their day in court via a "rarely used Japanese legal maneuver in which suspects are allowed to petition the court to hear a justification of their detention." According to Automotive News, Ghosn entered the courtroom "in handcuffs, wearing a dark suit with no tie and green plastic slippers. The usually immaculately coiffed businessman looked thinner than usual, courtesy of his rice-heavy diet in detention. The gray roots of his trademark raven black hair were beginning to show." Presiding judge Yuichi Tada read out the charges and explained to Ghosn that he is being detained due to being "a flight risk and might tamper with evidence." After this, Ghosn and his lawyers made their defense against the charges brought by Japanese prosecutors. “Contrary to the accusations made by the prosecutors, I never received any compensation from Nissan that was not disclosed, nor did I ever enter into any binding contract with Nissan to be paid a fixed amount that was not disclosed. The test is the ‘death test’: If I died today, could my heirs require Nissan to pay anything other than my retirement allowance? The answer is an unequivocal ‘No,'” Ghosn said at the hearing on the first indictment on not reporting compensation. Ghosn also addressed his most recent arrest on "allegedly transferring personal losses" to Nissan. He admitted in court "to leveraging Nissan as collateral against his swap losses but said that the loss-making swap contracts were transferred back to him at no cost to Nissan." “I have a genuine love and appreciation for Nissan. I have acted honorably, legally, and with the knowledge and approval of the appropriate executives inside the company -- with the sole purpose of supporting and strengthening Nissan, and helping to restore its place as one of Japan’s finest and most respected companies,” Ghosn said towards the end of the hearing. Whether this helps remains to be seen. Ghosn's lawyers are planning to petition the court to immediately end his detention later this week, but they are doubtful. At a press conference, lead defense attorney Motonari Otsuru said his cilent "would likely be indicted for a second time on Friday and be denied bail, keeping him locked up." Otsuru also predicted that Ghosn's case may not be brought to trial for another six months, allowing prosecutors to gather more evidence. Source: Automotive News (Subscription Required), Bloomberg
  6. Today in a Tokyo courtroom, former Nissan chairman Carlos Ghosn arrived for a hearing to have an explanation of why he is being detained. The hearing also allowed Ghosn and his team of lawyers to make their case against the various charges brought against him. Since November 19th, Ghosn has been in detention on violating various financial rules including failing to report 5 billion yen (about $44 million) from the 2010-2014 fiscal years. Ghosn's lawyers got their day in court via a "rarely used Japanese legal maneuver in which suspects are allowed to petition the court to hear a justification of their detention." According to Automotive News, Ghosn entered the courtroom "in handcuffs, wearing a dark suit with no tie and green plastic slippers. The usually immaculately coiffed businessman looked thinner than usual, courtesy of his rice-heavy diet in detention. The gray roots of his trademark raven black hair were beginning to show." Presiding judge Yuichi Tada read out the charges and explained to Ghosn that he is being detained due to being "a flight risk and might tamper with evidence." After this, Ghosn and his lawyers made their defense against the charges brought by Japanese prosecutors. “Contrary to the accusations made by the prosecutors, I never received any compensation from Nissan that was not disclosed, nor did I ever enter into any binding contract with Nissan to be paid a fixed amount that was not disclosed. The test is the ‘death test’: If I died today, could my heirs require Nissan to pay anything other than my retirement allowance? The answer is an unequivocal ‘No,'” Ghosn said at the hearing on the first indictment on not reporting compensation. Ghosn also addressed his most recent arrest on "allegedly transferring personal losses" to Nissan. He admitted in court "to leveraging Nissan as collateral against his swap losses but said that the loss-making swap contracts were transferred back to him at no cost to Nissan." “I have a genuine love and appreciation for Nissan. I have acted honorably, legally, and with the knowledge and approval of the appropriate executives inside the company -- with the sole purpose of supporting and strengthening Nissan, and helping to restore its place as one of Japan’s finest and most respected companies,” Ghosn said towards the end of the hearing. Whether this helps remains to be seen. Ghosn's lawyers are planning to petition the court to immediately end his detention later this week, but they are doubtful. At a press conference, lead defense attorney Motonari Otsuru said his cilent "would likely be indicted for a second time on Friday and be denied bail, keeping him locked up." Otsuru also predicted that Ghosn's case may not be brought to trial for another six months, allowing prosecutors to gather more evidence. Source: Automotive News (Subscription Required), Bloomberg View full article
