Detroit Bureau on Twitter

Archive for the ‘Nissan’ Category

Nissan Troubles Escalate As SEC Launches Pay Probe

France says Ghosn shouldn’t get “exorbitant” payout.

by on Jan.28, 2019

Carlos Ghosn, former CEO of the Renault-Nissan-Mitsubishi Alliance, and his case in Japan has triggered an investigation by the SEC in the U.S.

Nissan says it is facing a probe by the SEC looking into the accuracy of its executive pay disclosures, a probe stemming from the arrest of former Nissan Motor Co. Chairman Carlos Ghosn last November in Japan.

The former executive has been held since Nov. 19, in the Tokyo Detention Center on multiple charges, including allegations that he failed to disclose about $88 million in income. Nissan has also been charged by Japanese prosecutors in connection with the alleged scheme.

Global News!

“We have received an inquiry and are cooperating fully,” the automaker said in a statement e-mailed to TheDetroitBureau.com that added, “We cannot provide further details.” (more…)

Nissan CEO Saikawa to Resign to Improve Alliance

No timetable set for his departure.

by on Jan.25, 2019

Nissan CEO Hiroto Saikawa plans to resign in the near future to ease the tensions between Renault and Nissan.

Nissan CEO Hiroto Saikawa plans to step down from his post now that Carlos Ghosn has resigned as chairman and CEO of Renault. The move is designed to make the transition into the next phase of the partnership between Nissan and Renault easier.

Ghosn, who has been in jail on financial corruption charges, resigned two days ago after the French government began to apply pressure to Renault’s governing board to replace him. In the wake of his arrest last November, Ghosn was fired from his position as chairman of Nissan and Mitsubishi.

The Last Word!

Saikawa, a former Ghosn protégé, is thought to have played a critical role in bringing the charges leveled against Ghosn to authorities, hoping to use the case to leverage greater autonomy from Renault, as TheDetroitBureau.com previously reported. The French company holds a controlling 43.4% stake in its alliance partner and has been exploring the idea of merging the two manufacturers entirely. (more…)

Renault Replaces Ghosn as He Languishes in Tokyo Jail

But Ghosn could get millions – when freed – for leaving company voluntarily.

by on Jan.24, 2019

Jean-Dominique Senard, left, and Thierry Bollore are Renault's new chairman and CEO respectively.

Renault has moved ahead and named both a new chairman and a new CEO, replacing Carlos Ghosn who continues to be held in a Tokyo jail on financial corruption charges.

Jean-Dominique Senard will serve as the French automaker’s new chairman, while Thierry Bollore, a long-time lieutenant of Ghosn’s will become its new CEO. The appointments came just hours after Ghosn formally tendered his resignation as Renault’s chief. Renault and its top shareholder, the French government, had, until recently, stood behind Ghosn despite his arrest in Japan, but the latest move reflects the likelihood the 64-year-old executive won’t be released anytime soon.

Global News!

Ghosn was arrested on Nov. 19, shortly after his corporate jet touched down at Tokyo’s Haneda Airport. He has been accused of multiple crimes, including concealing as much as $88 million in income. But he could stand to earn millions more as a result of his decision to voluntarily resign from Renault, according a Bloomberg report. (more…)

Ghosn Denied Bail, Now in 3rd Month of Detention

Court offers no explanation; family plans appeal.

by on Jan.22, 2019

Carlos Ghosn's bid to secure bail failed. He remains in Japanese custody.

More than two months after he was whisked off a corporate jet and taken to a detention center in Tokyo, former Nissan Chairman Carlos Ghosn will remain in custody as he faces multiple charges of corruption, a Japanese court has ruled.

The 64-year-old executive offered to wear an ankle monitor, hire security guards and take other steps if released on bail, but the Tokyo District Court went along with prosecutors who demanded that Ghosn remain in custody. His family now plans an appeal.

News Now!

There is a growing likelihood that the once high-flying executive could remain in custody until his trial begins, something that may not happen for six months or more, according to his lawyer, former Japanese prosecutor Motonari Ohtsuru. The court offered no explanation for its decision on Monday but at a previous hearing on Jan. 8, it indicated concerns that Ghosn might try to flee the country or take steps to destroy evidence. (more…)

Ghosn Offers to Wear Ankle Monitor if Released From Tokyo Jail

Once high-flying exec may now be fired by Renault.

by on Jan.21, 2019

Former Nissan CEO Carlos Ghosn, shown here in January 2018, offered to wear an ankle monitor.

Approaching his third month in solitary confinement, former Nissan Chairman Carlos Ghosn has offered to wear an ankle monitor in a bid to win bail, a step Japanese prosecutors have so far resisted.

Ghosn has been held in the Tokyo Detention Center since Nov. 29, when he was pulled off his corporate jet after landing at Haneda Airport. He faces trial on several allegations of financial misconduct and prosecutors are considering other allegations. The 64-year-old executive was almost immediately fired by Nissan and its Japanese affiliate, Mitsubishi, and reports from Europe suggest he may be dismissed by their French alliance partner Renault, as well.

Subscribe Now!

