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Renault board names Ghosn stand-ins, as tensions with Nissan increase

PARIS/TOKYO — French carmaker Renault tapped its chief operating officer and a senior board member to fill in for embattled boss Carlos Ghosn, after an investigation by alliance partner Nissan led to his arrest on suspicion of financial misconduct. Thierry Bollore, Ghosn's operational second-in-command, will become deputy chief executive, while lead independent director Philippe Lagayette assumes the function of interim chairman, Renault said after a board meeting late on Tuesday. But the board refrained from firing Ghosn while awaiting more detail on the allegations — in a decision that could also buy more time for an accelerated, permanent succession process. "Mr. Ghosn, temporarily incapacitated, remains Chairman and Chief Executive Officer," Renault said in a statement. "During this period, the board will meet on a regular basis under the chairmanship of the lead independent director." Ghosn, one of the car industry's best-known leaders, was arrested on Monday after Nissan said he had engaged in years of wrongdoing, including personal use of company money and under-reported earnings. The Japanese company plans to remove him as chairman on Thursday. The French government, Renault's biggest shareholder, had begun to distance itself from Ghosn, calling for new interim leadership before the meeting, as the Japanese investigation expanded to include Renault-Nissan alliance finances. "Carlos Ghosn is no longer in a position where he is capable of leading Renault," Finance Minister Bruno Le Maire said earlier in the day. "Renault has been weakened, which makes it all the more necessary to act quickly." Statements by Le Maire, Renault and its board all echoed French preoccupations over the future of the alliance first articulated by President Emmanuel Macron within hours of Ghosn's arrest on Monday. Following talks between Le Maire and his Japanese counterpart Hiroshige Seko on Tuesday, the ministers reaffirmed their "shared wish to maintain this winning cooperation." But in a sign that Nissan may now seek to loosen its French parent's hold on the partnership, the Japanese company informed Renault it also had evidence of potential wrongdoing at Renault-Nissan BV, the Dutch venture overseeing alliance operations under Renault's ultimate control, three people with knowledge of the matter told Reuters.

Toyota, Mazda drop Takata as Mitsubishi, Subaru weigh options

It's not a very good time to be Takata right now. Fresh on the heels of longtime partner Honda ditching them, Toyota and Mazda have both come out and said they will not use the company's airbag inflators if they continue to rely on ammonium nitrate. Bloomberg reports that Subaru and Mitsubishi are also contemplating a divorce. "The inflator using ammonium nitrate produced by Takata will not be adopted by Toyota," President Akio Toyoda said during a briefing today. "What's most important above anything else is the safety and peace of mind of customers." Mazda echoed that position, simply saying it "will not use Takata airbag inflators which contain ammonium nitrate in our new cars." When you lose three huge OEM accounts in as many days, it's certainly going to have a deleterious effect on your fortunes. In Takata's case, that's meant a staggering 39-percent drop in their share price over the last three days. Yesterday alone, the company saw a 6.2-percent fall, Bloomberg reports. As the business publication reports, though, Takata isn't going down without a fight. The company is "considering some plans to survive," including a fundraising plan that will see it potentially offer up additional shares for sale. Still, at least one analyst doesn't see whatever company survives staying involved in the airbag inflator business. "I really don't see how they're going to be able to survive as an inflator manufacturer," Valient Market Research founder Scott Upham told Bloomberg. "When your major clients publicly come out and say that they're not going to use your products anymore, it makes this very difficult to sustain your business." News Source: Automotive News - sub. req.Image Credit: Carlos Osorio / AP Honda Mazda Mitsubishi Subaru Toyota Safety supplier

2014 Pikes Peak Hill Climb: Final Practice Day 4 and pre-race notes

The running order has been established for the 92nd running of the Pikes Peak International Hill Climb for all classes and everyone's had all the practice they're going to get. On Sunday, June 29, the 14,110-foot-high mountain will ask each of them, "Who wants some?" Unlike previous years, while the bikes will run according to class, the cars will run according to their qualifying times set on the bottom section of the course, regardless of division, the fastest guys going first.
That puts Romain Dumas at the head of the 67 car entries, having set a time of 3:37.525 in his Norma M20 RD in the Unlimited Class, but the next Unlimited entry doesn't appear until sixth, Piero Nappi in his Picchio P4 pp with a time of 4:03.357. In between them, the two Mitsubishi MiEV Evolution IIIs start second and third in the Electric Modified class, that first one driven by Greg Tracy 11 seconds behind Dumas. Then comes Monster Tajima is his E-Runner Pikes Peak Special, then Paul Dallenbach leading the Open Wheel class, four positions ahead of the next Open Wheel competitor.
Leaders in the other classes: Michael Skeen driving a Nissan GT-R in the Open class in seventh, 12 positions ahead of the next class entrant; Jeff Zwart in eighth, driving a Porsche 911, will be the first in Time Attack 1, his competition starting right behind him; Robert Prillka in 21st is the first Time Attack 2 entry in a Porsche 911 GT3 Cup, three positions ahead of the next entry; in 23rd is Christopher Lennon in his 1973 Porsche 911 in the Vintage class, the next Vintage entry in 37th; the first Exhibition entrant is Donald Huffman in a Radical RXC in 50th, four positions ahead of the next in-class competition; and representing for Electric Production is Roy Richards in a Honda Fit EV.