  7. The dream of Carlos Ghosn spending the holidays outside of jail has been dashed. Early this morning in Tokyo, prosecutors re-arrested Ghosn on new charges that allege he shifted personal trades to Nissan to "make it responsible for 1.85 billion yen ($16.6 million) in appraisal losses," around October 2008. Prosecutors also allege that Ghosn had Nissan " deposit a total of $14.7 million on four occasions between June 2009 and March 2012 into a related bank account." This re-arrest allows prosecutors to detain Ghosn for another 10 days to allow them to continue building their case against him. It may also hurt his chances of getting bail down the road. Lawyers for Ghosn declined to comment. The new allegations would be in violation of Japan’s Companies Act and is seen as a more serious charge than under-reporting income. According to Bloomberg, Ghosn could be facing a maximum prison sentence of 10 years and a 10 million yen fine (about $89,980). “It’s a very serious charge. If there was a conviction, I think it would mean that there’s been a judgment that it’s more than just typical self-dealing corporate malfeasance but something that really harmed the company and was particularly malevolent in terms of the amount of planning that went into it,” said Colin Jones, a professor of law at Doshisha University in Kyoto. Source: Bloomberg (Subscription Required) View full article
  8. The dream of Carlos Ghosn spending the holidays outside of jail has been dashed. Early this morning in Tokyo, prosecutors re-arrested Ghosn on new charges that allege he shifted personal trades to Nissan to "make it responsible for 1.85 billion yen ($16.6 million) in appraisal losses," around October 2008. Prosecutors also allege that Ghosn had Nissan " deposit a total of $14.7 million on four occasions between June 2009 and March 2012 into a related bank account." This re-arrest allows prosecutors to detain Ghosn for another 10 days to allow them to continue building their case against him. It may also hurt his chances of getting bail down the road. Lawyers for Ghosn declined to comment. The new allegations would be in violation of Japan’s Companies Act and is seen as a more serious charge than under-reporting income. According to Bloomberg, Ghosn could be facing a maximum prison sentence of 10 years and a 10 million yen fine (about $89,980). “It’s a very serious charge. If there was a conviction, I think it would mean that there’s been a judgment that it’s more than just typical self-dealing corporate malfeasance but something that really harmed the company and was particularly malevolent in terms of the amount of planning that went into it,” said Colin Jones, a professor of law at Doshisha University in Kyoto. Source: Bloomberg (Subscription Required)
  9. It hasn't been easy for former Nissan chairman Carlos Ghosn and aide Greg Kelly since being arrested last month. In that time, the two have been brought up on various charges alleging financial misconduct and having their stay of detention being extended. But there appears to be some good news over the horizon. Today in a Tokyo courtroom, a judge rejected the request of prosecutors to extend Ghosn's and Kelly's detention by an additional 10 days. The Japan Times reports that prosecutors were seeking an additional 10-day extension related to a "separate warrant served to Ghosn" under the allegation that he understated "his remuneration by ¥4.2 billion in the automaker’s securities reports for the three business years through March this year." Lawyers for Ghosn said they are planning to apply for bail, which could mean Ghosn could be out of jail by Friday. But Japanese prosecutors have appealed the decision. According to Automotive News, there is no set date for a possible decision. As for Kelly, lawyers are planning to file for bail either today or tomorrow. “The chances of bail are very high. To begin with, this isn’t a case that should need such a lengthy detention,” said Nobuo Gohara, a lawyer and former prosecutor. Tsutomu Nakamura, a former public prosecutor doesn't share the same view. He tells Bloomberg that the decision made by the court doesn't mean Ghosn will walk out immediately. “The prosecutors will file the complaint against this judge’s decision immediately. I think that the prosecutors failed to prove the seriousness of the case,” he said. Source: Automotive News (Subscription Required), Bloomberg (Subscription Required), Japan Times View full article
  10. It hasn't been easy for former Nissan chairman Carlos Ghosn and aide Greg Kelly since being arrested last month. In that time, the two have been brought up on various charges alleging financial misconduct and having their stay of detention being extended. But there appears to be some good news over the horizon. Today in a Tokyo courtroom, a judge rejected the request of prosecutors to extend Ghosn's and Kelly's detention by an additional 10 days. The Japan Times reports that prosecutors were seeking an additional 10-day extension related to a "separate warrant served to Ghosn" under the allegation that he understated "his remuneration by ¥4.2 billion in the automaker’s securities reports for the three business years through March this year." Lawyers for Ghosn said they are planning to apply for bail, which could mean Ghosn could be out of jail by Friday. But Japanese prosecutors have appealed the decision. According to Automotive News, there is no set date for a possible decision. As for Kelly, lawyers are planning to file for bail either today or tomorrow. “The chances of bail are very high. To begin with, this isn’t a case that should need such a lengthy detention,” said Nobuo Gohara, a lawyer and former prosecutor. Tsutomu Nakamura, a former public prosecutor doesn't share the same view. He tells Bloomberg that the decision made by the court doesn't mean Ghosn will walk out immediately. “The prosecutors will file the complaint against this judge’s decision immediately. I think that the prosecutors failed to prove the seriousness of the case,” he said. Source: Automotive News (Subscription Required), Bloomberg (Subscription Required), Japan Times
