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Nissan CEO Saikawa admits he was overpaid, in policy violation

TOKYO — Nissan Motor Co was embroiled in another scandal over executive pay on Thursday after Chief Executive Hiroto Saikawa admitted to being overpaid in violation of internal procedures under a scheme designed by ousted Chairman Carlos Ghosn. An internal investigation found that Saikawa and other executives had received improper compensation, a source with knowledge of the matter told Reuters, raising doubts about Saikawa's pledge to improve governance in the wake of Ghosn's arrest last year for alleged financial misconduct. Saikawa apologized and vowed to return any improperly paid money as he admitted to Japanese reporters earlier on Thursday that he had wrongly received stock-related compensation under "a scheme of the Ghosn era." "I am deeply sorry for causing concern," Saikawa said, according to Jiji Press. In other comments reported by Kyodo news, Saikawa denied any direct role in the execution of a stock appreciation rights (SAR) scheme and said he thought "proper procedures" had been taken. The improper payments, including tens of millions of yen Saikawa received through the SAR scheme, were disclosed on Wednesday at a meeting of Nissan's audit committee, said the source who declined to be identified because the information is not public. Disciplinary action regarding the issue would be discussed at an upcoming board meeting, the source added. Nissan said in a statement that the findings from its probe including issues related to the share appreciation rights would be submitted to its board on Sept. 9. The company has been trying to strengthen governance, slash costs and boost flagging profitability amid persistent allegations of financial misconduct stemming from Ghosn's 20-year reign at Japan's second-biggest automaker. Ghosn is awaiting trial in Japan over charges including enriching himself at a cost of $5 million to Nissan. Kyodo reported that proceedings could start as early as March. He denies any wrongdoing and says he is the victim of a boardroom coup. Confidence in Saikawa had already been shaken by accusations he was too close to Ghosn, whose arrest in November rocked the global auto industry and exposed tensions in the automaking partnership between Nissan and Renault SA.

2019 Hyundai Kona Electric First Drive Review | No compromises

The results of last week's United Nations climate study reveal that Earth's climate situation is much more dire than previously thought. Unless we do something drastic to stop pumping carbon emissions into our atmosphere, we'll do irreversible damage by 2030. It seems almost prophetic, then, that Hyundai is launching two vehicles — the hydrogen-powered Nexo FCV and an all-electric variant of the recently launched Kona crossover. The more compelling of the two is the Hyundai Kona Electric. It joins other purely battery-powered machines such as the Nissan Leaf, the Chevy Bolt and the Tesla Model 3, but the Korean automaker one-ups the competition by arriving in the form of a crossover. Americans can't get enough of them, and no other pure electric on the market offers it unless you're talking about the $83,000 Tesla Model X. The Kona EV's next closest competitor is the boxy electric Soul, and in case you didn't know, Kia's affiliate company is none other than Hyundai. In truth, the crossover moniker isn't entirely accurate. Like its internal-combustion-engined counterpart, the Kona EV doesn't really sit above regular car height. Rather than call it a compact crossover, it'd be more appropriate to label it a hatchback with some rugged-looking body cladding. The Kona Electric does, however, top nearly all of its EV rivals for cargo space, with 19.2 cubic feet. Only the Leaf tops it at 23.6 cubic feet, but the Kona's footprint is almost a foot shorter than the Nissan's. Visually, the Kona Electric is distinguished from its petrol-powered sibling by a grille-less face, replaced by an LCD readout grid pattern with the charging port neatly hidden beneath a panel on the left side. A new light bar spans the prow, connecting the upper driving lights in a digital wave pattern repeated in the lower front, side and rear skirts. It's meant to evoke the pathways in a circuit board, according to senior chief designer Chris Chapman. Inside, more differences serve to remind you that you're sitting not just at the helm of a crossover, but a shuttle to the future. An array of PRND buttons and an electronic parking brake await your instructions. Neither seemed necessary nor an improvement over the Kona classic's tried-and-true gear selector and handbrake, but there they were. The e-e-brake perhaps does permit the double-decker center console, though, the lower level meant for gadget recharging, whether via USB or Qi wireless.

Nissan Leaf is now the best-selling plug-in vehicle of all time in US

Numbers don't lie. And in some instances, you can see their truth from miles away. As everyone expected, the Nissan Leaf is now officially the best-selling plug-in vehicle in the US. While the two vehicles aren't direct competitors (one's a pure EV and the other is a plug-in hybrid), they certainly dominate the plug-in vehicle sales charts. When we do a little math on those charts, we see that since the two vehicles went on sale at the end of 2010, the Volt has sold 75,231 units while the Leaf is now at 76,407, giving the Leaf a 1,176-vehicle lead. The Leaf trailed the Volt by just two units at the end of February. This is the first time the EV had held the overall lead since the end of February 2012, when it was ahead 10,847 to 9,623 and for a while there at the end of 2013, the Volt was up by around 12,000 units. Times have changed, though, and we don't expect the lead to switch back until the next-gen Volt goes on sale later this year, and even then nothing is certain. The Leaf sold 1,817 copies last month, a drop of 27.5 percent from last year. Year-to-date, the Leaf has sold 4,085 units, down 21.2 percent from the same time period in 2014. There were 639 Volts sold last month, a 56.8-percent sales decrease compared to March 2014. So far this year, Volt sales are down 48 percent. Green Chevrolet Nissan ev sales hybrid sales