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  1. 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
  2. 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)
  3. 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
  4. 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
  5. "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
  6. 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
  7. 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
  8. "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)
  9. 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
  10. 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
  11. 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
  12. 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)
  13. 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
  14. 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.
  15. 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
  16. 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.
  17. According to Cars Direct who got access to the ordering guide, Nissan dealers can now order up the Nissan Leaf with the 60 kWh battery pack. The long range EV go into production in January 2019 with Spring 2019 delivery. It now appears that the Leaf will hit the same price as the Chevy Bolt with the top of the line Leaf SL costing $42,500 compared to the fully loaded Bolt at $41,780. Differences is that the Leaf has a 225 mile EPA range where the Bolt is certified at 238 miles. According to Push EV who says they got their hands on slides and other information on the 60 kWh battery will come with a 160 kW motor replacing the 110 kW motor that comes with the 40 kWh battery. Nissan also has added 100 kW DC fast charging along with 11-22 kW internal charger power. Both of these are upgraded from the current 6,6 kW internal charger power and 50 kW DC fast charging for the 40 kW battery EV. The last piece of info is that Nissan with the new battery pack drops their lack of thermal mgmt. based on using air for a liquid thermal mgmt. system on the new battery pack which is supplied by LG Chemical rather than AESC the provider of the 40 kW battery pack which was owned by Nissan and sold summer 2018 to LG Chem. Either way there is now 2 alternatives to a Tesla 3 and Nissan and Chevrolet still has their Federal rebate where Tesla is out it seems as of the end of October. The next question for Nissan that fans have been asking is when is the Nismo version going on sale now that they have their new 60 kWh battery? Cars Direct Story Push EV Story
  18. William Maley

    Nissan Admits To Improper Measuring Of Emissions

    Nissan finds itself in trouble once again as it admitted today that it had improperly measured exhaust emissions and fuel economy for 19 models sold in Japan. According to Reuters, Nissan found that test environments for emissions and fuel economy at final inspection stations didn't meet up to standards. Nissan also found that inspection reports were be based on altered measurements. The automaker was quick to point out this misconduct doesn't affect models exported to other markets "as it applies to requirements intended specifically for the Japanese market." “This is a deep and serious issue for our company,” Nissan Chief Operating Officer Yasuhiro Yamauchi told reporters at a briefing today. "We realize that our compliance awareness remains lacking." Nissan will be carrying out an investigation to determine the cause, which it expects to take a month or longer. This comes a few months after Nissan revealed that it had uncertified inspectors signing off on final inspection of JDM models for decades. It prompted a recall of 1.2 million vehicles and suspending production for two weeks. Source: Reuters
  19. Nissan finds itself in trouble once again as it admitted today that it had improperly measured exhaust emissions and fuel economy for 19 models sold in Japan. According to Reuters, Nissan found that test environments for emissions and fuel economy at final inspection stations didn't meet up to standards. Nissan also found that inspection reports were be based on altered measurements. The automaker was quick to point out this misconduct doesn't affect models exported to other markets "as it applies to requirements intended specifically for the Japanese market." “This is a deep and serious issue for our company,” Nissan Chief Operating Officer Yasuhiro Yamauchi told reporters at a briefing today. "We realize that our compliance awareness remains lacking." Nissan will be carrying out an investigation to determine the cause, which it expects to take a month or longer. This comes a few months after Nissan revealed that it had uncertified inspectors signing off on final inspection of JDM models for decades. It prompted a recall of 1.2 million vehicles and suspending production for two weeks. Source: Reuters View full article
  20. William Maley