  11. Since the arrest of former Nissan Chairman Carlos Ghosn last month, a fair amount of dirty laundry has come to light showing the turmoil and tension between various executives and the relationship between Nissan and its alliance partner, Renault. The arrest has also brought questions as to whether Ghosn 'jumped' or 'was pushed'. A new report from The Wall Street Journal is adding fuel to the latter. The paper obtained a transcript from a town hall meeting at Nissan's headquarters in Yokohama, Japan - days after Ghosn's arrest. Nissan CEO Hiroto Saikawa revealed that he disagreed with Ghosn's move to increase market share in the U.S., at the cost of investments for the Japanese market. “The investment in the Japanese market was very weak because there was too much power concentrated in one individual who decided that the Japanese market was less important, and we spent too much money on the U.S.,” said Saikawa. “He felt that there was no point investing in Japan where the population was stagnating.” Ghosn set a goal of achieving a 10 percent market share in the U.S. by 2017. Nissan came very close to hitting goal, reaching 9.2 percent last year. For Nissan to reach this goal, they piled on the incentives and made a push with sales to rental car companies - the latter according to industry analysts isn't as profitable, despite the higher volume. Nissan also put a lot of pressure on its dealers to move products. José Muñoz, who was Nissan's chairman in the U.S. from 2014 to this past January introduced a campaign under the slogan “Grow or Go.” Basically, if a dealer wasn't prepared to grow fast to meet the targets, Muñoz urged dealers to sell their franchise. “If a dealer didn’t perform they’d threaten a dealer with termination notice,” said Alan Haig, president of Haig Partners, a brokerage firm that deals with the sales of car dealers. The report doesn't say how much investment was moved from Japan to the U.S. But reading between the lines and noting the relationship between the two became quite tense, we're assuming it was a large amount. Source: Wall Street Journal (Subscription Required) View full article
  12. Since the arrest of former Nissan Chairman Carlos Ghosn last month, a fair amount of dirty laundry has come to light showing the turmoil and tension between various executives and the relationship between Nissan and its alliance partner, Renault. The arrest has also brought questions as to whether Ghosn 'jumped' or 'was pushed'. A new report from The Wall Street Journal is adding fuel to the latter. The paper obtained a transcript from a town hall meeting at Nissan's headquarters in Yokohama, Japan - days after Ghosn's arrest. Nissan CEO Hiroto Saikawa revealed that he disagreed with Ghosn's move to increase market share in the U.S., at the cost of investments for the Japanese market. “The investment in the Japanese market was very weak because there was too much power concentrated in one individual who decided that the Japanese market was less important, and we spent too much money on the U.S.,” said Saikawa. “He felt that there was no point investing in Japan where the population was stagnating.” Ghosn set a goal of achieving a 10 percent market share in the U.S. by 2017. Nissan came very close to hitting goal, reaching 9.2 percent last year. For Nissan to reach this goal, they piled on the incentives and made a push with sales to rental car companies - the latter according to industry analysts isn't as profitable, despite the higher volume. Nissan also put a lot of pressure on its dealers to move products. José Muñoz, who was Nissan's chairman in the U.S. from 2014 to this past January introduced a campaign under the slogan “Grow or Go.” Basically, if a dealer wasn't prepared to grow fast to meet the targets, Muñoz urged dealers to sell their franchise. “If a dealer didn’t perform they’d threaten a dealer with termination notice,” said Alan Haig, president of Haig Partners, a brokerage firm that deals with the sales of car dealers. The report doesn't say how much investment was moved from Japan to the U.S. But reading between the lines and noting the relationship between the two became quite tense, we're assuming it was a large amount. Source: Wall Street Journal (Subscription Required)
  13. Nissan has expanded its probe into former chairman Carlos Ghosn with the investigation into various European subsidiaries that may bring more criminal charges. Automotive News has learned from sources that the focus of the investigation will be around the Renault-Nissan BV based in the Netherlands. This was set up by the two automakers back in 2002 to be a strategic management company that oversees the alliance. But one source says that Nissan is planning to look into "as many as a dozen other Nissan-affiliated subsidiaries set up in the Netherlands," for possible financial misconduct. Japanese prosecutors are looking into some of the companies with the help of Nissan. (Emphasis mine.) This move may signal that the scandal may have reached outward of Japan and bring investigations right to Renault's doorstep. Automotive News also notes this could "further complicate" the delicate relations between the two. That neatly transitions us to a report from Reuters where a source reveals that Renault has told Nissan not to contact its directors ahead of a December 13th meeting of their board. The source says "such contact was outside the agreed channels for communication of the sensitive findings." As we reported back on Friday, Nissan offered Renault "a presentation that summarized the evidence" to help assuage some suspicious held by the French automaker. Renault declined, asking Nissan for the "presence of lawyers and the full report on the allegations." This reportedly came earlier this week as officials from Nissan met with Renault's legal team in France. The meeting tomorrow will see the members of the board discuss the findings of Nissan's investigation and debate the future of Carlos Ghosn. Spokespeople for Nissan and Renault declined to comment. Source: Automotive News (Subscription Required), Reuters View full article
