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Nissan officials answer to angry shareholders on red ink, Ghosn scandal

Smoke engulfs the Nissan logo as workers burn tires during a protest in Barcelona, Spain, where the automaker is closing its plant, costing 3,000 direct jobs. (AP/Emilio Morenatti)     TOKYO — Nissan Chief Executive Makoto Uchida told shareholders Monday he is giving up half his pay after the Japanese automaker sank into the red amid plunging sales and plant closures in Spain and Indonesia. Uchida apologized for the poor results and promised a recovery by 2023, driven by cost cuts and new models showcasing electric-car and automated-driving technology. “We will tackle these challenges without compromise,” he said at a live-streamed meeting. “I promise to bring Nissan back on a growth track.” Executives for the company also blasted suggestions in media reports of a conspiracy within the company to oust Carlos Ghosn. The former chairman's 2018 arrest in Japan on financial misconduct charges has led to much speculation that the move was orchestrated by Nissan executives who opposed closer ties with partner Renault. “I know that in books and the media there has been talk about a conspiracy, but there are no facts whatsoever to support this,” Motoo Nagai, chairman of NissanÂ’s auditing committee, told shareholders at the companyÂ’s annual general meeting. Responding to demands from a shareholder to address the speculation, Nagai argued that the investigation into Ghosn was conducted both internally and by outside law firms. All the worldÂ’s automakers have been hurt by nose-diving sales caused by the coronavirus pandemic. But the problems are especially serious for Nissan, which already was fighting to salvage its reputation after the financial misconduct scandal of former star executive Ghosn. Nissan, based in Yokohama, Japan, sank into its first annual loss in 11 years, reporting a 671.2 billion yen ($6.3 billion) loss for the fiscal year that ended in March. It has not given a projection for this fiscal year, citing uncertainties over the virus outbreak. One angry shareholder got up and said executives should give up more of their pay since investors were getting zero dividends. Another said Nissan needed to do more to strengthen its governance, arguing things have been getting worse, not better, since the departure of Ghosn.

Carlos Ghosn re-arrested and thrown back in jail [UPDATE]

TOKYO — Tokyo prosecutors arrested Nissan's former chairman Carlos Ghosn on Thursday for a fourth time, on fresh allegations that cut short his brief time outside detention. Early in the morning, Ghosn was taken from his apartment in Tokyo to the prosecutors' office and then sent to the Tokyo Detention Center, the same facility where he spent more than three months following his arrest in November. He had been released on bail just a month earlier. It's unclear how long Ghosn may be detained under the latest arrest, which involves what prosecutors said was a new alleged crime. "My arrest this morning is outrageous and arbitrary," Ghosn said in a statement issued Thursday. "It is part of another attempt by some individuals at Nissan to silence me by misleading the prosecutors. Why arrest me except to try to break me? I will not be broken. I am innocent of the groundless charges and accusations against me." The prosecutors defended the move, saying the latest allegations are a new case requiring precautions to prevent Ghosn from destroying evidence. They allege $5 million in funds sent by a Nissan subsidiary to an overseas dealership were diverted to a company controlled by Ghosn. "We now have a totally different case, and we are only doing what we think is right," Shin Kukimoto, deputy chief prosecutor at the Tokyo District Prosecutor's Office, told reporters. "As a result of our investigation, we have a new case in which he must be detained, and we have appropriately obtained an arrest warrant from the court," he said. Ghosn, 65, was first arrested on Nov. 19 on charges of under-reporting his compensation. He was rearrested twice in December, including on breach of trust charges. The multiple arrests prolong detentions without trial and are an oft-criticized prosecution tactic in Japan's criminal justice system. The allegations in the most recent arrest cover three money transfers from 2015 through last year, according to the prosecutors. Kukimoto said the new allegation of breach of trust is different from an earlier charge made in January. The companies where the money was transferred to, the motives, and the alleged scheme are all different, he said. He refused to identify the three companies allegedly involved but said one company was in effect owned by Ghosn. Unlike an earlier case, in which Ghosn caused damage to Nissan to benefit himself and a business partner, this time it was merely "for his own personal benefit," Kukimoto said.

Mitsubishi planning high-performance Outlander PHEV under revived Ralliart banner

Mitsubishi is finally getting some of its mojo back with its redesigned — and competitive — Outlander. The company reportedly plans to build on that momentum with a high-performance variant of the SUV, bolstering its newly revived Ralliart performance division in the process.  Wait, a non-luxury performance SUV? Well, if any company can pull it off it would be Mitsubishi. It has the history of its WRC victories and Paris-Dakar Rally dominance to build on. Nearly its entire racing heritage has been forged on dirt, not tarmac, so a hotted-up Mitsu SUV doesn't seem so farfetched.  According to Japan's Best Car magazine, the all-out Outlander will be based on the Outlander Vision Ralliart concept shown over a year ago at the 2022 Tokyo Auto Salon. The model will supposedly be called the Outlander PHEV Ralliart, and will feature extensive tuning to set it apart from the standard version. Best Car reports that the chassis will be reinforced to increase body rigidity. Mitsubishi will also strengthen the suspension and visually distinguish it with unique aero bits. What that may be isn't specified, but the Auto Salon concept had wider fenders in front and rear, a new front grille and bumper, and big diffuser beneath a redesigned rear fascia. The concept also came with larger rotors and six-piston calipers in front. The Outlander PHEV Ralliart's drivetrain, says Best Car, will based on the 2.4-liter plug-in hybrid setup on the base car. However, combined power between gasoline and hybrid systems will total an estimated 286 horsepower. Finally, the magazine predicts that the Outlander PHEV Ralliart will arrive in 2024. Japanese pricing is approximated at JPY5.5 to 6.1 million, which converts to $40,300 to $44,700 at current exchange rates, but we expect it to be closer to the high end of that range. With crossovers and SUVs as the de facto car these days, it was only a matter of time before mainstream marques began souping up such daily drivers. If Honda can create an 800-horsepower CR-V race car, a sports Outlander seems only natural. We'll just be here waiting for the first crossover racing league. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.