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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.

Nissan's Venucia brand bringing slick concept to Shanghai

Nissan and Chinese partner Dongfeng operate a joint venture for low-cost models named Venucia that's likely best known for its small EV called the E30, based on the Leaf. At the 2015 Shanghai Motor Show, the brand is unveiling a concept that shows being cheap doesn't have to mean lacking style. While attractive, the design for the Venucia concept in this teaser is actually somewhat deceiving. At first, the car looks like a stylish four-door coupe with a fastback roof running down the back. However, the model actually has a somewhat taller ride height, and the sketch might really portend a swoopy crossover similar to the BMW X6 or Mercedes-Benz GLE-Class Coupe. The odd proportions are definitely going to make seeing this vehicle in the real world quite interesting. According to Indian Autos Blog, Venucia has not revealed a powertrain or even a name for its concept yet, but the production version would probably ride on a Nissan platform like many of the brand's other models. Thankfully, all of the unresolved details about this mysterious vehicle should be sorted out soon because the Shanghai show begins on April 20.

Nissan's plan to supply US Mitsubishi dealers with family sedan stalls

Mitsubishi has quietly had some big success recently. The Japanese brand sold 77,643 vehicles in the US for all of 2014, a 24.8 percent jump over 2013. While still relatively small overall (Ford sold 74,355 F-Series trucks just in December, for example), it shows definite growth for the sometimes forgotten automaker. Unfortunately, the latest news might not help the company's future expansion. The proposed partnership of Mitsubishi and the Renault-Nissan Alliance on at least one midsize sedan for the US market is off the table, according to Automotive News. The company informed sellers that the collaboration had fallen through during a National Automobile Dealers Association meeting. "I told them that the plan has stalled," said Don Swearingen, executive vice president of Mitsubishi Motors North America, to Automotive News. "And I said that's really all I can tell you at this time." Under the original partnership, Mitsubishi was supposed to get a D-segment sedan that would have been built at the Renault-Samsung factory in Busan, South Korea. The automakers were also negotiating for Mitsu to get a C-segment four-door as a global model and developing an electric kei car for Japan together, due in 2016. While the sedan is gone, Mitsubishi isn't completely bereft of improved products in the pipeline. The Mirage Sedan is being launched in the US, and the Outlander is supposed to get a redesign for the 2016 model year. According to Automotive News, the Outlander Sport and Lancer are also due for refreshes in 2016, and a new Mirage is on the way.