Archive for the ‘Mitsubishi’ Category

Carlos Ghosn Formally Indicted – Could Face 10-Year Sentence

Former Nissan chairman accused of concealing income.

by on Dec.10, 2018

Nissan Chairman Carlos Ghosn was still running the show when he appeared at a news conference at the Paris Motor Show in October.

Things went from bad to worse for the long-time head of the Renault-Nissan-Mitsubishi Alliance on Monday, prosecutors in Tokyo formally charging Carlos Ghosn with financial misconduct in a scandal that has rocked the global automotive industry.

Ghosn, along with Nissan board member Greg Kelly, were arrested on November 19th after their corporate jet touched down in the Japanese capital and immediately taken to the Tokyo Detention Centre where they have been held in solitary ever since. Ghosn, in particular, has not been accused of hiding about half of his $88 million income during a five year period beginning in 2010. He may face additional charges related to more recent years, according to Japanese media reports.

Breaking News!

If found guilty, the executive who was given credit for saving a nearly bankrupt Nissan in 1999 could face up to 10 years in prison, a 10 million yen, or $89,000, fine, or both. Nissan, however, could also face potential penalties as high as 700 million yen, or $6.2 million, for failing to catch the alleged scheme.

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Ousted Nissan Chairman Ghosn Expected to Be Indicted Monday

Japanese reports anticipate charges for financial misconduct.

by on Dec.07, 2018

Former Nissan Chairman Carlos Ghosn is expected to be indicted next week by Japanese prosecutors.

After languishing in the Tokyo Detention Centre for nearly three weeks, facing regular grilling by Japanese prosecutors, ousted Nissan Chairman Carlos Ghosn is expected to be formally indicted on Monday, the Nikkei business daily is reporting.

Ghosn and Nissan board member Greg Kelly were arrested nearly three weeks ago as they flew into Japan, authorities responding to a report by the second-largest Japanese automaker that alleged the pair engaged in financial misconduct. Ghosn, in particular, allegedly failed to report millions of dollars in income while also misappropriating Nissan funds, among other things, to purchase homes in Rio de Janeiro and Beirut. He is Lebanese by heritage but grew up in Brazil.

Global News!

The Nov. 19 arrests, which marked the downfall of one of the industry’s most powerful executives, have stunned the automotive community. They have also generated a number of questions about why Ghosn was taken into custody and put in the position of possibly serving a decade in prison, rather than simply facing civil penalties. Some observers have suggested he may be an unwitting pawn in a battle for control between Nissan and the French automaker Renault which rescued the then-failing Japanese automaker in 1999. (more…)

Ghosn May Ring in New Year in Japanese Custody

Former Nissan CEO denies any wrongdoing.

by on Dec.04, 2018

Ousted Nissan Chairman Carlos Ghosn may ring in the new year in Japanese custody.

Ousted Nissan Chairman Carlos Ghosn may be arrested again by Japanese authorities as part of their ongoing investigation into charges of alleged financial misconduct by the former company executive and a colleague.

Ghosn was initially expected to be released on Dec. 10, after having his release delayed two times already. Japanese law allows investigators to arrest a suspect again if new criminal charges are filed, which is exactly what is expected to happen with Ghosn.

Global News!

He could be detained until the end of the year. Japanese prosecutors are expected to file charges that Ghosn’s total compensation for 2016 and 2017 exceeded the cap set by the company’s shareholders, according to an Automotive News report. (more…)

Honda Insight Named Green Car of the Year

Jaguar I-Pace and Mitsubishi Outlander PHEV also honored.

by on Nov.29, 2018

Honda's Ray Mikichuk with Green Car Publisher Ron Cogan and Green Car of the Year Insight.

The 2019 Honda Insight was named the Green Car of the Year on Thursday, during a news conference at the Los Angeles Auto Show.

The hybrid sedan had to share the stage, however, with two other winners, the Jaguar I-Pace taking home a trophy as Luxury Green Car of the Year, while the Mitsubishi Outlander PHEV was honored as SUV Green Car of the Year.

The award comes as something of a vindication for Honda. The automaker was actually the first to sell a hybrid in the U.S. market, but the original, two-seat Insight, launched in 1999, was a slow seller and a second version bearing the Insight badge didn’t do much better. The new model finally appears to be connecting with consumers by “being a no-compromise vehicle,” Ray Mikichuk, Honda’s assistant vice president for U.S. sales, told bingdb.info.

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A “Too Powerful” Carlos Ghosn Also Booted From Mitsubishi

Questions raised about reasons for his arrest.

by on Nov.26, 2018

Nissan Chairman Carlos Ghosn was arrested by Japanese investigators and is being held during the query.

Carlos Ghosn, until recently one of the most powerful men in the global auto industry, suffered yet another setback on Monday, the board of Mitsubishi Motors ousting him as company chairman.

The news comes while Ghosn remains in custody, prosecutors in Tokyo probing allegations that the 64-year-old executive under-reported his income while also misusing potentially millions of dollars in funds while serving as chief executive, and later chairman, of Nissan Motor Co. Nissan severed ties with the executive last Thursday in response to an internal probe that raised concerns about Ghosn’s alleged misdeeds.

Global News!

