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Mitsubishi says it will make money from EVs

The Mitsubishi i-MiEV is the lowest-cost plug-in vehicle available in the US. The spartan EV's small price tag shouldn't lead you to believe the company doesn't see dollar signs where there's a plug. Mitsubishi says that electric vehicles are one of the three profitable segments that have helped the company get back into the black. The other two are light trucks and crossovers. We suspect that the resounding success of the Outlander PHEV played a bigger role in this than the i-MiEV, but you never know. Mitsubishi Motors Corp president Tetsuro Aikawa told Automotive News that the company will keeps its focus on those three segments and ease back on sedans and performance cars. To that end, the Outlander Plug-In Hybrid will come to the US next April, many years after it went on sale in Japan and Europe. The vehicle will fit well with Mitsubishi's plans to shift its strategy to SUVs and CUVs here. Related Video:

Mitsubishi Motors to relocate North America HQ to Tennessee

NASHVILLE, Tenn. — Mitsubishi Motors announced on Tuesday that it is relocating its North America headquarters from California to Tennessee, a move that will bring the Japanese automaker closer to its sister company Nissan and strengthen Tennessee's growing reputation as an epicenter of the automotive sector. Tennessee Gov. Bill Lee and Department of Economic and Community Development Commissioner Bob Rolfe — who made the announcement with Mitsubishi Motors North America — say the headquarters move from Cypress, California, to Franklin, Tennessee, will result in an $18.25 million investment in the region and approximately 200 jobs. Lee and Rolfe added that they met with Mitsubishi's global executives last week to convince them to move to Tennessee while in Japan during the Republican governor's first trade mission. It is unclear what financial incentives state officials offered Mitsubishi to move to Tennessee. "As we drive toward the future, this is the perfect time for us to move to a new home. While we say farewell to the Golden State with a heavy heart, we're excited to say hello to Music City," Fred Diaz, Mitsubishi Motors North America's president and CEO, said in a statement. Franklin is located just south of Nashville, also known as "Music City," and is home to the state's most powerful Republicans, ranging from Gov. Lee, U.S. Sen. Marsha Blackburn and House Speaker Glen Casada. "Over the years, Tennessee has become the epicenter of the Southeast's thriving automotive sector, and I'm proud Mitsubishi Motors will call Franklin its U.S. home and bring 200 high-quality jobs to Middle Tennessee," Lee, who took over the office this year, said in a statement. Mitsubishi Motors' North America headquarters has been located in California since 1988. The company expects the relocation will begin in August and will be completed by the end of the year. Initially, a temporary office will handle operations to allow the company time to identify a permanent office. Company officials say the move is part an ongoing effort to "reinvent every aspect of Mitsubishi Motors in the U.S.," as well as strengthen the Renault-Nissan-Mitsubishi Alliance. Nissan has a production plant in Smyrna, Tennessee, and owns a 34% stake in Mitsubishi Motors. Last week, Mitsubishi Motors Corp.

Carlos Ghosn was on verge of release — so prosecutors file new allegation

TOKYO — Japanese prosecutors added a new allegation of breach of trust against Nissan's former chairman Carlos Ghosn on Friday, dashing his hopes for posting bail quickly. Ghosn and another former Nissan executive, Greg Kelly, were arrested Nov. 19 and charged with underreporting Ghosn's income by about 5 billion yen ($44 million) in 2011-2015. They also face the prospect of more charges of underreporting Ghosn's income for other years by nearly 10 billion ($80 million) in total. The breach of trust allegations were filed a day after a court rejected prosecutors' request for a longer detention of both men. The new allegation only applies to Ghosn, and Kelly could still be bailed out. A request for bail by Kelly's lawyer is pending court approval, according to the Tokyo District Court, but his release will have to wait until next week since the request was still in process after office hours Friday. Prosecutors in a statement Friday alleged that Ghosn in 2008 transferred a private investment loss worth more than 1.8 billion yen ($16 million) to Nissan by manipulating an unspecified "swap" contract. Ghosn also profited by having the company transfer a total of $14.7 million to another company to benefit himself and that company's owner, who helped in the contract manipulation, prosecutors said. Shin Kukimoto, deputy chief prosecutor at the Tokyo District Prosecutors Office, refuse to say if the two transactions were related or how Ghosn illegally profited. He also declined to identify the collaborator or whether the transactions were made overseas. Ghosn and Kelly are only charged with underreporting Ghosn's pay over five years, in violation of the Financial Instruments and Exchange Act. They have not been formally charged with an additional allegation of underreporting another 4 billion yen ($36 million) for 2016-2018, for which their first 10-day detention was to expire Thursday. Prosecutors have been criticized for separating the allegations as a tactic to detain Ghosn and Kelly longer. They say Ghosn and Kelly are flight risks. The maximum penalty for violating the financial act is up to 10 years in prison, a 10 million yen ($89,000) fine, or both. Breach of trust also carries a similar maximum penalty. The conviction rate in Japan is more than 99 percent for any crime. Ghosn was sent by Renault in 1999 to turn around Nissan, then on the verge of bankruptcy, and he led its rise to become the world's second-largest automaker.