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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.

Recharge Wrap-up: video touts Volvo electric buses, Nissan and BMW build EV chargers in S. Africa

Volvo is touting the advantages of electric buses in a new video. The short film, called Route 55, promotes the ElectriCity Project for public transport, and, more specifically, the new electric bus route in Gothenburg, Sweden. The new route debuts June 15 using Volvo electric and hybrid buses. In the video, two teenagers are seen waiting for the bus. As one boards, the other asks her out from the sidewalk, but she can't hear him over the noise of the diesel bus, which then closes its doors and drives away. The film asks, "What if this bus had been silent?" See the video above, and read more in the press release below. BMW and Nissan will build an EV charging network across South Africa. Through 2017, the two automakers will build fast-charging and AC stations around the country in order to encourage the adoption of EVs. Nissan has been selling the Leaf in South Africa since 2013, and BMW introduced the i3 and i8 in March. "In order for the introduction and expansion of electric vehicles as well as plug-in hybrid electric vehicles to be successful in this market, we need to work together," says BMW South Africa Managing Director Tim Abbott. Read more at Automotive News Europe. The Renault-Nissan Alliance will provide the United Nations with 200 electric vehicles for the COP21 climate conference in Paris. The fleet of vehicles includes the Nissan Leaf and e-NV200, as well as the Renault ZOE, Kangoo ZE and Fluence ZE. The entire passenger car shuttle fleet will use all-electric vehicles as some 20,000 UN attendees descend upon Paris from November 30 to December 11. "Thanks to the Alliance's fleet of 100-percent electric vehicles, it will contribute to our goal of achieving a carbon neutral event," says French Minister of Foreign Affairs and International Development and COP21 President Laurent Fabius. "The technology of electric vehicles helps reduce greenhouse gases in the transportation sector efficiently." Read more from Renault. Visa will be the official title sponsor of the Formula E London ePrix. Officially called the "2015 FIA Formula E Visa London ePrix," the races on June 27 and 28 will be the last of the electric racing series's inaugural season. Visa Europe will award the Visa Fastest Lap trophy after the each round, and will have interactive activities at the race's eVillage.

Now Mitsubishi Motors has ousted Carlos Ghosn, days after Nissan firing

TOKYO — Mitsubishi Motors said on Monday its board removed Carlos Ghosn from his role as chairman, following his arrest and ouster from alliance partner Nissan last week for alleged financial misconduct. Ghosn's sacking in a unanimous board vote marks the end of his chairmanship of Japanese automakers, just two years after he was praised for bringing a steadying hand to Mitsubishi Motors following a cheating scandal in 2016. CEO Osamu Masuko will become temporary chairman, the automaker said. "Ghosn has lost the confidence of Nissan" and it is "difficult for him to fulfill his duties," spurring the dismissal, Mitsubishi Motors said in a statement. Nissan holds a controlling 34 percent stake in Mitsubishi Motors and has two executives on the board. The move comes amid discontent over French partner Renault SA's role in the 19-year Franco-Japanese alliance of which Ghosn was the driving force. Sealed in 1999 when Nissan was rescued from near-bankruptcy, it was enlarged in 2016 to include Mitsubishi and enabled the members to jointly develop products and control costs. The alliance vies with Volkswagen AG and Toyota for the ranking of the world's biggest automaker. Even as Nissan has recovered and grown rapidly, it remains a junior partner in the shareholding structure. Renault owns 43 percent of Nissan and the Japanese automaker holds a 15 percent non-voting stake in the French firm. And Nissan is almost 60 percent bigger than Renault by sales. Top alliance executives are meeting this week in Amsterdam, aiming to shield their joint operations from the fallout of Ghosn's arrest as a power struggle between Nissan and Renault looms. Renault has refrained from firing him as chairman and CEO. Mitsubishi Motors already had plans to discuss its position in the alliance with Ghosn and, following the ouster, it needs to consider focusing on regions and technology where it can retain competitiveness, CEO Masuko told reporters after the board meeting. Cooperation among alliance members is needed amid the rise of new technology like automated and internet-connected vehicles, he said. Nissan CEO Hiroto Saikawa told staff on Monday that power was too concentrated with Ghosn and that in future better communication between alliance board members and executives would help preserve independence and generate synergies among the automakers, a Nissan spokesman said.