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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.

Recharge Wrap-up: Formula E's other events, continued record EV sales

Formula E wants fans to know that it is more than just a race. During each ePrix weekend, the electric race series hosts a variety of events. For each race, Formula E sets up an eVillage where fans can meet drivers and get autographs, learn about electric vehicles, spectate Formula E's School Series races, enjoy live music and dance performances, play games, eat food and take part in numerous other activities that don't make their way into the television broadcast. Or course, though, the race is always the main event. See more in the video above. Electric vehicles enjoyed a fourth straight month of record sales in February. Despite low oil prices, customers bought an estimated 7,881 EVs last month, up 13 percent from a year before. 52 percent of those sales were battery electric vehicles, while the rest were plug-in hybrids. BMW i3 sales dropped 77 percent over a year ago, selling 248 cars. The Tesla Model S and Chevrolet Volt sold the most, while the Ford Fusion Energi outsold the Nissan Leaf for the first time. The Audi A3 E-Tron sold 248 units (same as the BMW i3) despite low inventory. Read more at Inside EVs. Renault more than doubled its EV sales in January compared to a year before. Sales were up 104 percent, at 1,886 units (1,977 if you include the Twizy). This January marked higher EV sales for Renault than the three previous years. The biggest selling Renault EV, which also happened to be Europe's best selling EV, was the Renault Zoe, up 105 percent at 1,416 units sold. Read more at Inside EVs. Nissan's "No Charge to Charge" promotion has expanded to Orlando, Florida. This is the 27th market in the US to offer free charging to Nissan Leaf customers. Buyers and lessees get two years of free charging with an EZ-Charge card, which works with AeroVironment, Blink, ChargePoint, Greenlots and NRG eVgo charging networks. "Significantly lower operating costs and a fun-to-drive nature make owning the all-electric Leaf a cost-effective and convenient choice for Orlando residents," says Nissan EV Sales & Marketing Director Andrew Speaker. Read more in the press release below. Nissan's "No Charge to Charge" program increases to 27 cities in the U.S. with the addition of Orlando Free public, electric vehicle charging now offered to new Nissan LEAF buyers in the Orlando metro area ORLANDO – Nissan's "No Charge to Charge" promotion has officially arrived to the Sunshine State.

Carlos Ghosn's new lawyer, 'the Razor,' starts slashing

TOKYO — Carlos Ghosn's new lawyer took aim at Nissan, prosecutors and courts on Wednesday, dismissing the charges against the ousted chairman as an internal company matter and saying Japan was out of step with international norms by keeping his client in jail. "This should have been dealt with as an internal matter," Junichiro Hironaka, nicknamed the Razor, said at his first press briefing. Ghosn, who was arrested in November over alleged financial misconduct and remains in detention in a Tokyo jail, picked a new team last week with long-time defense attorney Hironaka as a key member to replace Motonari Otsuru, a lawyer who once ran the prosecutor's office investigating him. Hironaka's combative style contrasts with the low-key approach adopted by media-shy Otsuru. Ghosn's switch to an aggressive legal strategy came after his attempts to win bail failed and just before lawyers were due to sit down with prosecutors and judges for the first time to hash out a schedule for pre-trial discovery meetings, where prosecutors will reveal evidence and submit a list of witnesses. Hironaka said he didn't know why Ghosn picked him, but added that Ghosn probably wanted an experienced criminal lawyer as the case moved toward trial. The 73-year-old defense attorney is reputed for winning high profile cases, including the acquittal of a senior lawmaker, Ichiro Ozawa, on financial misconduct charges. He also helped free a senior bureaucrat Atsuko Muraki who was jailed for four months on corruption charges fabricated by prosecutors. Yet, even with greater legal firepower the former Nissan Motor Co boss faces a criminal justice system where only three out of every 100 defendants pleading not guilty are acquitted. Neither does Japan have a plea-deal mechanism that would allow Ghosn to agree to lesser charges for a lighter sentence. "The change in lawyers means a change in style, but the legal strategy will still be the same. I don't think it increases Ghosn's chance of an acquittal," said Masashi Akita, a defense lawyer at Shin-Yu Law Office in Osaka, ahead of Wednesday's comments by Hironaka. Ghosn has lost his perch atop an automotive alliance trio of French carmaker Renault SA and Japanese automakers Nissan and Mitsubishi Motors Corp. Attempts to win bail, including an offer to wear a GPS ankle bracelet and hire security guards to stop him trying to tamper with evidence, failed.