    June 2018: Nissan Group

    Nissan Group reports June 2018 U.S. sales NASHVILLE, Tenn. – Nissan Group today announced total U.S. sales for June 2018 of 145,096 units, an increase of 1 percent compared to the previous year. This marks a June record. Nissan highlights: Nissan Division sales set a June record at 134,398 units, an increase of 3 percent Combined sales of Nissan crossovers, trucks and SUVs set a June record, up 12 percent. Nissan Rogue crossover set a June record with sales of 37,004 units, up 8 percent. Murano crossover sales increased 59 percent to 8,806 units, setting a June record. Armada SUV sales rose 129 percent to 5,434 units. It was Armada's best-ever month. NV200 sales set a June record with sales of 1,717 units, up 2 percent. NISSAN DIVISION JUNE JUNE Monthly CYTD CYTD CYTD 2018 2017 % chg 2018 2017 % chg Nissan Division Total 134,398 131,057 2.5 708,525 740,545 -4.3 Versa 7,745 8,155 -5.0 45,684 56,558 -19.2 Sentra 20,572 22,534 -8.7 115,676 112,574 2.8 Altima 26,956 28,042 -3.9 123,792 146,284 -15.4 Maxima 4,504 4,410 2.1 24,052 31,519 -23.7 LEAF 1,367 1,506 -9.2 6,659 7,248 -8.1 Juke 41 893 -95.4 652 7,245 -91.0 370Z 363 405 -10.4 1,949 2,489 -21.7 GT-R 60 62 -3.2 304 373 -18.5 Total Car 61,608 66,007 -6.7 318,768 364,290 -12.5 Kicks 563 0 563 0 Frontier 6,856 8,144 -15.8 41,701 37,813 10.3 Titan 4,121 4,199 -1.9 23,294 24,464 -4.8 Xterra 0 0 n/a 0 1 -100.0 Pathfinder 6,736 6,578 2.4 33,702 45,467 -25.9 Armada 5,434 2,370 129.3 18,445 14,155 30.3 Rogue 37,004 34,349 7.7 215,202 195,689 10.0 Murano 8,806 5,534 59.1 38,800 34,696 11.8 Quest 0 502 -100.0 2 4,921 -100.0 NV 1,553 1,688 -8.0 8,248 9,447 -12.7 NV200 1,717 1,686 1.8 9,800 9,602 2.1 Total Truck 72,790 65,050 11.9 389,757 376,255 3.6 INFINITI JUNE JUNE Monthly CYTD CYTD CYTD 2018 2017 % chg 2018 2017 % chg Infiniti Total 10,698 12,271 -12.8 72,170 79,143 -8.8 Infiniti Q50 2,631 3,224 -18.4 19,157 19,603 -2.3 Infiniti Q60 591 851 -30.6 4,692 5,938 -21.0 Infiniti Q70 364 419 -13.1 2,517 3,283 -23.3 Infiniti QX30 656 726 -9.6 4,814 9,393 -48.7 Infiniti QX50 1,710 1,210 41.3 9,066 7,955 14.0 Infiniti QX60 3,382 3,358 0.7 22,176 18,279 21.3 Infiniti QX70 65 678 -90.4 806 4,772 -83.1 Infiniti QX80 1,299 1,805 -28.0 8,942 9,920 -9.9 Total Car 3,586 4,494 -20.2 26,366 28,824 -8.5 Total Truck 7,112 7,777 -8.6 45,804 50,319 -9.0 NISSAN GROUP JUNE JUNE Monthly CYTD CYTD CYTD 2018 2017 % chg 2018 2017 % chg TOTAL VEHICLE 145,096 143,328 1.2 780,695 819,688 -4.8 Total Car 65,194 70,501 -7.5 345,134 393,114 -12.2 Total Truck 79,902 72,827 9.7 435,561 426,574 2.1 Selling days 27 26 154 152 # # #
  21. William Maley

