Mitsubishi Montero Sport Awd 2002 on 2040-cars

Auto blog

Race Recap: 2014 Pikes Peak Hill Climb

The weather didn't interrupt the Pikes Peak International Hill Climb this year, the sun staying out to shine throughout a mildly cloudy day. The crowds didn't interrupt the race, either. Last year there were incidents like the woman who leaned so far into the road that her camera tore a hole in a speeding Shelby Cobra and she had to be sent to the hospital. This year the organizers shrank the number of spectator viewing areas and put others behind fences, such that long stretches of the route were uninhabited by anything other than varmints.
The only unexpected visitor was a dusty track and what some competitors said were slightly higher temperatures that changed the amount of grip and increased times. Yet the calm let a couple of teams, like that sun, break through the clouds of past misfortune and claim victories they'd been targeting for years.

Auditor had questioned Nissan on payments in Ghosn scandal, source says

TOKYO — Nissan's auditor had repeatedly questioned transactions at the heart of allegations of financial misconduct by former chief Carlos Ghosn, but Nissan said they were proper, a person with direct knowledge of the matter said on Wednesday. Ernst & Young ShinNihon LLC questioned Nissan's management several times, chiefly around 2013, about purchases of overseas luxury homes for Ghosn's personal use and of stock-appreciation rights that were conferred on him. But the Japanese automaker said the transactions and financial reporting were appropriate, the source told Reuters on condition of anonymity. The revelation shows Nissan and its auditor were discussing the transactions, in apparent contrast with Nissan's contention that the alleged misreporting of benefits for Ghosn was masterminded by Ghosn and a key lieutenant. A spokesman for EY ShinNihon, the Japanese affiliate of global accounting firm Ernst & Young, said he could not comment on specific cases. A Nissan spokesman declined to comment. Ghosn was arrested on Nov. 19 as he arrived in Japan. Prosecutors accuse him of falsifying Nissan's annual reports to understate by about half his total compensation of some 10 billion yen ($90 million) over several years. The high-profile former executive has denied the allegations, according to Japanese media. Ghosn remains in custody and is unable to speak publicly. He is represented by former prosecutor Motonari Otsuru, according to Japanese media. Otsuru's law firm declined to comment on Wednesday, and Otsuru has not responded to requests for comment. Nissan has largely pinned the blame on Ghosn and Greg Kelly, a former representative director who was arrested along with Ghosn on the same allegations. "As a result of the investigation, we are certain these two are the masterminds," CEO Hiroto Saikawa told a news conference on Nov. 19, referring to Ghosn and Kelly. He declined to say whether others at Nissan were involved in the alleged wrongdoing. An internal investigation is ongoing, and Nissan says it is cooperating with prosecutors. Nissan and Mitsubishi Motors have removed Ghosn as chairman in the wake of his arrest. The French member of the three-firm alliance, Renault, retains him as chairman and CEO.

Nissan may take control of struggling Mitsubishi Motors

Update: The reports were largely correct. Nissan will take a 34 percent stake in Mitsubishi for roughly $2.2b. Read all about it here. Reports say Nissan will buy a controlling stake in Mitsubishi Motors, either 30 or 34 percent, for about 200 billion yen or $1.84 billion. Nissan and Mitsubishi motors are currently part of a joint venture, NMKV, to build minicars together. Nissan is also responsible for reporting fuel-economy discrepancies with cars built under the joint-venture agreement, which put Mitsubishi in its current weakened state. Earlier today, reports surfaced that the fuel-economy issues were wider ranging than originally thought. Mitsubishi now admits that all of its Japanese-market cars sold since 1991 could have had faked fuel-economy data. Shares of Mitsubishi Motors have dropped by about half since the scandal was uncovered, opening the door for a takeover. While Nissan is a much larger company, it can benefit from Mitsubishi's 60-percent share of Japan's minicar market. The two companies also had plans to build electric vehicles together in the joint venture. Japan's Nikkei reports that talks are ongoing between the company and that a decision could be made Thursday by the companies' boards. Related Video: News Source: Nikkei Green Mitsubishi Nissan