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Nissan CEO Hiroto Saikawa resigns, successor to be named

YOKOHAMA, Japan — Nissan Chief Executive Hiroto Saikawa tendered his resignation Monday after acknowledging that he had received dubious income and vowed to pass the leadership of the Japanese automaker to a new generation. Board member Yasushi Kimura told reporters at an evening news conference at company headquarters in Yokohama that the board has approved Saikawa's resignation, effective Sept. 16, and a successor will be appointed next month. A search is underway, he added. Calls for Saikawa's resignation, which arose after the arrest last year of his predecessor, Carlos Ghosn, on various financial misconduct allegations, have grown louder after Saikawa acknowledged last week that he had received dubious payments. The income was linked to the stock price of Nissan Motor Co., and he has said his pay got inflated by illicitly adjusting the date for cashing in. The automaker's board met to look into the allegations against Saikawa, as well as other issues related to Ghosn's allegations and corporate ethics at the company. Kimura said the income Saikawa had received was confirmed as "not illegal." Ghosn, who is out on bail and awaiting trial, says he's innocent. Kimura and three other board members, who all have backgrounds outside the company, said their investigation of the scandal over Ghosn's arrest found that alleged misconduct by Ghosn and Greg Kelly, a former board member who was also arrested, had caused 35 billion yen ($350 million) in damage to the company. Nissan will seek a repayment of the damages, Kimura said. The board said about 10 candidates are being considered as a replacement for Saikawa. They did not identify them, but said outsiders and non-Japanese are on the list. Until a successor is decided, Chief Operating Officer Yasuhiro Yamauchi will serve as interim chief, the board said. Saikawa has not been charged. "I have been trying to do what needs to be done so that I can pass the baton over as soon as possible," he told reporters earlier in the day, referring to his willingness to leave his job. Saikawa did not appear at the news conference initially, but the four board members who led the event said he would later. Saikawa has said he didn't know about the improprieties, promised to return the money and blamed the system he said Ghosn had created at Nissan for the dubious payments. Japanese media reports said Saikawa had received tens of millions of yen (hundreds of thousands of dollars) in extra compensation.

Infiniti to launch first electric car, to be made in China

BEIJING — The first electric car for Nissan's premium brand Infiniti will be a sporty sedan produced in China, the Japanese carmaker said in a statement viewed by Reuters ahead of a public announcement expected as soon as Wednesday. The vehicle would hit the market in around three years, and consumers would get a taste when the company unveils a concept car, dubbed the Qs Inspiration electric sedan, at the Shanghai auto show later this week, Nissan officials said. "China has the most growth potential for electric vehicles globally, especially in the premium segment," Infiniti Chairman Christian Meunier said in the statement seen by Reuters. Automakers operating in China have to sell more so-called new-energy vehicles, either battery electric cars or plug-in electric hybrids, to comply with official production quotas designed to reduce smog. It was not immediately clear whether Infiniti planned to produce its first electric vehicle in other markets. An Infiniti spokesman said, however, the brand did not intend to export the e-sedan from China. The planned e-sedan is part of Infiniti's longer-term strategy to significantly electrify its product lineup. Brand officials have said that from 2021 every Infiniti model launched will be either an all-electric car or so-called "e-Power" hybrids, underlining Nissan's previously announced plan to make Infiniti primarily an electrified offering. The sedan likely would be built on a new flexible architecture developed specifically to accommodate electrified powertrains, Infiniti said in the statement. Its design, especially the interior, would be significantly different than current models, design chief Karim Habib said. EVs do not have bulky gasoline engines and transmissions, opening up space inside the car. "It will have a flat floor, and if you are a passenger you can cross your legs or stretch out your legs," Habib told Reuters. Competition in China's rapidly emerging electric car market is heating up amid an onslaught of models from startups such as Nio and WM Motor, as well as those from established automakers. In the luxury segment, Infiniti will be competing with Tesla Model S and Model X, as well as other models due to be launched in coming months by Audi, Mercedes-Benz, BMW and Lexus.

1992 Infiniti Q45 with under 9,000 miles is a window into the glory days of Japan, Inc.

The 1980s saw Japanese auto boom in the U.S., while at home the "Bubble Economy" of the latter half of the decade swelled corporate coffers. The heady atmosphere lead first Honda, then Toyota and Nissan, to launch luxury divisions, aimed primarily at the U.S. market. Nissan formed a secret task force in 1985 to create Infiniti, and the brand launched (simultaneously with Lexus) at the 1989 Detroit Auto Show. The Infiniti Q45 was the brand's flagship and displayed a distinctly Japanese take on the luxury sedan. Whereas the Lexus LS400 was like the world's most perfect Cadillac — all silence and smoothness — the more driver-oriented Q45 was something akin to an Asian Jaguar. The Zen-like styling eschewed luxury car cliches such as interior wood trim and a fancy chrome grille. Instead, the nose of the Q45 was adorned with a stylized badge that was suggestive of a samurai shield. When Lexus stormed out of the gate and left Infiniti far behind, Nissan's luxury division began to dial back the iconoclasm and tack toward conventionality. All of which makes this early, 1992-model Q45 a rare and intriguing machine. It's all the more representative of Infiniti's early days because of its ultra-low mileage: just 8,800 miles are on the clock. Up for sale right now on the auction website Cars & Bids, this Q45 reportedly had just one owner up until last year. It features a leather interior, power seats, a sunroof and a trunk-mounted 10-disc CD changer. Under the hood is a DOHC 4.5-liter V8 that's good for 278 horsepower and pairs with a four-speed automatic transmission to drive the rear wheels. Of note is the factory case that houses the original titanium keys. At this writing, bidding for this rarely seen Japanese luxury sedan stands at $11,000 with two days left to go in the auction. That seems a small sum for such a well-preserved totem of the Japanese auto industry's master-of-the-universe period. Related Video: