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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.

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.

Recharge Wrap-up: Elon Musk talks autonomous cars, Renault to run ZOE in ZENN Monte-Carlo Rally

Elon Musk discussed the autonomous driving capabilities of the Tesla Model S with NVIDIA CEO Jen-Hsun Huang. He said the car is already equipped with the hardware needed for highway driving. "Even with the current sensor suite, we could make the car go fully autonomous, but not a level of reliability that would be safe in, say, a complex urban environment at 30 miles an hour," says Musk. That would require "a bigger sensor suite, and you need more computing power." Huang and Musk also discussed car hacking and artificial intelligence during the interview at the 2015 GPU Technology Conference. See the video above, and read more at Teslarati. Renault will send four of its ZOE electric cars to the ZENN (Zero Emission, No Noise) Monte-Carlo Rally. The rally, which travels through the principality beginning and ending at the Port of Monaco, is open to electric cars with ranges of less than 250 kilometers (about 155 miles). Visitors can also explore an "electric village," which includes vehicle test drives and information about the future of automobiles. The race takes place from March 20 through 22. Read more in the press release from Renault below. A Seattle-area Nissan dealership has opened a "charging depot" with six fast chargers. Bellevue Nissan now claims to have a larger group of fast chargers than any other dealership in the country. The chargers are part of the NRG eVgo network, and will be available to drivers around the clock every day of the week. They'll also be part of Nissan's "No Charge To Charge" program for Leaf customers. Washington Governor Jay Inslee was on hand at the dealership for the opening, where he called such fast charging stations, "the backbone of our future transportation infrastructure." Read more at Hybrid Cars. A coalition of environmental groups and renewable energy advocates want New York to require all heating oil sold in the state to include at least two percent biodiesel. The proposal passed the Assembly's Committee on Environmental Conservation Tuesday. Its sponsor is Assemblyman Steven Englebright, a Long Island Democrat who says a biodiesel standard would reduce carbon emissions while boosting the state's agricultural industry. Supporters of a biodiesel standard include the New York League of Conservation Voters, the New York Public Interest Research Group and the state's Corn and Soybean Growers Association. Conventional oil companies are opposed.