  14. Nissan has expanded its probe into former chairman Carlos Ghosn with the investigation into various European subsidiaries that may bring more criminal charges. Automotive News has learned from sources that the focus of the investigation will be around the Renault-Nissan BV based in the Netherlands. This was set up by the two automakers back in 2002 to be a strategic management company that oversees the alliance. But one source says that Nissan is planning to look into "as many as a dozen other Nissan-affiliated subsidiaries set up in the Netherlands," for possible financial misconduct. Japanese prosecutors are looking into some of the companies with the help of Nissan. (Emphasis mine.) This move may signal that the scandal may have reached outward of Japan and bring investigations right to Renault's doorstep. Automotive News also notes this could "further complicate" the delicate relations between the two. That neatly transitions us to a report from Reuters where a source reveals that Renault has told Nissan not to contact its directors ahead of a December 13th meeting of their board. The source says "such contact was outside the agreed channels for communication of the sensitive findings." As we reported back on Friday, Nissan offered Renault "a presentation that summarized the evidence" to help assuage some suspicious held by the French automaker. Renault declined, asking Nissan for the "presence of lawyers and the full report on the allegations." This reportedly came earlier this week as officials from Nissan met with Renault's legal team in France. The meeting tomorrow will see the members of the board discuss the findings of Nissan's investigation and debate the future of Carlos Ghosn. Spokespeople for Nissan and Renault declined to comment. Source: Automotive News (Subscription Required), Reuters
  15. "Since the arrest former Nissan chairman Carlos Ghosn last month, various reports have come out revealing the strained relationship between Nissan and its alliance partner, Renault. It has also brought up questions as to whether or not Nissan decided to 'push' Ghosn out by using the misuse of corporate assets as the reason. A new report from The Wall Street Journal is only stoking those fires. Sources tell the paper that Ghosn was planning to "shake up the senior management ranks at Nissan" and told some executives that he was planning on replacing current Nissan CEO Hiroto Saikawa - his hand-picked successor. While Ghosn supported Saikawa in public, the two would clash over various problems the company was facing. This included, Problems with inspections done on JDM vehicles, prompting recalls of more than a million vehicles Declining sales in the U.S. According to one source, Ghosn wanted to oust Saikawa and planned to put it to a vote at a board meeting in November. But that would not happen as Ghosn would be arrested in early on in the month. The board would oust Ghosn at a meeting later on in the month. Some believed that Saikawa wasn't in danger. A source familiar with the relationship between the two said "their differences hadn’t reached a point where Mr. Ghosn would have contemplated removing Mr. Saikawa." Still, Saikawa's reputation is taking quite the hit. The Nikkei has learned that Saikawa had signed various documents that "spelled out payments to Ghosn after his retirement as a consultant and for agreeing not to work for or join the board of any competitor." These documents are being used as evidence to show that Ghosn deferring payments of current salaries that were not reported. While prosecutors don't believe Saikawa knew about this, his position as CEO may be questioned "for missing the opportunity to catch the improprieties." Source: The Wall Street Journal (Subscription Required), Nikkei Asian Review (Subscription Required) View full article
  16. This morning, Tokyo prosecutors have indicted former Nissan boss Carlos Ghosn, and former representative director Greg Kelly for violating Japan’s Financial Instruments and Exchange Act. According to Japanese media, Ghosn allegedly failed to report 5 billion yen (about $44 million) from the 2010-2014 fiscal years. Prosecutors also rearrested both men on new allegations for under-reporting compensation totaling 4 billion yen (about $35.5 billion) from the 2015-2017 fiscal year. Prosecutors had until today to either indict or re-arrest Ghosn and Kelly. Under Japanese law, prosecutors can hold someone in custody for 20 days. After that, they need to either indict, set them free, or re-arrest the person with new charges. The last option resets the clock and allows prosecutors to continue their investigation. Both Ghosn and Kelly have denied any wrongdoing according to Japanese media. Nissan was also indicted today on charges of filing falsified securities reports. As we reported on Friday, a company can be held accountable if employees make false statements in company reports under Japanese law. “Making false disclosures in annual securities reports greatly harms the integrity of Nissan’s public disclosures in the securities markets, and the company expresses its deepest regret. Nissan will continue its efforts to strengthen its governance and compliance, including making accurate disclosures of corporate information,” said Nissan in a statement. There's also a new twist in the case. Reuters reports that Ghosn and Nissan are currently fighting over access to an apartment Rio de Janiero. In a filing to a Brazilian court last week, Nissan (who owns the apartment) is trying to block Ghosn from getting access into the apartment as it would “represent an incalculable risk of destruction of potential evidence of crimes allegedly committed.” The company says there