2007 Nissan Murano Sl Sunroof Rear Cam Htd Leather 24k Texas Direct Auto on 2040-cars

Auto blog

Ousted Renault CEO Bollore raised concerns over Ghosn investigation

PARIS — Renault's former chief executive Thierry Bollore, who was ousted in October, had sought to flag alleged conflicts of interest and governance problems at the company's Japanese alliance partner Nissan before his departure, Le Monde reported on Monday. Citing a letter from Oct. 7 addressed to Nissan's board, of which he was member, France's Le Monde newspaper said Bollore had raised questions over the firm's internal investigation surrounding former alliance boss Carlos Ghosn. Nissan and Renault were left reeling by Ghosn's arrest in Tokyo a year ago, on financial misconduct charges which he denies. They have since tried to reboot their strained partnership by revamping their management teams, including by purging them of Ghosn allies and removing people in top jobs at the time of the scandal. Bollore — who took a step up at the French carmaker when Ghosn left even though he was known for his close ties to the alliance founder — was eventually pushed out as Renault's CEO on Oct. 11, days after penning his letter. In comments sent to Reuters, Nissan spokeswoman Azusa Momose denied there were any irregularities in its internal investigation of Ghosn's affairs, and added that the company had reviewed its processes once again following Bollore's letter. "Nissan's independent directors confirmed that the investigation was properly conducted and could be relied on," Momose said. Nissan directors had discussed all the allegations raised by Bollore and the company "concluded that Bollore's concerns were not founded and were based for the most part on inaccurate information and speculation," she added. Bollore said in the letter that he was particularly concerned by the revelation that Nissan had a list of 80 managers implicated in financial dealings similar to the ones attributed to Ghosn. He also raised issues with the chain of command at Nissan, saying some key board members were sometimes kept in the dark on internal matters. Renault, which is still searching for a permanent replacement for Bollore as CEO, had no immediate comment. As well as changing its CEO, Nissan recently demoted senior vice president Hari Nada — a key whistleblower against Ghosn and whose role was also questioned in Bollore's letter — although its internal investigation had found no evidence against the executive. Related Video:

Renault selling part of Nissan stake to partner for $824 million

Renault SA is selling around 5% of its stake in partner Nissan Motor Co., offloading the stock as part of a share buyback by the Japanese carmaker.  The move follows last month’s finalization of a plan for Renault to reduce its interest in Nissan. The stake sale is valued at around ˆ765 million ($824 million), but will result in a capital loss of ˆ1.5 billion, the French company said Tuesday.  Eventually, the two carmakers aim to equalize their cross-shareholdings at 15%, loosening the ties that kept them together in a carmaking alliance for two decades. The partnership between Nissan and Renault was jolted in 2018 by the arrest of Carlos Ghosn, chairman of both companies. Since then, they have drifted apart and are now charting separate paths. Given that NissanÂ’s shares are trading below the Tokyo Stock ExchangeÂ’s guideline of maintaining a price-to-book ratio above 1, the buyback will “help improve the situation,” said Bloomberg Intelligence analyst Tatsuo Yoshida. The cash will bolster Chief Executive Officer Luca de MeoÂ’s efforts to get Ampere, RenaultÂ’s electric-vehicle and software arm, going as he seeks to split off the unit and list it as a separate public entity as soon as April or May. Nissan has also agreed to invest in Ampere. Renault transferred its 28.4% stake in Nissan into a trust in early November to pave the way for a reduction of its holding. Even so, there will still be lock-up and standstill obligations. De Meo said last month that Renault would begin offloading the stake “very soon” in early 2024, so TuesdayÂ’s announcement was slightly earlier than anticipated. For Nissan, the buyback is well within the value of cash and equivalents, which stood at JPY1.6 trillion ($11 billion) yen at the end of September. Nissan said it will cancel all acquired shares.  “ItÂ’s good news for the stock that Nissan will retire the equivalent of 5% of its outstanding shares,” Yoshida said.  The Japanese carmaker is paying JPY568.5 for each share, the price at the close of trading in Tokyo on Tuesday. While NissanÂ’s stock has climbed 36% this year, itÂ’s at roughly half of its value from early 2017. Earnings/Financials Nissan Renault

Nissan delays GT-R LM Nismo's return to WEC after poor Le Mans showing

After a catastrophic run at the 24 Hours of Le Mans in June and a widely publicized review of the program, Nissan is delaying the GT-R LM Nismo prototype's next showing in the World Endurance Championship season. The team will continue testing and working out the car's crippling issues. "We know people will be disappointed, but be assured that nobody is more disappointed than us," Shoichi Miyatani, the president of Nismo, said in a statement. "We are racers and we want to compete, but we also want to be competitive. That is why we have chosen to continue our test program and prepare the GT-R LM Nismo for the strong competition we face in the World Endurance Championship. When you innovate, you don't give up at the first hurdle. We are committed to overcoming this challenge." The big issue for the GT-R at Le Mans was its Energy Recovery System. Its failure meant the racer was forced to rely on engine power alone, hobbling the program significantly. "We have many areas to work on – not least ensuring that we have the best ERS option available to us. The team is pushing hard on track, in the wind tunnel and at Nismo's various facilities around the world to deliver the long list of improvements we know that we need," Ben Bowlby, Nissan LM P1 technical director, said in a statement. The GT-R was met with skepticism upon its debut, thanks to the way it eschewed the hallmarks of most successful racers. Not only was the engine in front – a rarity in the past four or so decades of prototypes – but it also sent its power to the front wheels. And it was a lot – 1,250 hp to be precise, with 700 hp coming from electric motors alone. Despite this frankly absurd output, the competition from Porsche, Audi, and Toyota easily bested the GT-R LM Nismos. Scroll down for the official press release from Nissan. Nissan to address technical issues of LM P1 car before returning to World Endurance Championship Nissan GT-R LM NISMO to remain in test program before re-joining World Endurance Championship LONDON – Nissan today announced that it will delay its return to the LM P1 class of the FIA World Endurance Championship and instead focus on technical issues that challenged its race team during the Le Mans 24 Hours. Issues with the energy recovery system (ERS) meant that Nissan had to run at the Le Mans 24 Hours on engine power alone.