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Nissan's Carlos Ghosn reportedly arrested, to be fired for financial misconduct

TOKYO — Nissan Motor Co said it was ousting Chairman Carlos Ghosn for alleged financial misconduct and Japanese media reported he been arrested, a shocking fate for a leader hailed for rescuing the company from close to bankruptcy. The Japanese automaker said Ghosn's alleged misconduct included personal use of company money and under-reporting how much he had been paid. Ghosn is also chairman and chief executive of Nissan's French partner Renault and one of the best-known figures in the global car industry, and his departure would raise question about the future of the alliance. Nissan said it launched an months-long investigation after a whistleblower tipped it off to wrongdoing by Ghosn and Representative Director Greg Kelly. "The investigation showed that over many years both Ghosn and Kelly have been reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount, in order to reduce the disclosed amount of Carlos Ghosn's compensation," Nissan said in a statement. It said CEO Hiroto Saikawa would propose that the Nissan board remove Ghosn and Kelly. Neither Ghosn nor Kelly could be reached for comment. Renault shares tumbled 11 percent in Paris to be among the worst performing stocks in Europe. Nissan's German-listed securities plunged 10 percent. French President Emmanuel Macron said the government, the French carmaker's top shareholder, will be vigilant about Renault and its alliance with Nissan. Cost cutter Known as "Le Cost Killer," Ghosn is credited for reviving the Japanese automaker and has remained popular despite the massive job cuts that he brought and recent controversy over his lucrative pay package. Japanese media reported that Ghosn had reported around 10 billion yen worth of compensation as around 5 billion yen. Ousting Ghosn, 64, is bound to raise questions about an alliance that he personally shaped and had pledged to consolidate with a deeper tie-up, before eventually stepping back from its operational leadership. "The initial share price reaction shows how pivotal he is," Citi analyst Raghav Gupta-Chaudhary said on Monday. The current alliance structure has long undervalued Nissan shares held indirectly by Renault investors, he added. "Ghosn is viewed as critical for value unlock." Renault owns 43.4 percent of Nissan, while Nissan owns 15 percent of Renault, with no voting rights in a partnership that began in 1999.

Nissan's autonomous cars could drive in US first, maybe by 2020

Future shock could be just six short years away, and coming first to the US. Nissan says it might start making autonomous versions of its cars available in the US by 2020, before the tech hits the road in other countries. The Japanese automaker is in extensive discussions with regulators from California, the best-selling state for the Leaf battery-electric vehicle, for allowing self-driving vehicles to be on its roads, Hybrid Cars says, citing a conversation with Nissan executive Andy Christensen at the recent Detroit Auto Show. Many decisions need to be made between now and then, given the hurdles related to issues such as regulations, liability, safety and technology - and Christensen said the first wave of self-driving vehicles would be able to do their thing only on the highway. The vehicle of choice is most likely to be the Leaf because it's completely battery operated, making the conversion to autonomy that much easier. Last summer, Nissan chief Carlos Ghosn first promised production autonomous cars by 2020. The automaker has teamed up with MIT, Stanford, Oxford and others to extensively test its "Autonomous Drive" concepts since then. Late last year, Nissan tested a self-driving Leaf on Japanese public roads. Nissan is not alone promoting autonomous driving as a way to increase safety, fuel economy and traffic flow, just some of the reasons why the idea may be the wave of the nearer-than-we-thought-future. For example, the company says 93 percent of accidents are caused by driver error.

Feds Probe Nissan Cars For Unintended Acceleration

DETROIT (AP) - The U.S. government's road safety agency is investigating complaints that a trim panel can cause unwanted acceleration in Nissan Versa small cars. The probe covers about 360,000 Nissan Versa and Versa Note subcompacts from the 2012 through 2014 model years. The National Highway Traffic Safety Administration says in documents posted Saturday on its website that four drivers have complained that a trim panel near the gas pedal can trap the edge of a driver's shoe. This can stop the driver from releasing the gas pedal quickly and delay braking. There are no reports of crashes or injuries, although one driver complained of a close call at an intersection on June 9. As the driver accelerated to make a left turn, a plastic trim panel that covers the center console trapped the driver's shoe and stopped it from moving off the gas pedal, the complaint said. "I used my right hand to grab my leg and pulled harder, immediately braking hard, then backing my foot off the brake as I squealed and skidded around the corner, almost going over the curb and crashing," the driver wrote. The driver reported that the edge of the trim piece wasn't secured and trapped the sole of a leather work boot. Drivers who file complaints are not identified by NHTSA. Two of the four complaints were from drivers of rental cars, the agency said. A fifth complaint was filed in an unidentified foreign country, according to NHTSA. Investigations can lead to recalls but so far there are none in this case. Messages were left seeking comment Saturday from a Nissan spokesman. Related Gallery AOL Autos Test Drive: 2014 Nissan Versa Note Recalls Nissan unintended acceleration nissan versa nissan versa note