2001 Mitsubishi Eclipse Spyder Gt Automatic Trans 3.0 Litre V6 Good Condition on 2040-cars

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Geely and Renault joint venture will develop internal combustion and hybrid tech

China's Geely Automobile Holdings and French car maker Renault SA on Tuesday said they will invest up to 7 billion euros ($7.71 billion) in a new equally held joint venture to develop gasoline engines and hybrid technology for automobiles. The JV is aimed at manufacturing more efficient internal combustion engines and hybrid systems at a time when the focus of much of the automobile industry has been on the capital-intensive transition to purely electric vehicles. "We are pleased to be embarking on this journey to become a global leader in hybrid technologies, providing low-emission solutions for automakers around the world," said Eric Li, Geely Holding Group chairman. The new company will employ 19,000 people at 17 engine plants and five research and development hubs, Renault said. At launch, it is expected to supply to multiple industrial customers including Volvo, Proton, Nissan, Mitsubishi Motors, and PUNCH Torino. The JV aims to have an annual production capacity of up to five million internal combustion, hybrid and plug-in hybrid engines and transmissions, Renault added. Reuters reported in March that the new venture will see 15 billion euros ($16.53 billion) in annual revenue. Saudi Aramco, which signed a letter of intent with Renault and Geely in March, is evaluating a strategic investment in the new company, Renault said. The Saudi oil producer has been involved in advanced discussions to take a stake of up to 20% in the JV, sources said earlier this year. Big oil firms have worked with automakers to develop sustainable fuels and hydrogen engines in recent years. But a deal here would make Aramco the first major oil producer to invest in the car business. The joint venture is expected to be launched in the second half of 2023. Earnings/Financials Green Mitsubishi Nissan Volvo Renault

Nissan itself will be indicted alongside Ghosn, report says

Prosecutors in Tokyo are expected to file charges against Nissan itself alongside an expected indictment against former Chairman Carlos Ghosn as part of the ongoing financial misconduct case. That's according to a report from Japan's Nikkei business daily, which does not identify its sources. Charges are also likely against Greg Kelly, a member of Nissan's board of directors who was taken into custody with Ghosn Nov. 19 after Japanese authorities questioned the former chairman aboard a corporate jet at the Tokyo Haneda airport. Monday is the deadline when prosecutors must either indict the two executives, release them or arrest them on new allegations. Both men are accused of under-reporting salaries in five annual reports that stretch through the fiscal year that ended in March 2015. The Nikkei says they'll also be arrested on new allegations of misstating financial information for the subsequent three business years. Nissan would be charged for not preventing the alleged crime. Both men have reportedly denied the allegations. In response to the Nikkei report, a spokesman for Nissan told Automotive News the company had "identified serious misconduct related to the reporting of Mr. Ghosn's compensation" and was cooperating with investors. The turmoil over Ghosn prompted the automaker to scrap plans to unveil a long-awaited longer-range Leaf electric car at the L.A. Auto Show last week. Ghosn is accused of conspiring to understate his income by about half the 10 billion yen (about $88 million) over the period. Reports say the issue relates to deferred compensation that Nissan CEO Hiroto Saikawa reportedly signed off on but may not have understood. The company didn't report the deferred compensation in Japanese securities filings as it is required, since the money is considered a future liability against the company. Automotive News cites an unnamed source who says Nissan has identified some $80 million in unreported deferred compensation promised to Ghosn. Nissan's board voted Nov. 22 to oust him as chairman, and Mitsubishi followed suit days later. Ghosn remains the CEO and chairman of Renault, however. Under Ghosn's guidance, Nissan and Renault joined forces in 1999 when Nissan was teetering toward bankruptcy. Mitsubishi joined on in 2016, with all three members able to jointly develop products and control costs. He had reportedly been pushing for deeper ties, including a possible merger between Nissan and Renault at the urging of the French government.

Feds say Americans' bid to avoid extradition in Ghosn escape is 'flawed'

BOSTON — U.S. prosecutors on Tuesday said a former Green Beret and his son, wanted by Japan for helping former Nissan boss Carlos Ghosn flee the country, were advancing a "flawed" interpretation of Japanese law to fight their extradition. Michael Taylor and his son, Peter Taylor, were arrested in Massachusetts last month at Japan's request for allegedly smuggling Ghosn out of the country on Dec. 29, 2019, in a box while he was out on bail awaiting trial on financial charges. Ghosn fled to Lebanon, his childhood home, after being charged with engaging in financial wrongdoing, including by understating his compensation in Nissan's financial statements. He denies wrongdoing. Lawyers for the Taylors in a motion last week asked a federal judge in Boston to quash the provisional warrants issued in May for their arrests, arguing that "bail jumping" is not a crime in Japan. Defense lawyers argued that helping someone jump bail was also not a crime. While Japan issued arrest warrants for the Taylors in January, the lawyers said the crime stated in the warrants is an immigration offense and a non-extraditable misdemeanor. But U.S. prosecutors in a brief filed on Tuesday said it would be "unprecedented" for the extradition case at this junction to be tossed based on a "flawed interpretation of Japanese law and a mischaracterization of the facts." While Japan has not yet formally sought their extradition, the country has confirmed that Taylors' conduct constitutes a felony, U.S. prosecutors said. "The purported loophole through which the Taylors seek to evade justice simply does not exist," U.S. prosecutors wrote. Prosecutors added that neither Taylor, including Michael, a U.S. Army Special Forces veteran and private security specialist, should be released from jail as they are flight risks. Abbe Lowell, the Taylors' lawyer, said he was reviewing the filing. Related Video: Government/Legal Mitsubishi Nissan Renault Carlos Ghosn