are three safes that were found in an audit and are waiting to be opened. Ghosn has been trying to get into the apartment since late November when a lawyer representing Ghosn asked for permission to enter the apartment. It currently houses “personal belongings, documents, cash, objects and art pieces” that Ghosn wants to retrieve. “Nissan has been cooperating with authorities to investigate misconduct on the part of its former chairman, and is working to prevent the destruction of any potential evidence that could occur by allowing access to residences in question,” a Nissan spokesman told Reuters. The apartment was purchased in 2011 by a Nissan subsidiary after the company opened a plant in the nearby city of Resende. In a filing, Nissan said it had bought the apartment expecting that Ghosn’s trips to Brazil would “become more constant” after the factory opened. It should be noted that Ghosn was born and maintains Brazilian citizenship. Jose Roberto de Castro Neves, a lawyer representing Ghosn told Reuters he didn't know about the existence of three different safes and that it was “absurd speculation” that they may contain evidence of wrongdoing. Source: Automotive News (Subscription Required), Reuters, 2 View full article
  17. This morning, Tokyo prosecutors have indicted former Nissan boss Carlos Ghosn, and former representative director Greg Kelly for violating Japan’s Financial Instruments and Exchange Act. According to Japanese media, Ghosn allegedly failed to report 5 billion yen (about $44 million) from the 2010-2014 fiscal years. Prosecutors also rearrested both men on new allegations for under-reporting compensation totaling 4 billion yen (about $35.5 billion) from the 2015-2017 fiscal year. Prosecutors had until today to either indict or re-arrest Ghosn and Kelly. Under Japanese law, prosecutors can hold someone in custody for 20 days. After that, they need to either indict, set them free, or re-arrest the person with new charges. The last option resets the clock and allows prosecutors to continue their investigation. Both Ghosn and Kelly have denied any wrongdoing according to Japanese media. Nissan was also indicted today on charges of filing falsified securities reports. As we reported on Friday, a company can be held accountable if employees make false statements in company reports under Japanese law. “Making false disclosures in annual securities reports greatly harms the integrity of Nissan’s public disclosures in the securities markets, and the company expresses its deepest regret. Nissan will continue its efforts to strengthen its governance and compliance, including making accurate disclosures of corporate information,” said Nissan in a statement. There's also a new twist in the case. Reuters reports that Ghosn and Nissan are currently fighting over access to an apartment Rio de Janiero. In a filing to a Brazilian court last week, Nissan (who owns the apartment) is trying to block Ghosn from getting access into the apartment as it would “represent an incalculable risk of destruction of potential evidence of crimes allegedly committed.” The company says there are three safes that were found in an audit and are waiting to be opened. Ghosn has been trying to get into the apartment since late November when a lawyer representing Ghosn asked for permission to enter the apartment. It currently houses “personal belongings, documents, cash, objects and art pieces” that Ghosn wants to retrieve. “Nissan has been cooperating with authorities to investigate misconduct on the part of its former chairman, and is working to prevent the destruction of any potential evidence that could occur by allowing access to residences in question,” a Nissan spokesman told Reuters. The apartment was purchased in 2011 by a Nissan subsidiary after the company opened a plant in the nearby city of Resende. In a filing, Nissan said it had bought the apartment expecting that Ghosn’s trips to Brazil would “become more constant” after the factory opened. It should be noted that Ghosn was born and maintains Brazilian citizenship. Jose Roberto de Castro Neves, a lawyer representing Ghosn told Reuters he didn't know about the existence of three different safes and that it was “absurd speculation” that they may contain evidence of wrongdoing. Source: Automotive News (Subscription Required), Reuters, 2
  18. "Since the arrest former Nissan chairman Carlos Ghosn last month, various reports have come out revealing the strained relationship between Nissan and its alliance partner, Renault. It has also brought up questions as to whether or not Nissan decided to 'push' Ghosn out by using the misuse of corporate assets as the reason. A new report from The Wall Street Journal is only stoking those fires. Sources tell the paper that Ghosn was planning to "shake up the senior management ranks at Nissan" and told some executives that he was planning on replacing current Nissan CEO Hiroto Saikawa - his hand-picked successor. While Ghosn supported Saikawa in public, the two would clash over various problems the company was facing. This included, Problems with inspections done on JDM vehicles, prompting recalls of more than a million vehicles Declining sales in the U.S. According to one source, Ghosn wanted to oust Saikawa and planned to put it to a vote at a board meeting in November. But that would not happen as Ghosn would be arrested in early on in the month. The board would oust Ghosn at a meeting later on in the month. Some believed that Saikawa wasn't in danger. A source familiar with the relationship between the two said "their differences hadn’t reached a point where Mr. Ghosn would have contemplated removing Mr. Saikawa." Still, Saikawa's reputation is taking quite the hit. The Nikkei has learned that Saikawa had signed various documents that "spelled out payments to Ghosn after his retirement as a consultant and for agreeing not to work for or join the board of any competitor." These documents are being used as evidence to show that Ghosn deferring payments of current salaries that were not reported. While prosecutors don't believe Saikawa knew about this, his position as CEO may be questioned "for missing the opportunity to catch the improprieties." Source: The Wall Street Journal (Subscription Required), Nikkei Asian Review (Subscription Required)
