2002 Mitsubishi Eclipse Gs Coupe 2-door 2.4l - Excellent Condition on 2040-cars

Auto blog

Now Mitsubishi Motors has ousted Carlos Ghosn, days after Nissan firing

TOKYO — Mitsubishi Motors said on Monday its board removed Carlos Ghosn from his role as chairman, following his arrest and ouster from alliance partner Nissan last week for alleged financial misconduct. Ghosn's sacking in a unanimous board vote marks the end of his chairmanship of Japanese automakers, just two years after he was praised for bringing a steadying hand to Mitsubishi Motors following a cheating scandal in 2016. CEO Osamu Masuko will become temporary chairman, the automaker said. "Ghosn has lost the confidence of Nissan" and it is "difficult for him to fulfill his duties," spurring the dismissal, Mitsubishi Motors said in a statement. Nissan holds a controlling 34 percent stake in Mitsubishi Motors and has two executives on the board. The move comes amid discontent over French partner Renault SA's role in the 19-year Franco-Japanese alliance of which Ghosn was the driving force. Sealed in 1999 when Nissan was rescued from near-bankruptcy, it was enlarged in 2016 to include Mitsubishi and enabled the members to jointly develop products and control costs. The alliance vies with Volkswagen AG and Toyota for the ranking of the world's biggest automaker. Even as Nissan has recovered and grown rapidly, it remains a junior partner in the shareholding structure. Renault owns 43 percent of Nissan and the Japanese automaker holds a 15 percent non-voting stake in the French firm. And Nissan is almost 60 percent bigger than Renault by sales. Top alliance executives are meeting this week in Amsterdam, aiming to shield their joint operations from the fallout of Ghosn's arrest as a power struggle between Nissan and Renault looms. Renault has refrained from firing him as chairman and CEO. Mitsubishi Motors already had plans to discuss its position in the alliance with Ghosn and, following the ouster, it needs to consider focusing on regions and technology where it can retain competitiveness, CEO Masuko told reporters after the board meeting. Cooperation among alliance members is needed amid the rise of new technology like automated and internet-connected vehicles, he said. Nissan CEO Hiroto Saikawa told staff on Monday that power was too concentrated with Ghosn and that in future better communication between alliance board members and executives would help preserve independence and generate synergies among the automakers, a Nissan spokesman said.

Junkyard Gem: 1994 Mitsubishi Diamante ES Sedan

Once the decade of the 1990s got rolling, the Lexus LS400, Toyota Cressida, Infiniti Q45, Acura Legend and Mazda 929 had proven that big Japanese-made luxury sedans could rack up respectable sales in the United States. Mitsubishi dove into that competition starting with the 1992 model year, when the Diamante arrived on our shores. Here's one of those early Diamantes, found in an Oklahoma City car graveyard recently. Mitsubishi had been selling big, swanky Debonairs at home since the middle 1960s, but that car was never sold new in North America (though a Debonair-related Hyundai, the XG300/XG350, did show up here). The Diamante was based on an enlarged Galant/Sigma platform and was available here as a pillared hardtop four-door sedan (in which there is a narrow B pillar but the door windows are frameless) and as a station wagon. The US-market sedan was built in Japan, while the wagon came from Australia. The Diamante's price tag made it tempting for American buyers considering Japanese luxury sedans. The base ES sedan listed for $25,525 in 1994, which comes to about $53,097 in 2023 dollars. Meanwhile, the Mazda 929 started at $30,500 ($63,446 now), the Acura Legend sedan cost $33,800 ($70,311 now), the Infiniti Q45 listed at $49,450 ($102,866 now) and the Lexus LS400 was $51,200 ($106,507 now). The higher-zoot Diamante LS (which cost $32,500 in 1994) got a twin-cam 6G72 V6 driving the front wheels with 202 horsepower, but today's Junkyard Gem is a base ES and it has the SOHC 6G72 with just 175 horses. Mitsubishi built Diamantes with manual transmissions, but we didn't get those cars on our side of the Pacific. A four-speed automatic transmission was mandatory equipment in North American Diamantes. This car didn't quite make it to 140,000 miles during its career. It appears that this car passed through the hands of both Fred Jones and a lesser-known outfit called Amigoland Motors during its life. This generation of Diamante remained on sale in the United States through the 1996 model year, but sales never measured up to Mitsubishi's hopes. The wagon got the axe after 1995, at which time the ES sedan became a fleet-sales-only machine. For 1996, all Diamantes sold here were fleet cars. For 1997, a new generation of Diamante showed up; sales continued through 2004. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. For Mitsubishi's diamond anniversary, the precious Diamante (with cheap lease terms).

Renault keeps 15% stake in Nissan, transfers majority of shares to French trust

Renault and Nissan completed a landmark deal to rebalance their 24-year-long alliance, paving the way for a new relationship after years of acrimony between the two partners. The automakers on Wednesday announced the creation of a French trust to which Renault transferred 28.4% of Nissan shares. The companies first disclosed plans for the trust in January. Renault Group and Nissan now have a cross-shareholding of 15% with lock-up and standstill obligations, the companies and junior alliance partner Mitsubishi Motors Corp. said in a statement. Renault managers in recent weeks have reiterated that staff should no longer share information with their Nissan counterparts, according to people familiar with the situation, after the French carmaker announced in September that aspects of the alliance would be unwound by year-end.  Taken together with the deal to equalize their cross-shareholdings at 15%, the developments are the clearest indications yet that members of one of the world’s biggest automotive tie-ups are increasingly going their separate ways. Renault told employees in September it was moving away from common structures with Nissan in favor of a new, project-by-project approach to working together. The dissolution of the companiesÂ’ joint purchasing organization means the two will no longer pool information on a regular basis due to antitrust concerns. The sell-down of shares held by the trustee will be coordinated with Nissan, which will have the right of first offer to purchase the stock. The trust will have no obligation to sell the shares within a specific or pre-determined period of time. The new alliance deal presented to investors in London in February followed months of tense negotiations that nearly collapsed late last year due to sticking points on intellectual property and disagreement over the valuation of RenaultÂ’s electric-vehicle and software arm Ampere, in which Nissan has agreed to invest. The alliance dates back to 1999, when Renault rescued Nissan with a cash injection and the two formed one of the biggest auto partnerships in the industry. Rivalries and mutual suspicion mounted over the years and came to a head when former leader Carlos Ghosn openly contemplated merging the two companies, contributing to his downfall.