    May 2018: Nissan Group

    Nissan Group reports May 2018 U.S. Sales NASHVILLE, Tenn. – Nissan Group today announced total U.S. sales for May 2018 of 131,832 units, a decrease of 4 percent compared to the previous year. Nissan highlights: Overall sales of Nissan crossovers, trucks and SUVs set a May record, up 4 percent. Sales of the Rogue crossover set a May record with sales of 38,413 units, up 18 percent. Nissan LEAF all-electric vehicle sales increased 13 percent to 1,576 units. NISSAN DIVISION MAY MAY Monthly CYTD CYTD CYTD 2018 2017 % chg 2018 2017 % chg Nissan Division Total 120,207 124,957 -3.8 574,127 609,488 -5.8 Versa 6,576 9,006 -27.0 37,939 48,403 -21.6 Sentra 18,103 18,371 -1.5 95,104 90,040 5.6 Altima 23,030 23,994 -4.0 96,836 118,242 -18.1 Maxima 3,694 5,948 -37.9 19,548 27,109 -27.9 LEAF 1,576 1,392 13.2 5,292 5,742 -7.8 Juke 72 1,278 -94.4 611 6,352 -90.4 370Z 343 447 -23.3 1,586 2,084 -23.9 GT-R 74 65 13.8 244 311 -21.5 Total Car 53,468 60,501 -11.6 257,160 298,283 -13.8 Frontier 6,938 7,756 -10.5 34,845 29,669 17.4 Titan 3,779 4,937 -23.5 19,173 20,265 -5.4 Xterra 0 0 n/a 0 1 -100.0 Pathfinder 6,119 6,457 -5.2 26,966 38,889 -30.7 Armada 2,216 2,487 -10.9 13,011 11,785 10.4 Rogue 38,413 32,533 18.1 178,198 161,340 10.4 Murano 5,881 6,409 -8.2 29,994 29,162 2.9 Quest 0 384 -100.0 2 4,419 -100.0 NV 1,702 1,769 -3.8 6,695 7,759 -13.7 NV200 1,691 1,724 -1.9 8,083 7,916 2.1 Total Truck 66,739 64,456 3.5 316,967 311,205 1.9 INFINITI MAY MAY Monthly CYTD CYTD CYTD 2018 2017 % chg 2018 2017 % chg Infiniti Total 11,625 12,514 -7.1 61,472 66,872 -8.1 Infiniti Q50 2,945 3,370 -12.6 16,526 16,379 0.9 Infiniti Q60 848 972 -12.8 4,101 5,087 -19.4 Infiniti Q70 390 459 -15.0 2,153 2,864 -24.8 Infiniti QX30 672 927 -27.5 4,158 8,667 -52.0 Infiniti QX50 1,859 1,230 51.1 7,356 6,745 9.1 Infiniti QX60 3,718 3,449 7.8 18,794 14,921 26.0 Infiniti QX70 69 683 -89.9 741 4,094 -81.9 Infiniti QX80 1,124 1,424 -21.1 7,643 8,115 -5.8 Total Car 4,183 4,801 -12.9 22,780 24,330 -6.4 Total Truck 7,442 7,713 -3.5 38,692 42,542 -9.0 NISSAN GROUP MAY MAY Monthly CYTD CYTD CYTD 2018 2017 % chg 2018 2017 % chg TOTAL VEHICLE 131,832 137,471 -4.1 635,599 676,360 -6.0 Total Car 57,651 65,302 -11.7 279,940 322,613 -13.2 Total Truck 74,181 72,169 2.8 355,659 353,747 0.5 Selling days 26 25 127 126 # # #
  22. Nissan's goal in the U.S. for quite some time was increasing its market share. To do this, the company piled on the incentives and sold more vehicles to rental car fleets. While fine in the short-term, the long-term effects would hurt profitability and brand image. This isn't helped by sales declining 6.5 percent this year and a growing supply of vehicles on dealers - Kelly Blue Book reports an 88-day supply of Nissan vehicles. Nissan is changing its plan for the U.S. Back at the 2018 NADA Show in April, Nissan's U.S. sales chief Dan Mohnke told dealers the company would focus on boosting profitability by reducing inventory. One way to do that is cutting back on production. The Nikkei Asian Review reports Nissan is slashing production as much as 20% at their North American plants. The cuts are already taking place at Nissan's two plants in the U.S. (Canton and Smyrna, TN) and three in Mexico. No layoffs are expected, instead, workers will have an extra day or two off of work. The cuts are expected to end in the fall when production of the next-generation Altima kicks off. It is expected that the production cut will drop Nissan's U.S. sales for the year by three percent. Source: Nikkei Asian Review
  23. Nissan's goal in the U.S. for quite some time was increasing its market share. To do this, the company piled on the incentives and sold more vehicles to rental car fleets. While fine in the short-term, the long-term effects would hurt profitability and brand image. This isn't helped by sales declining 6.5 percent this year and a growing supply of vehicles on dealers - Kelly Blue Book reports an 88-day supply of Nissan vehicles. Nissan is changing its plan for the U.S. Back at the 2018 NADA Show in April, Nissan's U.S. sales chief Dan Mohnke told dealers the company would focus on boosting profitability by reducing inventory. One way to do that is cutting back on production. The Nikkei Asian Review reports Nissan is slashing production as much as 20% at their North American plants. The cuts are already taking place at Nissan's two plants in the U.S. (Canton and Smyrna, TN) and three in Mexico. No layoffs are expected, instead, workers will have an extra day or two off of work. The cuts are expected to end in the fall when production of the next-generation Altima kicks off. It is expected that the production cut will drop Nissan's U.S. sales for the year by three percent. Source: Nikkei Asian Review View full article
