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Nissan officials answer to angry shareholders on red ink, Ghosn scandal

Smoke engulfs the Nissan logo as workers burn tires during a protest in Barcelona, Spain, where the automaker is closing its plant, costing 3,000 direct jobs. (AP/Emilio Morenatti)     TOKYO — Nissan Chief Executive Makoto Uchida told shareholders Monday he is giving up half his pay after the Japanese automaker sank into the red amid plunging sales and plant closures in Spain and Indonesia. Uchida apologized for the poor results and promised a recovery by 2023, driven by cost cuts and new models showcasing electric-car and automated-driving technology. “We will tackle these challenges without compromise,” he said at a live-streamed meeting. “I promise to bring Nissan back on a growth track.” Executives for the company also blasted suggestions in media reports of a conspiracy within the company to oust Carlos Ghosn. The former chairman's 2018 arrest in Japan on financial misconduct charges has led to much speculation that the move was orchestrated by Nissan executives who opposed closer ties with partner Renault. “I know that in books and the media there has been talk about a conspiracy, but there are no facts whatsoever to support this,” Motoo Nagai, chairman of NissanÂ’s auditing committee, told shareholders at the companyÂ’s annual general meeting. Responding to demands from a shareholder to address the speculation, Nagai argued that the investigation into Ghosn was conducted both internally and by outside law firms. All the worldÂ’s automakers have been hurt by nose-diving sales caused by the coronavirus pandemic. But the problems are especially serious for Nissan, which already was fighting to salvage its reputation after the financial misconduct scandal of former star executive Ghosn. Nissan, based in Yokohama, Japan, sank into its first annual loss in 11 years, reporting a 671.2 billion yen ($6.3 billion) loss for the fiscal year that ended in March. It has not given a projection for this fiscal year, citing uncertainties over the virus outbreak. One angry shareholder got up and said executives should give up more of their pay since investors were getting zero dividends. Another said Nissan needed to do more to strengthen its governance, arguing things have been getting worse, not better, since the departure of Ghosn.

8 new cars that are selling below MSRP

Car shopping has been a frustrating activity for many people in recent years, as strained new car inventories have led to markups and elevated prices across the board. It’s been difficult to find vehicles at anywhere near a reasonable price, and some in-demand models are still listed at a premium today. iSeeCarsÂ’ most recent study looked at several aspects of the new and used vehicle markets and found a handful of models that are selling at a discount – a rarity in todayÂ’s world. Most of the vehicles selling below MSRP in October were electric, though the Nissan Armada and Infiniti QX80 made the top eight. To be clear, weÂ’re not talking about huge discounts here – the Kia EV6 was selling with the largest discount of 3.1%. The other models on the list include: Kia EV6: -3.1 percent off MSRP Ford F-150 hybrid: -2.8% Hyundai Ioniq 6: -2.7% Nissan Armada: -1.8% Hyundai Ioniq 5: -0.9% VW ID.4: -0.6% Kia Niro EV: -0.3% Infiniti QX80: -0.2% Electric and hybrid vehicles like the Kia and Ford have been selling at a premium for a long time, as they experienced stronger than expected demand and had challenging early production runs. That theyÂ’re now selling at a discount could indicate wavering buyer demand, but itÂ’s too early to start sounding any serious alarm bells. Though some models are getting cheaper, the industry average is still heading in the wrong direction. The average MSRP of new cars sold last month was $42,510, while the average sales price was $46,077. That 8.4% overage is surprising to see so many months after the worst of the pandemic has passed. iSeeCarsÂ’ executive analyst Karl Brauer had a few words of encouragement, however, saying, “There are still very few ‘dealsÂ’ in the new car market. Shoppers looking to pay below MSRP for a new car will have to do their research, but a small number of models can be bought below sticker price.” Green Ford Hyundai Infiniti Kia Nissan Volkswagen Car Buying cheap cars

Recharge Wrap-up: liquid-cooled Tesla Supercharger, Acenta+ Leaf

A new video offers a close look at Tesla's updated Supercharger. Recently, Elon Musk spoke about the new charging station with a thinner, suppler liquid-cooled cable that is not only easier to manage, but has the potential to handle larger loads and offer quicker recharging. The first examples have been installed in Mountain View, CA, which we can see in this video. Besides the new cable, the new Supercharger also features a solid "button" on the charging handle as well as vents around the bottom of the unit. The video even shows thermal imaging of the new Supercharger, which shows the cable to be cooler than the cameraman usually records. See for yourself in the video above, and read more at Treehugger. Nissan has added a new trim level to the Leaf in the UK. The Acenta+ slots above the Acenta and just below the range-topping Tekna. It comes standard with the 6.6-kW onboard charger and Mode-3 32-amp (EVSE) cable. Using a fast charger, the Acenta+ Leaf can charge to 100 percent in just four hours. "We're delighted to add a new member to the Leaf family in the UK," says Nissan Motor GB Managing Director James Wright. "More than 9,500 Leafs have already been sold here and Nissan is the undisputed leader in the EV market. This new model delivers exceptional value and showcases the Leaf's incredible technology and engineering." Read more at Next Green Car. Mercedes-Benz Malaysia says its vehicles are compatible with B10 biodiesel blend. Malaysia recently announced a mandate for diesel to be sold blended with 10 percent palm-oil based biodiesel, after which, carmakers like BMW and Mercedes-Benz came forward with concerns over compatibility with their vehicles. "We have evaluated carefully the influence of B10 Biodiesel blends on our current diesel vehicles for the Malaysian market and we are now able to confirm its compatibility," says Mercedes-Benz Malaysia President and CEO Roland Folger. "We have service intervals of 12,000 km to ensure that our customers are not affected by the diesel quality. Our diesel-powered vehicles currently sold in Malaysia were seen to have run both smoothly and safely with the use of the B10 biodiesel blend." Read more from Paul Tan's Automotive News. Renault has honored its leading electric vehicle dealers with the 2015 Renault EV Awards.