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Nissan officials answer to angry shareholders on red ink, Ghosn scandal

Smoke engulfs the Nissan logo as workers burn tires during a protest in Barcelona, Spain, where the automaker is closing its plant, costing 3,000 direct jobs. (AP/Emilio Morenatti)     TOKYO — Nissan Chief Executive Makoto Uchida told shareholders Monday he is giving up half his pay after the Japanese automaker sank into the red amid plunging sales and plant closures in Spain and Indonesia. Uchida apologized for the poor results and promised a recovery by 2023, driven by cost cuts and new models showcasing electric-car and automated-driving technology. “We will tackle these challenges without compromise,” he said at a live-streamed meeting. “I promise to bring Nissan back on a growth track.” Executives for the company also blasted suggestions in media reports of a conspiracy within the company to oust Carlos Ghosn. The former chairman's 2018 arrest in Japan on financial misconduct charges has led to much speculation that the move was orchestrated by Nissan executives who opposed closer ties with partner Renault. “I know that in books and the media there has been talk about a conspiracy, but there are no facts whatsoever to support this,” Motoo Nagai, chairman of NissanÂ’s auditing committee, told shareholders at the companyÂ’s annual general meeting. Responding to demands from a shareholder to address the speculation, Nagai argued that the investigation into Ghosn was conducted both internally and by outside law firms. All the worldÂ’s automakers have been hurt by nose-diving sales caused by the coronavirus pandemic. But the problems are especially serious for Nissan, which already was fighting to salvage its reputation after the financial misconduct scandal of former star executive Ghosn. Nissan, based in Yokohama, Japan, sank into its first annual loss in 11 years, reporting a 671.2 billion yen ($6.3 billion) loss for the fiscal year that ended in March. It has not given a projection for this fiscal year, citing uncertainties over the virus outbreak. One angry shareholder got up and said executives should give up more of their pay since investors were getting zero dividends. Another said Nissan needed to do more to strengthen its governance, arguing things have been getting worse, not better, since the departure of Ghosn.

With just 75 i-MiEVs sold this year, Mitsubishi introduces 2014 model

Late last year, Mitsubishi said the Mitsubishi i-MiEV would get a solid price drop down to $22,995 (before destination and fees). Along with the lower digits, the car is getting a bit of a content bump to make the cheapest EV in the US an even better deal. After skipping the 2013 model year, new 2014 model year vehicles are now rolling out to Mitsubishi dealers in the US. We'll see if the new model helps increase sales. In 2013, Mitsubishi sold 1,029 copies of the i which was almost twice as much as it did in 2012 (588). So far in 2014, just 75 i-MiEVs have been sold, 35 of which were in May. So far in 2014, just 75 i-MiEVs have been sold, 35 in May. There is only one trim line for the new i-MiEV and it now comes with heaps more standard equipment than it used to. Things like a CHAdeMO DC quick charge port, heated front seats and a leather steering wheel came with the announcement of a $6,130 price drop last December. Read more about the new standard equipment here. New optional equipment includes a LED Illumination Package and a USB iPod adapter kit. Some things remain the same, like the 16-kWh lithium-ion battery that offers an official range of 62 miles. Mitsubishi takes pains to also include the EPA LA4 cycle range of 98 miles, just to show that 62 miles is not all you're going to get from the electric jellybean. Who wants one?

NHTSA begins inquiry into Mitsubishi fuel economy

The National Highway Traffic Safety Administration wants to make sure Mitsubishi doesn't falsify fuel economy ratings in the US like the company does in Japan. "We've requested information from Mitsubishi about this issue," a NHTSA spokesperson told Reuters. The person didn't provide details about the specific models the regulator wanted to know more about. At this time, there's no evidence of fuel economy inaccuracies for any North American models. The affected vehicles in Japan so far are 625,000 small kei-class cars, including the Mitsubishi eK, eK Space, Nissan Dayz, and Dayz Roox, which Mitsu produces for Nissan. However, Japanese regulators are taking a closer look at other models and gave the company a week to hand over test data. A newspaper there claims Mitsubishi allegedly used "non-Japanese test methodology" on the RVR, Outlander, Pajero, and Minicab MiEV. NHTSA's look into Mitsubishi comes at the same time the Department of Justice is scrutinizing Daimler for possible emissions anomalies. "Daimler will consequently investigate possible indications of irregularities and of course take all necessary action," the German automaker said in a statement. The company asserts the DOJ's inquiry is unrelated to a lawsuit from owners, which alleges the BlueTec emissions control system is designed to turn off at low temperatures. Related Video: