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Nissan and Carlos Ghosn settle SEC claims over undisclosed compensation

WASHINGTON — Nissan and its former Chief Executive Carlos Ghosn have agreed to settle claims from the U.S. Securities and Exchange Commission over false financial disclosures related to Ghosn's compensation, an SEC statement said on Monday. Nissan will pay $15 million, while Ghosn agreed to a $1 million civil penalty and a 10-year ban from serving as an officer or director of a publicly traded U.S. company, the SEC statement said. Ghosn was arrested in Japan and fired by Nissan last year. He is awaiting trial in Tokyo on financial misconduct charges that he denies. Former Nissan human resources official Gregory Kelly agreed to a $100,000 penalty and a five-year officer and director ban. Nissan, Ghosn, and Kelly settled without admitting or denying the SEC's allegations and findings. The SEC said in total Nissan in its financial disclosures omitted more than $140 million to be paid to Ghosn in retirement — a sum that ultimately was not paid. The SEC also accused Ghosn in a suit filed in New York that he engaged in a scheme to conceal more than $90 million of compensation. That suit is being settled as part of the agreement announced Monday. Nissan confirmed it had settled the allegations and said it "is firmly committed to continuing to further cultivate robust corporate governance." Nissan provided significant cooperation to the SEC, the agency said. The company now has a new governance structure with three statutory committees — audit, compensation and nomination — and has amended its securities reports for all relevant years. The SEC said beginning in 2004 Nissan's board delegated to Ghosn the authority to set individual director and executive compensation levels, including his own. The SEC said "Ghosn and his subordinates, including Kelly, crafted various ways to structure payment of the undisclosed compensation after Ghosn's retirement, such as entering into secret contracts, backdating letters to grant Ghosn interests in Nissan's Long Term Incentive Plan, and changing the calculation of Ghosn's pension allowance to provide more than $50 million in additional benefits." "Investors are entitled to know how, and how much, a company compensates its top executives. Ghosn and Kelly went to great lengths to conceal this information from investors and the market," said Stephanie Avakian, co-director of the SEC's Division of Enforcement.

2023 Mitsubishi Outlander PHEV to get a much bigger battery

So it turns out we still don't have full details on the 2023 Mitsubishi Outlander PHEV. Information will continue to trickle out instead. But at least we have information on one of the SUV's most critical parts: the battery pack. It has more capacity, and should have more range. The outgoing Outlander PHEV had a 13.8-kWh battery pack good for 22 to 24 miles of all-electric range. The new model's battery expands to 20 kWh. On the WLTP cycle, it's good for 54 miles, but the U.S. EPA numbers will probably be lower. The capacity increase is about 45%, so applying that to the miles, we're expecting somewhere around 32 to 35 miles of electric range. That would put it close to the Ford Escape PHEV's 37 miles of range and the Kia Sorento PHEV's 32 miles. It would still trail the RAV4 Prime's 42 miles of range. Mitsubishi also noted that the gas tank has expanded, too, so the Outlander PHEV's overall range should increase. Despite all this, the plug-in hybrid also retains a third row of seats, something its predecessor lost. This is due to a revised rear motor that includes the motor controller as part of the unit. The previous model had the controller located in the passenger compartment. Mitsubishi says this freed up interior room for the rear-most seats and also reduced the amount of high-frequency noise in the cabin. As for the powertrain itself, Mitsubishi isn't sharing output details. All it has said is that the Outlander PHEV still has dual electric motors, plus a gas engine. That engine is a 2.4-liter four-cylinder similar to the current model. The press release Mitsubishi provided suggests the electric motors are more potent, so we may see more than the 221 combined horsepower of the outgoing model. The Outlander PHEV will go on sale in the United State in the second half of next year. We should have many more details on it as we approach the on-sale date. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2022 Mitsubishi Outlander exterior and interior walkaround

Honda, Mazda, Mitsubishi, Mercedes also under diesel emissions scrutiny

The controversy over Volkswagen's diesel emissions scandal isn't limited to the US. In Europe, where diesel engines are far more popular, the issue is shining a harsh light on the NEDC emissions test. As already known, the evaluation does a poor job of reflecting real-world production of NOx, and it appears a significant number of automakers are affected. The Guardian in the UK has been reporting on real-world test results from a company called Emissions Analytics. After the latest round of checks, vehicles from Mercedes-Benz, Honda, Mazda and Mitsubishi were found to generate far more NOx than they should. The newspaper also published similar results for Renault, Nissan, Hyundai, Fiat, Volvo, Jeep, Citroen, VW, and Audi. On average, the figures are about four times over the limit of producing the pollutant. Unlike VW and its defeat device, these automakers aren't actually breaking the rules. The vehicles perform up to the NEDC lab test for emissions, but those results simply aren't translated to the street. "The VW issue in the US was purely the trigger which threw light on a slightly different problem in the EU - widespread legal over-emissions," Nick Molden from Emissions Analytics said to The Guardian. A big fight to decide the future of this issue appears to be on the horizon. Automakers claim that they can't meet the next round of tightening emissions regulations and are asking for compromises. Although, spokespeople for Mercedes and Honda told The Guardian that the brands would be in favor of the stricter rules. Meanwhile, some European governments began backtracking their support of diesels well before this scandal came to light. The added scrutiny certain hasn't helped the future of the oil-burner. Related Video: