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Renault board names Ghosn stand-ins, as tensions with Nissan increase

PARIS/TOKYO — French carmaker Renault tapped its chief operating officer and a senior board member to fill in for embattled boss Carlos Ghosn, after an investigation by alliance partner Nissan led to his arrest on suspicion of financial misconduct. Thierry Bollore, Ghosn's operational second-in-command, will become deputy chief executive, while lead independent director Philippe Lagayette assumes the function of interim chairman, Renault said after a board meeting late on Tuesday. But the board refrained from firing Ghosn while awaiting more detail on the allegations — in a decision that could also buy more time for an accelerated, permanent succession process. "Mr. Ghosn, temporarily incapacitated, remains Chairman and Chief Executive Officer," Renault said in a statement. "During this period, the board will meet on a regular basis under the chairmanship of the lead independent director." Ghosn, one of the car industry's best-known leaders, was arrested on Monday after Nissan said he had engaged in years of wrongdoing, including personal use of company money and under-reported earnings. The Japanese company plans to remove him as chairman on Thursday. The French government, Renault's biggest shareholder, had begun to distance itself from Ghosn, calling for new interim leadership before the meeting, as the Japanese investigation expanded to include Renault-Nissan alliance finances. "Carlos Ghosn is no longer in a position where he is capable of leading Renault," Finance Minister Bruno Le Maire said earlier in the day. "Renault has been weakened, which makes it all the more necessary to act quickly." Statements by Le Maire, Renault and its board all echoed French preoccupations over the future of the alliance first articulated by President Emmanuel Macron within hours of Ghosn's arrest on Monday. Following talks between Le Maire and his Japanese counterpart Hiroshige Seko on Tuesday, the ministers reaffirmed their "shared wish to maintain this winning cooperation." But in a sign that Nissan may now seek to loosen its French parent's hold on the partnership, the Japanese company informed Renault it also had evidence of potential wrongdoing at Renault-Nissan BV, the Dutch venture overseeing alliance operations under Renault's ultimate control, three people with knowledge of the matter told Reuters.

2019 Mitsubishi Outlander Sport Review and Buying Guide | Long in the tooth

The 2019 Mitsubishi Outlander Sport subcompact crossover may seem like the right type of car for the times, but it falls short in its execution. Brand new tiny crossovers have been popping up left and right from other manufacturers, but the Outlander Sport feels like it's stuck in the past. If we're looking at it with the glass of water half full, the exterior styling sets itself apart from the rest of the homogeneous little ones out there. It's taut, angular, a little muscular and has some great looking wheel options. Unfortunately, that expressive exterior styling isn't carried over inside. Even in its most expensive form, the entire interior is a black plastic paradise. Powertrain options are a mixed bag with a lot more choices than most other subcompacts provide. What's new for 2019? Not much is new for the 2019 model year. SE trim models now have more standard safety equipment, including blind-spot and rear cross-traffic warning. The highest-priced GT trim adds forward collision mitigation, lane departure warning and automatic brights. This Outlander Sport belongs to the first-generation model, which debuted for the 2011 model year. What's the interior and in-car technology like? It's difficult to find a more drab and boring interior in a new car today than the Outlander Sport's. Even all the trim and contrasting accents are made of plastic that's hard and unpleasant to touch. Mitsubishi inexplicably put glossy plastic along the inner rim of the steering wheel in the GT model we drove, and it's terrible to hold for longer periods of time. One neat touch is the big "4WD" button sitting in front of the shifter to turn on all-wheel drive. Mitsubishi takes great all-wheel drive seriously (RIP the Evo) so it's nice to see some recognition of the brand's heritage. One other sporting touch found on the GT is the suede inserts on the seats that looked good and make sure you don't slide around. One thing this crossover has going for it is the tech update it received for the 2018 model year. A 7-inch touchscreen that supports Apple CarPlay and Android Auto is included on the higher trims. Other features like heated seats and an auto-dimming mirror are available, but this is not a high-tech car by any means. How big is it? The Mitsubishi Outlander Sport is on the bigger side of subcompact crossovers at 171.9 inches in length.

Mitsubishi expects a massive loss this year due to the coronavirus pandemic

TOKYO — Mitsubishi Motors reported Monday a $1.7 billion (176 billion yen) loss for April-June, and forecast more red ink for the fiscal year, as the coronavirus pandemic slammed auto demand around the world. The Japanese automaker had posted a profit of 9.3 billion yen for the fiscal first quarter the previous year. Quarterly sales shrank 57% to $2.2 billion (229.5 billion yen). The maker of the Outlander sport utility vehicle and I-MiEV electric car expects to chalk up a $3.4 billion (360 billion yen) loss for the fiscal year through March 2021, because of the fallout from the outbreak. This would be MitsubishiÂ’s biggest loss in at least 18 years, according to company financial records dating back to 2002. “To pave the way to recovery, the top priority of all executives is to share a sense of crisis with employees to execute cost reductions,” Chief Executive Takeo Kato told reporters. The shaky results come as Mitsubishi MotorsÂ’ alliance partners Nissan and Renault of France work to recover from the downfall of their former chairman, Carlos Ghosn. Ghosn was out on bail, awaiting trial on various financial misconduct allegations in Tokyo, when he fled late last year to Lebanon. He has said he is innocent of the allegations of under-reporting future compensation and breach of trust. Mitsubishi Motors has denounced Ghosn. Mitsubishi officials, in a news conference relayed in a call to reporters, promised a turnaround, pursuing growth in Southeast Asian markets, where its profitability is relatively strong, and building on its strength in four-wheel drive and “off road performance.” They said they expect the companyÂ’s results to recover next fiscal year, once COVID-19 is brought under control. Product development will leverage “synergies” with alliance partners, and labor costs will be cut through pay cuts, hiring freezes and voluntary retirements, the automaker said. Tokyo-based Mitsubishi also said itÂ’s working on innovative technology, such as improved diesel engines, electric vehicles and autonomous driving. Its electric vehicles are a strength as environmental standards continue to toughen, especially in major markets like China, it said. But it warned the outbreakÂ’s impact on auto demand was worse than what the auto market suffered during the 2008 financial crisis and so a recovery will take time.