  19. Three weeks after he was arrested in a Tokyo airport, Carlos Ghosn will soon be officially charged. Bloomberg has learned from sources that Ghosn will appear in Japanese court as soon as Monday to be indicted on various financial charges. Japanese prosecutors have to either charge Ghosn or arrest him new charges if they don't want to release him. Sources also tell Bloomberg that prosecutors are planning to bring new charges against Ghosn. While not public, sources believe it may relate to Ghosn under-reporting his income for the past three fiscal years. The Tokyo prosecutors’ office declined to comment. Meanwhile, Nissan is facing its own set of issues from Ghosn's arrest. The Nikkei Asian Review is reporting that prosecutors will file charges against the company for making false statements on securities reports. This is due to Ghosn and Greg Kelly, a former member of Nissan's board of directors for under-reporting salaries in five annual reports that go through the fiscal year that ended in March 2015. In Japan, a company can be held accountable for employees misstating financial information and not stopping it - hence why Nissan is getting charged. A source told Automotive News that Nissan had been "preparing for the possibility of charges" since allegations against the two men came out last month. It appears that the relationship between Nissan and Renault is taking hit. Unlike Nissan and Mitsubishi which have outed Ghosn as chairman, Renault is keeping him as chairman and CEO for the time being. The French automaker has named an interim CEO and the duties of chairman are being performed by a director. Why hasn't Renault followed Nissan and Mitsubishi? According to a Renault spokesman, Nissan hasn't provided evidence that the board has asked for in their internal probe. He declined to comment any further. Sources at the automaker give a clearer view. Executives at Renault are quite suspicious of Nissan’s motives with Ghosn. The French automaker has asked for proof from Nissan concerning the allegations against Ghosn. Nissan offered a presentation that summarized the evidence, but Renault passed, asking for the "presence of lawyers and the full report on the allegations." Renault has good reason to be suspicious of Nissan considering the odd arrangement of their alliance. Renault is the largest shareholder in Nissan and has voting rights. But Nissan doesn't have any voting rights at Renault due in part to the French government being the lead shareholder. Nissan has been trying to balance this relationship, "but its demands have been stonewalled by Renault and the French state." It should also be noted that Ghosn had been pushing for a possible merger between the two - something Renault wanted but Nissan didn't. Source: Automotive News (Subscription Required) Bloomberg, Nikkei Asian Review View full article
  20. Three weeks after he was arrested in a Tokyo airport, Carlos Ghosn will soon be officially charged. Bloomberg has learned from sources that Ghosn will appear in Japanese court as soon as Monday to be indicted on various financial charges. Japanese prosecutors have to either charge Ghosn or arrest him new charges if they don't want to release him. Sources also tell Bloomberg that prosecutors are planning to bring new charges against Ghosn. While not public, sources believe it may relate to Ghosn under-reporting his income for the past three fiscal years. The Tokyo prosecutors’ office declined to comment. Meanwhile, Nissan is facing its own set of issues from Ghosn's arrest. The Nikkei Asian Review is reporting that prosecutors will file charges against the company for making false statements on securities reports. This is due to Ghosn and Greg Kelly, a former member of Nissan's board of directors for under-reporting salaries in five annual reports that go through the fiscal year that ended in March 2015. In Japan, a company can be held accountable for employees misstating financial information and not stopping it - hence why Nissan is getting charged. A source told Automotive News that Nissan had been "preparing for the possibility of charges" since allegations against the two men came out last month. It appears that the relationship between Nissan and Renault is taking hit. Unlike Nissan and Mitsubishi which have outed Ghosn as chairman, Renault is keeping him as chairman and CEO for the time being. The French automaker has named an interim CEO and the duties of chairman are being performed by a director. Why hasn't Renault followed Nissan and Mitsubishi? According to a Renault spokesman, Nissan hasn't provided evidence that the board has asked for in their internal probe. He declined to comment any further. Sources at the automaker give a clearer view. Executives at Renault are quite suspicious of Nissan’s motives with Ghosn. The French automaker has asked for proof from Nissan concerning the allegations against Ghosn. Nissan offered a presentation that summarized the evidence, but Renault passed, asking for the "presence of lawyers and the full report on the allegations." Renault has good reason to be suspicious of Nissan considering the odd arrangement of their alliance. Renault is the largest shareholder in Nissan and has voting rights. But Nissan doesn't have any voting rights at Renault due in part to the French government being the lead shareholder. Nissan has been trying to balance this relationship, "but its demands have been stonewalled by Renault and the French state." It should also be noted that Ghosn had been pushing for a possible merger between the two - something Renault wanted but Nissan didn't. Source: Automotive News (Subscription Required) Bloomberg, Nikkei Asian Review
