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Carlos Ghosn appears in court: 'I am wrongly accused'

TOKYO — Former Nissan Chairman Carlos Ghosn told a Tokyo court on Tuesday that he was innocent, defending his honor in his first public appearance since he was arrested on Nov. 19 and charged with false financial reporting. "Your honor, I am innocent of the accusations against me," Ghosn told the judge, speaking firmly and calmly as he read from a statement. "I am wrongfully accused." Prosecutors have charged Ghosn, who led a dramatic turnaround at the Japanese automaker over the past two decades, with falsifying financial reports in underreporting his income by about 5 billion yen ($44 million) over five years through 2015. They also say he is suspected of having Nissan temporarily take on his investment losses from the financial crisis. Seen for the first time since his November arrest, Ghosn was wearing a dark suit without a tie, and plastic slippers, and looked thinner and with gray hair. He rebutted the allegations against him point-by-point and said he had the option to leave Nissan but had decided to stay on. "A captain doesn't jump ship during a storm," he told the court in a strong voice. The veteran auto executive, a familiar face at the World Economic Forum and other elite gatherings, was handcuffed and led into the courtroom with a rope around his waist as the hearing began. Officers uncuffed him and seated him on a bench. Presiding judge Yuichi Tada then read out the charges and said Ghosn, a Brazilian-born Frenchman of Lebanese ancestry, was considered a flight risk — he was arrested on his arrival in Tokyo by private jet — and might try to hide evidence. In Japan, suspects are routinely held without bail, often due to fears about evidence tampering. During Tuesday's hearing, Go Kondo, one of Ghosn's lawyers, argued he was not a flight risk. "He's widely known so it's difficult for him to escape. There is no risk that the suspect will destroy evidence," he said. Facing the courtroom, Ghosn spoke proudly of the automaker's — and his own — achievements, such as reviving iconic models like the GT-R and the Z, expanding operations in China, Russia, Brazil and India and pioneering electric cars and autonomous driving. "I have a genuine love and appreciation for Nissan," he said. Ghosn has been held in spartan conditions at a Tokyo detention facility since he was taken into custody. In keeping with Japanese regulations, he has been allowed visits only from his lawyers and consular officials.

Renault keeps 15% stake in Nissan, transfers majority of shares to French trust

Renault and Nissan completed a landmark deal to rebalance their 24-year-long alliance, paving the way for a new relationship after years of acrimony between the two partners. The automakers on Wednesday announced the creation of a French trust to which Renault transferred 28.4% of Nissan shares. The companies first disclosed plans for the trust in January. Renault Group and Nissan now have a cross-shareholding of 15% with lock-up and standstill obligations, the companies and junior alliance partner Mitsubishi Motors Corp. said in a statement. Renault managers in recent weeks have reiterated that staff should no longer share information with their Nissan counterparts, according to people familiar with the situation, after the French carmaker announced in September that aspects of the alliance would be unwound by year-end.  Taken together with the deal to equalize their cross-shareholdings at 15%, the developments are the clearest indications yet that members of one of the world’s biggest automotive tie-ups are increasingly going their separate ways. Renault told employees in September it was moving away from common structures with Nissan in favor of a new, project-by-project approach to working together. The dissolution of the companiesÂ’ joint purchasing organization means the two will no longer pool information on a regular basis due to antitrust concerns. The sell-down of shares held by the trustee will be coordinated with Nissan, which will have the right of first offer to purchase the stock. The trust will have no obligation to sell the shares within a specific or pre-determined period of time. The new alliance deal presented to investors in London in February followed months of tense negotiations that nearly collapsed late last year due to sticking points on intellectual property and disagreement over the valuation of RenaultÂ’s electric-vehicle and software arm Ampere, in which Nissan has agreed to invest. The alliance dates back to 1999, when Renault rescued Nissan with a cash injection and the two formed one of the biggest auto partnerships in the industry. Rivalries and mutual suspicion mounted over the years and came to a head when former leader Carlos Ghosn openly contemplated merging the two companies, contributing to his downfall.

Recharge Wrap-up: Nissan Leaf earns IHS Loyalty Award, people actually care about the environment

The Nissan Leaf has earned the IHS Automotive Loyalty Award. It won the award for best Non-Luxury Traditional Compact Car, and it is the only plug-in vehicle to earn the Loyalty Award. IHS Automotive analyzes loyalty and gives the award for vehicles that bring households back to buy the same make or model. "Our Leaf fans are some of the most loyal customers in the world, and we're thrilled to see that validated with this IHS award," says Toby Perry, marketing director for the Nissan Leaf. Read more at Hybrid Cars or in the press release below. A new study shows that environmental benefits could be more influential than money when purchasing EVs. The study, called "Altruism, Self-Interest, and Energy Consumption," found that subjects conserved more energy when reminded that it helps air pollution than when they were only told it would save them money. This is despite more subjects saying that they thought messages about money would be more influential at the beginning of the study. Researchers attributed the results to the dual benefit of clean air to oneself and to others. See the study at the PNAS website and read more at Green Car Reports. Group Bollore will receive government backing to build a nationwide EV charging network in France. The French conglomerate will spend $172 million to build 16,000 semi-fast chargers over the next four years. "Wherever you are on the map there will be at least one recharging point every 40 kilometres (25 miles)," says Bollore. The network will also provide wifi hotspots and carpooling services. Bollore's Blue Solutions division also already operates EV carsharing services and is working with Renault to build EVs in France. Read more at Reuters. Nissan LEAF only plug-in vehicle to receive 2014 IHS Automotive Loyalty Award NASHVILLE, Tenn. – Following a record-breaking sales year in 2014, the Nissan LEAF continues to earn praise and was named the best Non-Luxury Traditional Compact Car in the annual IHS Automotive Loyalty Awards. The all-electric LEAF – the only plug-in vehicle to be included in the IHS Awards – received this honor during the Automotive News World Congress at the North American International Auto Show in Detroit. The IHS Automotive Loyalty Awards are presented annually to automakers and brands that demonstrate a manufacturer's ability to retain owners over repeat buying cycles. They are the only fact-based awards of their kind in the industry.