2000 Mitsubishi Montero Sport Ltd on 2040-cars

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Nissan and Carlos Ghosn settle SEC claims over undisclosed compensation

WASHINGTON — Nissan and its former Chief Executive Carlos Ghosn have agreed to settle claims from the U.S. Securities and Exchange Commission over false financial disclosures related to Ghosn's compensation, an SEC statement said on Monday. Nissan will pay $15 million, while Ghosn agreed to a $1 million civil penalty and a 10-year ban from serving as an officer or director of a publicly traded U.S. company, the SEC statement said. Ghosn was arrested in Japan and fired by Nissan last year. He is awaiting trial in Tokyo on financial misconduct charges that he denies. Former Nissan human resources official Gregory Kelly agreed to a $100,000 penalty and a five-year officer and director ban. Nissan, Ghosn, and Kelly settled without admitting or denying the SEC's allegations and findings. The SEC said in total Nissan in its financial disclosures omitted more than $140 million to be paid to Ghosn in retirement — a sum that ultimately was not paid. The SEC also accused Ghosn in a suit filed in New York that he engaged in a scheme to conceal more than $90 million of compensation. That suit is being settled as part of the agreement announced Monday. Nissan confirmed it had settled the allegations and said it "is firmly committed to continuing to further cultivate robust corporate governance." Nissan provided significant cooperation to the SEC, the agency said. The company now has a new governance structure with three statutory committees — audit, compensation and nomination — and has amended its securities reports for all relevant years. The SEC said beginning in 2004 Nissan's board delegated to Ghosn the authority to set individual director and executive compensation levels, including his own. The SEC said "Ghosn and his subordinates, including Kelly, crafted various ways to structure payment of the undisclosed compensation after Ghosn's retirement, such as entering into secret contracts, backdating letters to grant Ghosn interests in Nissan's Long Term Incentive Plan, and changing the calculation of Ghosn's pension allowance to provide more than $50 million in additional benefits." "Investors are entitled to know how, and how much, a company compensates its top executives. Ghosn and Kelly went to great lengths to conceal this information from investors and the market," said Stephanie Avakian, co-director of the SEC's Division of Enforcement.

2023 Mitsubishi Triton detailed with new frame, new diesel engine

The new 2023 Mitsubishi Triton is around the corner, and the Japanese company has outlined some of the many changes it's making to the truck. The more rugged-looking exterior design hides a new ladder frame, and the pickup will be powered by a new turbodiesel engine. Sold as the L200 in some parts of the world, the Triton needs to be a lot of things to a lot of different people; it can be seen towing cattle in Australia, performing rescue operations in the Alps and being used as a daily driver in rural Chile. Catering to these different audiences isn't easy, but Mitsubishi has largely retained the tried-and-true formula that has made the current-generation truck relatively popular. Mitsubishi kept the outgoing truck's tough body-on-frame construction, though it designed a new frame rather than making updates to the old one. It developed a new double-wishbone front suspension system but kept the rear leaf springs as a compromise between ruggedness and on-road comfort. And power for the next-generation Triton will come from a new turbodiesel engine designed to deliver "a higher output." 2023 Mitsubishi Triton View 3 Photos We'll need to be patient to find out what effect these changes will have on the Triton's ride quality, off-road capacity and towing figures, and technical specifications haven't been released yet. For context, the current-generation Triton's base engine on the Australian market is a 2.4-liter turbodiesel four-cylinder rated at 178 horsepower and 317 pound-feet of torque. Buyers can choose between rear- and four-wheel drive and between a manual and an automatic transmission. Single-cab, club-cab and double-cab models are part of the range in Australia. The 2023 Mitsubishi Triton will make its global debut in Thailand on July 26 at 10 a.m. local time, which is 11:00 p.m. on July 25 in New York and 8:00 p.m. on the same day in California. The truck will be sold in numerous global markets, but the United States isn't one of them. Elsewhere, the Triton will compete in the same hotly-contested segment as the new Ford Ranger and the perennially popular Toyota Hilux. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Automakers drop support for Trump effort against California emissions

WASHINGTON — Toyota, Fiat Chrysler (now known as Stellantis following its merger with Peugeot) and other major automakers said on Tuesday they were joining General Motors in abandoning support for former President Donald Trump's effort to bar California from setting its own zero emission vehicle rules. The automakers, which also included Hyundai, Kia, Mitsubishi, Mazda and Subaru, said in a joint statement they were withdrawing from an ongoing legal challenge to California's emission-setting powers, "in a gesture of good faith and to find a constructive path forward" with President Joe Biden. The automakers, along with the National Automobile Dealers Association, said they were aligned "with the Biden administrationÂ’s goals to achieve year-over-year improvements in fuel economy standards." Nissan in December withdrew from the challenge after GM's decision in November shocked the industry and won praise from Biden. On Monday, the Justice Department asked the U.S. Appeals Court for the District of Columbia to put the California emissions litigation on hold to "ensure due respect for the prerogative of the executive branch to reconsider the policy decisions of a prior administration." Biden has directed agencies to quickly reconsider TrumpÂ’s 2019 decision to revoke CaliforniaÂ’s authority to set its own auto tailpipe emissions standards and require rising numbers of zero-emission vehicles, as well as Trump's national fuel economy rollback. Asked to respond to the automakers' action, White House climate adviser Gina McCarthy said in a statement that "after four years of putting us in reverse, it is time to restart and build a sustainable future, grow domestic manufacturing, and deliver clean cars for America." California Governor Gavin Newsom praised the automakers on Twitter for "dropping your climate-denying, air-polluting, Trump-era lawsuit against CA" and urged them to join the voluntary framework. TALKS WITH BIDEN Separately, an industry trade group on Tuesday proposed to start talks with Biden on revised fuel economy standards that would be higher than Trump-era standards but lower than ones set during the prior Democratic administration. The Trump administration in March finalized a rollback of U.S. Corporate Average Fuel Economy standards to require 1.5% annual increases in efficiency through 2026, well below the 5% yearly boosts under the Obama administration rules it discarded.