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Nissan board meets but doesn't pick a replacement for Ghosn

YOKOHAMA, Japan — Nissan's board met Monday but failed to pick a new chairman to replace Carlos Ghosn, who was arrested last month on charges of violating financial regulations, saying more discussion was needed. Nissan Motor Co. Chief Executive Hiroto Saikawa told reporters that the board approved a special committee of outsiders to strengthen governance at the company. A date for the selection of a chairman was not decided. "We plan to be cautious in this process, and I do not plan to rush this," Saikawa said. The recommendations for beefing up governance are due in March, and Saikawa said he was willing to wait until then to choose a chairman. The board meeting came amid an unfolding scandal that threatens the Japanese automaker's two-decade alliance with Renault SA of France and its global brand, and highlights shoddy governance at the manufacturer of the Leaf electric car. Related: Carlos Ghosn coup theory grows: Did Nissan set him up for a fall? Ghosn and another board member Greg Kelly were formally charged last week with falsifying financial reports in underreporting Ghosn's income by about 5 billion yen ($44 million) from 2011 to 2015. They were arrested Nov. 19 by Tokyo prosecutors and remain in detention. A source close to Ghosn's family says Ghosn is innocent, as the alleged income was never decided upon or paid. Aubrey Harwell, the U.S. lawyer for Kelly, an American, says he is innocent, and that Nissan insiders and outside experts had advised him that the financial reporting was proper. The chairman must be selected from among the board members. Three outside board members — race-car driver Keiko Ihara; Masakazu Toyoda, an academic; and Jean-Baptiste Duzan, formerly of Renault — are making that decision. The special committee for governance includes the three outside board members and four other outsiders, including former judge Seiichiro Nishioka. One candidate for chairman is Saikawa, who was hand-picked by Ghosn to succeed him as chief executive. He has denounced Ghosn and Kelly as the "masterminds" in a scheme to falsify income reports and abuse company money and assets. Renault has kept Ghosn as chief executive and chairman, saying its investigation has not found wrongdoing in the awarding of Ghosn's compensation. Saikawa called on directors at Renault to heed its reasons for sacking Ghosn, but Renault's interim chairman Philippe Lagayette said on Friday that its board had not considered a replacement.

Is Nissan's Le Mans LMP1 racer really going to be front engined?

Since debuting the Nissan GT-R LM Nismo under a sheet earlier this year, Nissan has kept a very tight wrap on details about the racer. The company simply promised that the model would be on the starting grid for the 2015 24 Hours of Le Mans. However, the automaker had an aggressive attitude about the new program and said that the vehicle would "win in a very different way." The brand also hinted the final result wouldn't look like its competitors. This rendering suggests just how divergent the GT-R LM might be. Posted by Jalopnik, the rendering was supposedly based on the descriptions of people who have actually seen the racer. They described a car with a very long nose, and a rear that was potentially narrower than the front. From those details the pictures of a reverse Deltawing is almost conceivable. Judging by the original teaser image, this description actually sounds somewhat plausible too. The draping of the sheet in that photo could suggest some empty space at the back. According to this rumor, underneath that long snout could be an even bigger revelation – the engine. These days putting the powerplant ahead of the driver in a top-class endurance racer – even if it's behind the front axle for a mid-engine layout – is almost unheard of. Nissan trying it would certainly fall under a different way of winning. Though, such a thing was done by Panoz in the 2000s. Nissan is clear about keeping the racecar and road version at least somewhat related, especially technologically. Jalopnik speculates that the engine could be a gasoline-fueled twin-turbocharged V6 powering the rear wheels and a hybrid spinning the front and rear with a total system output of 1,000 horsepower or more. That figure is right on the money for modern LMP1 cars since the 2014-championship winning Toyota TS040 packs about 986 hp total. In the past few years, Nissan has failed to finish Le Mans with both the Deltawing that it sponsored and the ZEOD RC project. If these rumors prove true, then even getting the GT-R LM to see the checkered flag could be quite an accomplishment no matter where it finishes. Rumor has it that Nissan might show at least a glimpse of the vehicle during the company's Super Bowl ad this year. Related Gallery 2015 Nissan GT-R LM Nismo Announcement View 16 Photos News Source: JalopnikImage Credit: Jason Torchinsky via Jalopnik Design/Style Motorsports Nissan Racing Vehicles rendering nissan gt-r lm nismo nissan gt-r lm

November U.S. new car sales mixed as automakers deepen discounts

DETROIT — Major automakers posted mixed U.S. November new vehicle sales on Friday and predicted a competitive December as they rushed to sell vehicles and boost their numbers before 2017 ends. Automakers are trying to sell down 2017 model-year vehicles, offering high discounts to consumers as the year-end nears. In 2016, the industry reported record annual sales of 17.55 million units. According to consultancies J.D. Power and LMC, discounts have been above 10 percent of the average transaction price for 16 of the past 17 months, a level experts say is unhealthy and unsustainable. The November sales results come as the National Automobile Dealers Association said on Friday it expects new vehicle sales to decline to 16.7 million units in 2018, after dropping to 17.1 million for the full year in 2017. If that forecast comes true, the race to move new vehicles off dealers' lots will only intensify next year. Brandon Mason, a director at PwC's automotive practice, said a worrying trend for the industry was a rising number of subprime loans. He said subprime levels are at just over 20 percent of originations, against more than 30 percent prior to the Great Recession, but recent increases remain a concern. "That's a bit of a red flag," Mason said. "It's something to keep an eye on as we move into 2018." November results by automaker: General Motors: Sales fell 2.9 percent, with sales to consumers flat against the same month in 2016. Much of the decrease was driven by lower fleet sales. GM said strong SUV and crossover sales pushed its average transaction price for the month above $37,000 for the first time. The level of unsold cars, which has been a concern for analysts and the industry, rose slightly to 83 days' supply, from 80 days at the end of October. "More vehicles are sold in December than any other month, and we are very well positioned because we have momentum in so many segments, but especially in crossovers," said Kurt McNeil, U.S. vice president of sales operations. Fiat Chrysler Automobiles: Fleet sales are low-margin, and FCA in particular has targeted a significant reduction in this type of sale in 2017. It posted a 4 percent overall decrease in sales for November, but fleet sales were down 25 percent while sales to consumers were up 2 percent on the year. Ford: The No. 2 U.S. automaker reported a 6.7 percent increase for the month, with fleet sales up nearly 26 percent and retail sales 1.3 percent higher than in November 2016.