  24. UK Sales started on Nissan Energy Solar System Nissan has announced the start of their all encompassing Solar Energy System. This system has the ability to reduce home electric bills by 66%, increased independence from the national grid and electricity providers and the ability to generate, store and manage energy use overnight. Nissan says even on overcast or rainy days the system will still do all this and provide charging to your Nissan EVs. Nissan says the basic home system starts at £3,881 and includes the supply and installation of six solar panel system, home energy management system and VAT at 5%. For those that do not speak UK Pound Sterling, this is equal to $5,242.45 at todays 5/17/2018 conversion rate for Dollars. To get a complete solar panel system plus the XStorage unit that would be installed in your garage, your price starts at £7,635 or $10,313.46 at todays 5/17/2018 conversion rate for Dollars. Nissan is also selling additional storage units for £6,446 or $8,707.34 allowing one to go totally grid free if they so choose to add more panels and storage systems to fully support the house. The Nissan Solar System allows one to use the Nissan wireless charging mat under their Nissan EV and if you need a bit of extra energy, you can always pull it from your auto battery and then return it later on. This maximizes the efficiency of electrical grid and solar solution. Nissan UK Solar System web site Nissan has stayed silent on if or when they plan to bring this to the US. Right now they are focused on the UK, a much smaller market. Yet once they feel this is perfected, it will be a solid competitor to the Tesla SolarCity panels and Powerwall 2 which has seen a large drop in installations since Tesla bought them out. With a 57% drop in installations and what shareholders see as a clear conflict of interest due to the bonds that the Tesla CEO and his family members held, it would see they had more to gain than the shareholders. A Delaware judge is letting the lawsuit move forward creating more headache for CEO Musk. Solarcity & Powerwall 2 web site Clearly Nissan has taken ideas on their ideas of a smart street with fluid green energy being used between the auto and the home. For more pictures and info on this check out the story posted March 16 2016 here: Nissan Press Release Tesla Solarcity & Powerwall lawsuit
  25. EV Battery War Heats UP, Asia Versus America! Seems America, Tesla and the department of energy have created the next war. This is the Battery war, Lithium Ion versus Solid State batteries and Japan is behind. As such according to the story in the Nikkei, the Japanese government is funding research by leading Japanese manufacturers to develop what they believe will power the EVs of the future. This group brings together the Japanese Consortium for Lithium Ion Battery Technology and Evaluation Center (Libtec) with Toyota Motor, Nissan Motor, Honda Motor, Panasonic and battery maker GS Yuasa to develop rapid charging solid-state batteries that are easier to manufacture, safer, denser energy and costs less. The story goes on to say that Toyota's Solid State battery technology is considered to be the most advanced in the world, but is not commercialized yet. This new consortium is meant to make this happen by being funded by the Japanese government. This should help Japan beat China, Korea and the US in having the fastest charging, safest and densest battery packs in the world. Current market numbers are that global battery market shows Japan had 70% in 2013 but shrunk to 41% today, China and Korea combine for 26% today from 3% in 2013 The consortium is quoted as bringing the smaller but denser 400km Toyota solid state battery pack to market in the next 18 months in current EVs and have the size grow of the solid state batteries grow very little while having 550km batteries by 2025 and 800km batteries by 2030. For those that are a bit rusty on their metric, this equates to 249, 342, and 497 miles of range in a small dense battery pack. Japan industry ministry is eager for the country to reclaim its global dominance by setting the standard for solid-state batteries. Nikkei Story

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