But some observers are questioning why Ghosn was not only fired from both Nissan and Mitsubishi, but also arrested after landing in Tokyo last week. Such concerns were escalated by comments made by Nissan’s current CEO and Ghosn rival, Hirota Saikawa, who reportedly told employees on Monday that Ghosn had become too powerful in his multiple roles with Nissan, Mitsubishi and their French alliance partner Renault. (more…)

Ghosn Scandal Could Fracture Renault-Nissan Alliance

Handling of allegations against Ghosn raising questions.

by on Nov.23, 2018

Carlos Ghosn was formally ousted as Nissan Chairman by the automaker's board on Thursday.

With relatively little debate, Nissan’s board voted to oust Chairman Carlos Ghosn on a Thursday afternoon emergency meeting at its headquarters in Yokohama, the latest move in a scandal that could see the man credited with saving the company remain in Japanese police custody for another week or more.

The 64-year-old Ghosn, who helped save the Japanese automaker in 1999 after it received a massive capital infusion from French carmaker Renault SA, was arrested on Monday upon returning to Japan and accused of both under-reporting his income by as much as $45 million, while also misusing company assets. Japanese media on Wednesday reported the Brazilian-born executive would remain in detention in Tokyo until prosecutors decide whether to bring a formal indictment.

Beyond the Headlines!

The arrest follows what Nissan CEO Hirota Saikawa described as a months-long investigation triggered by a “whistleblower.” But there are some questioning exactly what the case really involves, with the board of Nissan’s French alliance partner Renault SA notably choosing not to oust Ghosn as its own CEO while waiting for clear evidence. Several sources NBCNews.com spoke to went further, questioning why Ghosn was even arrested.

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Ghosn To Be Detained 10 Days; Crisis Straining Renault-Nissan Alliance

Penalty could include 10-year prison sentence.

by on Nov.21, 2018

Carlos Ghosn could remain in jain for as long as 10 days. The crisis is putting a strain on the Renault-Nissan Alliance.

Carlos Ghosn, the chairman of Nissan Motor Co., could spend as much as 10 days under detention after being arrested by Japanese authorities early this week for alleged financial misdeeds, according to news reports from Tokyo.

The 64-year-old executive, long one of the most respected leaders in the global auto industry, faces the prospect of being fired this week by Nissan’s board which is set to meet at company headquarters in Yokohama. However, the board of Renault SA, the Nissan alliance partner where Ghosn served as CEO, declined to dismiss Ghosn, at least for the time being, while details of his alleged crimes have yet to be fully disclosed.

News Now!

The crisis is putting a strain on the nearly two decade-old relationship between Nissan and Renault, as well as smaller Mitsubishi, the automaker in which Nissan purchased a controlling stake two years ago. Together, the three manufacturers cooperate as the Renault-Nissan-Mitsubishi Alliance coordinating everything from parts purchasing to vehicle manufacturing, though they remain independent entities. (more…)

Carlos Ghosn, Renault-Nissan Savior, Could Bring Their Alliance Tumbling Down

Under arrest in Japan, 64-year-old exec likely to lose his many titles, too.

by on Nov.20, 2018

Carlos Ghosn remains Renault CEO — for now. Company officials appear to allowing the legal process to play out.

It took Carlos Ghosn two decades to transform three independent automakers into one of the world’s best-selling automotive alliances, but with the 64-year-old executive now sitting a Japanese jail, accused of a variety of financial misdeeds, that empire could come crashing down.

On Monday, Nissan broke its silence after completing a months-long investigation it said was “based on a whistleblower report.” Ghosn and another senior executive were arrested as they arrived in Japan from alliance partner Renault’s headquarters in France. The Brazilian-born Ghosn was accused of under-reporting his corporate income by as much as $45 million, while also misappropriating corporate funds.

Global News!

“I feel strong anger and disappointment,” Ghosn’s handpicked successor as Nissan CEO Hiroto Saikawa told reporters at Nissan headquarters in Yokohama. “I am very sorry.” (more…)

Automakers Cutting New Car Smell, Adding to the Bottom Line

Chinese buyers hate the smell and the causes of it are unhealthy.

by on Nov.19, 2018

Car interiors often put off odors related to the volatile organic compounds used to assemble them. The VOCs are unhealthy and Ford has found a way to deal with them.

Making a new car greener entails many things, including but not exclusively, improved fuel economy, lower greenhouse gas emissions and easier recyclability.

Automakers around the globe have been searching for ways to make the interior cabin better for occupants. By changing the materials they use for steering wheels, seats and other components, they’re lowering the volatile organic compounds that fill the cabin.

Product News!

Additionally, there are other chemicals and compounds used in the assembly of vehicles that add to the harmful nature, and ultimately the smell of new vehicles. Eliminating these VOCs makes for a vehicle that’s less harmful to occupants — and adds to automaker’s bottom line too. (more…)

Carlos Ghosn Fired by Nissan, Reportedly Arrested for Misconduct

Investigation triggered by whistleblower, automaker confirms.

by on Nov.19, 2018

Nissan Chairman Carlos Ghosn was arrested Japan as part of an investigation about falsifying income and misusing company assets.

One of the most visible faces of the global auto industry has been fired and reportedly arrested, Nissan Chairman Carlos Ghosn accused of financial misconduct.

Once so popular after helping save the then-struggling automaker, Ghosn inspired a widely read Japanese comic book. But on Monday, Tokyo media reported, he was brought in before Japanese prosecutors who are questioning the executive about claims he both falsified income statements and misused company assets. A second senior executive is also facing allegations of corruption.

Global News!

“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 automaker said in a statement. (more…)