“I remain imprisoned in the detention centre, 64 days after I was arrested, with no release in sight,” Ghosn said in a statement issued through his U.S. representatives. “As the court considers my bail application, I want to emphasise that I will reside in Japan and respect any and all bail conditions the court concludes are warranted.” (more…)

Nissan Set to Cut Jobs at Mississippi Plant

Automaker looking at changes at its Tennessee plant too.

by on Jan.21, 2019

Nissan is adapting to changing market forces, i.e. slower sales of passenger cars, by cutting 700 contract jobs at its Canton, Mississippi plant.

In another sign of potential weakness in the North American automotive market, Nissan Motor Co., which is in midst of a tumultuous management shakeup, is planning to cut up to 700 contract workers as trims production at its assembly plant in Canton, Mississippi.

Other cuts are also planned at Nissan’s engine plant in Decherd, Tennessee. Tesla, which last week announced a 7% cut in its staffing last week, and General Motors have announced cuts in production in North America, while Ford Motor Co. also is planning a restructuring of its operations worldwide.

News You Can Trust!

Nissan confirmed it is preparing to reduce production NV cargo and passenger vans and Titan and Frontier pickup trucks, vehicles that are facing aggressive new competition from Detroit-based carmakers, which already hold a decisive edge in the U.S. truck market. (more…)

Infiniti Charges into Detroit With QX Inspiration Battery-Car Concept

This could be “a direct blueprint” for the first pure-electric Infiniti.

by on Jan.14, 2019

Infiniti revealed the all-electric QX Inspiration concept at the 2019 NAIAS on Jan. 14.

It’s been nearly a decade since Infiniti first promised to bring a battery-electric vehicle into its line-up, the automaker quickly deciding not to go with a gussied-up version of the decidedly down-market Leaf sold by parent brand Nissan.

With Infiniti now trying to plug back in and promising that it will electrify virtually everything in its line-up by 2021, you can expect to get a good idea of what’s coming with the QX Inspiration Concept making its debut at the North American International Auto Show in Detroit.

News You Can Trust!

“The Infiniti QX Inspiration marks the beginning of a new generation of Infiniti cars and establishes a direct blueprint for the brand’s first electric vehicle,” said Christian Meunier, the luxury brand’s new president and chairman. “Based on a new, dedicated electric vehicle architecture and inspired by Infiniti’s Japanese DNA, the SUV concept previews a product portfolio which will offer high performance, ultra-low emissions and range confidence.” (more…)

Nissan Hopes To Electrify With Debut of IMs Concept

Detroit show car hints at expanded line-up of battery-electric vehicles.

by on Jan.14, 2019

Nissan's IMs concept hits the Detroit Auto Show just after the company rolled out its longest-range Leaf ever.

Barely a week after unveiling the latest – and first truly long-range – version of its Leaf battery-electric vehicle, Nissan is offering a glimpse at where it is “imagining” its future in the form of the all-electric IMs “elevated sports sedan.”

The concept vehicle debuting at the North American International Auto Show pushes the envelope when it comes to three key trends: the shift from sedans and coupes to SUVs and CUVs. It also features a pure BEV drivetrain, a technology Nissan promises will dominate its line-up moving forward. The show car also adds autonomous driving capabilities. Add them together and, Nissan suggests, its future models will feature a distinctly different approach to design, as well.

News Now!

“Advances in electric vehicle technology and autonomous driving have allowed our designers to break free of the platform and packaging rules that constrain traditional passenger vehicles, to create a completely new type of car,” said Alfonso Albaisa, senior vice president for design at Nissan. “The IMs explores the limits of sedan design with an approach that elevates the category in both look and functionality.” (more…)

Downsized Detroit Auto Show Still Has Some Big Debuts

SUVs, CUVs, even a few sedans and coupes.

by on Jan.13, 2019

The North American International Auto Show will host scads of new vehicle debuts in January for the last time as it moves to June for 2020.

The North American International Auto Show is set to make its last winter run. No, NAIAS isn’t going away. It’s just moving to June in 2020, a definite relief for those who’ve had to trudge down to the Detroit riverfront for the annual event since it went “international” 30 years ago.

The show is a fair bit downsized from its glory days when as many as 70 new products debuted during three packed days of press previews. That said, this year’s event still has some significant, headline-making vehicles set to make a first appearance.

Auto Show News!

And TheDetroitBureau.com has a list of the most important products set to show up in Detroit this year. Check out this preview of the upcoming week’s highlights: (more…)

Nissan Shake-Up Claims First Victim: Former US CEO Muñoz

Is this the start of a “bloodbath” that will purge non-Japanese senior managers?

by on Jan.11, 2019

Jose Muñoz, Nissan's chief performance officer, parted ways with the automaker today.

José Muñoz, a widely respected Nissan executive and a protégé of ousted Chairman Carlos Ghosn, is leaving the automaker just days after he reportedly took a leave of absence to deal with “special tasks.”

Muñoz, who had gone to Japan this week, was said to have resigned, according to Nissan, but several observers questioned whether his departure marks the beginning of a purge of senior managers linked to Ghosn. The 64-year-old executive was arrested on Nov. 19, and accused of a number of financial misdeeds, prosecutors on Friday indicting him for the second time.

Breaking News!

“José Muñoz has elected to resign from Nissan Motor Company, effective immediately,” Nissan said in a statement e-mailed to TheDetroitBureau.com. (more…)