  21. Nissan's showing at last week's LA Auto Show was a bit underwhelming with mid-cycle refreshes of the Maxima and Murano. But Nissan had bigger plans for LA. According to the Wall Street Journal, the Japanese automaker was planning to show a longer-range version of the Leaf EV. The model would increase range from 151 miles to 225 miles via a larger battery pack. The Journal reports that Nissan had rented space in the Japanese American National Museum for the media unveiling and hired Hollywood actress Margot Robbie to introduce the model. But the reveal was postponed. “The official announcement regarding details of the 2019 Nissan Leaf with additional performance capabilities is postponed to a later date,” Nissan said in a statement. A spokesman went on to say that the reveal was delayed “to ensure that this important product unveiling could receive the coverage it merits.” Emphasis mine. Currently, the coverage at Nissan deals with the arrest of former Chairman and CEO Carlos Ghosn over alleged misuse of company funds and understating his income. This would have overshadowed the introduction of the updated Leaf. It is unclear when Nissan is planning to show off the revised Leaf, but it may take awhile. This week alone saw new allegations come against Ghosn for having a salary above a cap set by shareholders and that he passed on personal losses totaling more than a billion yen ($8.8 million) from derivative trading on to the company. Over at Nissan, the company has pushed back a decision on nominating a successor to Ghosn as chairman. It is expected that a recommendation made by a three-member panel of external Nissan directors will present their choice to the board later this month. Source: Wall Street Journal (Subscription Required) View full article
  22. Nissan's showing at last week's LA Auto Show was a bit underwhelming with mid-cycle refreshes of the Maxima and Murano. But Nissan had bigger plans for LA. According to the Wall Street Journal, the Japanese automaker was planning to show a longer-range version of the Leaf EV. The model would increase range from 151 miles to 225 miles via a larger battery pack. The Journal reports that Nissan had rented space in the Japanese American National Museum for the media unveiling and hired Hollywood actress Margot Robbie to introduce the model. But the reveal was postponed. “The official announcement regarding details of the 2019 Nissan Leaf with additional performance capabilities is postponed to a later date,” Nissan said in a statement. A spokesman went on to say that the reveal was delayed “to ensure that this important product unveiling could receive the coverage it merits.” Emphasis mine. Currently, the coverage at Nissan deals with the arrest of former Chairman and CEO Carlos Ghosn over alleged misuse of company funds and understating his income. This would have overshadowed the introduction of the updated Leaf. It is unclear when Nissan is planning to show off the revised Leaf, but it may take awhile. This week alone saw new allegations come against Ghosn for having a salary above a cap set by shareholders and that he passed on personal losses totaling more than a billion yen ($8.8 million) from derivative trading on to the company. Over at Nissan, the company has pushed back a decision on nominating a successor to Ghosn as chairman. It is expected that a recommendation made by a three-member panel of external Nissan directors will present their choice to the board later this month. Source: Wall Street Journal (Subscription Required)
  23. Carlos Ghosn, the person credited with saving Nissan from total collapse and bringing it together with Renault and Mitsubishi finds himself in very hot water. Today, Ghosn was detained by Japanese authorities in Tokyo over the suspected breach of Japanese financial laws. During a press conference this morning, Nissan CEO Hiroto Saikawa explained that Ghosn under-reported his income and used corporate assets for personal use. Another executive, Greg Kelly (Nissan's director of human resources) is also involved. "The investigation showed that over many years both Ghosn and Kelly have been reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount, in order to reduce the disclosed amount of Carlos Ghosn's compensation," Nissan said in a statement today. "Also, in regards to Ghosn, numerous other significant acts of misconduct have been uncovered, such as personal use of company assets, and Kelly's deep involvement has also been confirmed." Saikawa said that the two would be removed from their posts during a board meeting on Thursday. While many consider Ghosn to be a hero, he is also quite controversial. A lot of this comes down to his compensation. Ghosn got paychecks from his numerous roles as "chairman of the Renault-Nissan-Mitsubishi alliance, CEO of Renault, and chairman of both Nissan and Mitsubishi." According to Bloomberg, Ghosn took home about $17 million from the three companies. Ghosn's arrest also calls into question to the future of the alliance between Nissan, Renault, and Mitsubishi. Source: Automotive News (Subscription Required), Bloomberg, Nissan Regarding serious misconduct by Nissan Chairman and one representative director YOKOHAMA, Japan – Based on a whistleblower report, Nissan Motor Co., Ltd. (Nissan) has been conducting an internal investigation over the past several months regarding misconduct involving the company's Representative Director and Chairman Carlos Ghosn and Representative Director Greg Kelly. The investigation showed that over many years both Ghosn and Kelly have been reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount, in order to reduce the disclosed amount of Carlos Ghosn's compensation. Also, in regards to Ghosn, numerous other significant acts of misconduct have been uncovered, such as personal use of company assets, and Kelly's deep involvement has also been confirmed. Nissan has been providing information to the Japanese Public Prosecutors Office and has been fully cooperating with their investigation. We will continue to do so. As the misconduct uncovered through our internal investigation constitutes clear violations of the duty of care as directors, Nissan's Chief Executive Officer Hiroto Saikawa will propose to the Nissan Board of Directors to promptly remove Ghosn from his positions as Chairman and Representative Director. Saikawa will also propose the removal of Greg Kelly from his position as Representative Director. Nissan deeply apologizes for causing great concern to our shareholders and stakeholders. We will continue our work to identify our governance and compliance issues, and to take appropriate measures. View full article
  24. William Maley

    Nissan To Oust Carlos Ghosn After Being Arrested

    Carlos Ghosn, the person credited with saving Nissan from total collapse and bringing it together with Renault and Mitsubishi finds himself in very hot water. Today, Ghosn was detained by Japanese authorities in Tokyo over the suspected breach of Japanese financial laws. During a press conference this morning, Nissan CEO Hiroto Saikawa explained that Ghosn under-reported his income and used corporate assets for personal use. Another executive, Greg Kelly (Nissan's director of human resources) is also involved. "The investigation showed that over many years both Ghosn and Kelly have been reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount, in order to reduce the disclosed amount of Carlos Ghosn's compensation," Nissan said in a statement today. "Also, in regards to Ghosn, numerous other significant acts of misconduct have been uncovered, such as personal use of company assets, and Kelly's deep involvement has also been confirmed." Saikawa said that the two would be removed from their posts during a board meeting on Thursday. While many consider Ghosn to be a hero, he is also quite controversial. A lot of this comes down to his compensation. Ghosn got paychecks from his numerous roles as "chairman of the Renault-Nissan-Mitsubishi alliance, CEO of Renault, and chairman of both Nissan and Mitsubishi." According to Bloomberg, Ghosn took home about $17 million from the three companies. Ghosn's arrest also calls into question to the future of the alliance between Nissan, Renault, and Mitsubishi. Source: Automotive News (Subscription Required), Bloomberg, Nissan Regarding serious misconduct by Nissan Chairman and one representative director YOKOHAMA, Japan – Based on a whistleblower report, Nissan Motor Co., Ltd. (Nissan) has been conducting an internal investigation over the past several months regarding misconduct involving the company's Representative Director and Chairman Carlos Ghosn and Representative Director Greg Kelly. The investigation showed that over many years both Ghosn and Kelly have been reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount, in order to reduce the disclosed amount of Carlos Ghosn's compensation. Also, in regards to Ghosn, numerous other significant acts of misconduct have been uncovered, such as personal use of company assets, and Kelly's deep involvement has also been confirmed. Nissan has been providing information to the Japanese Public Prosecutors Office and has been fully cooperating with their investigation. We will continue to do so. As the misconduct uncovered through our internal investigation constitutes clear violations of the duty of care as directors, Nissan's Chief Executive Officer Hiroto Saikawa will propose to the Nissan Board of Directors to promptly remove Ghosn from his positions as Chairman and Representative Director. Saikawa will also propose the removal of Greg Kelly from his position as Representative Director. Nissan deeply apologizes for causing great concern to our shareholders and stakeholders. We will continue our work to identify our governance and compliance issues, and to take appropriate measures.
  25. Nissan will be using next month's LA Auto Show to unveil an updated version of their flagship Maxima sedan. At first glance, you might be wondering if there any changes - looks the same as the old one. But take a closer look and you notice the new headlights with certain models getting full-LED versions. The V-shaped grille looks be slightly larger and wider, and there are new small intake grilles. Nissan will also be offering their Safety Shield 360 suite of active safety features that include front and rear automatic emergency braking, blind spot warning, rear cross traffic alert, lane departure warning, and automatic high beams. Nissan says the Maxima will go sale in December. There's still a lot of things up in the air, such if there are any changes coming to the interior and powertrain. We'll have more details in a month's time. Source: Nissan Nissan Maxima to debut at upcoming Los Angeles Auto Show NASHVILLE, Tenn. – The Nissan Maxima, which makes its world debut at the Los Angeles Auto Show, receives a fresh new look for the 2019 model year. The new Maxima will also offer available Nissan Safety Shield 360 technology, a suite of six advanced safety and driver-assist technologies. The 2019 Maxima, the flagship of Nissan’s sedan lineup, goes on sale in December. View full article

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