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Nissan CEO Saikawa admits he was overpaid, in policy violation

TOKYO — Nissan Motor Co was embroiled in another scandal over executive pay on Thursday after Chief Executive Hiroto Saikawa admitted to being overpaid in violation of internal procedures under a scheme designed by ousted Chairman Carlos Ghosn. An internal investigation found that Saikawa and other executives had received improper compensation, a source with knowledge of the matter told Reuters, raising doubts about Saikawa's pledge to improve governance in the wake of Ghosn's arrest last year for alleged financial misconduct. Saikawa apologized and vowed to return any improperly paid money as he admitted to Japanese reporters earlier on Thursday that he had wrongly received stock-related compensation under "a scheme of the Ghosn era." "I am deeply sorry for causing concern," Saikawa said, according to Jiji Press. In other comments reported by Kyodo news, Saikawa denied any direct role in the execution of a stock appreciation rights (SAR) scheme and said he thought "proper procedures" had been taken. The improper payments, including tens of millions of yen Saikawa received through the SAR scheme, were disclosed on Wednesday at a meeting of Nissan's audit committee, said the source who declined to be identified because the information is not public. Disciplinary action regarding the issue would be discussed at an upcoming board meeting, the source added. Nissan said in a statement that the findings from its probe including issues related to the share appreciation rights would be submitted to its board on Sept. 9. The company has been trying to strengthen governance, slash costs and boost flagging profitability amid persistent allegations of financial misconduct stemming from Ghosn's 20-year reign at Japan's second-biggest automaker. Ghosn is awaiting trial in Japan over charges including enriching himself at a cost of $5 million to Nissan. Kyodo reported that proceedings could start as early as March. He denies any wrongdoing and says he is the victim of a boardroom coup. Confidence in Saikawa had already been shaken by accusations he was too close to Ghosn, whose arrest in November rocked the global auto industry and exposed tensions in the automaking partnership between Nissan and Renault SA.

Nissan Note getting a little louder with Nismo versions this fall

Nissan's Nismo performance division has been getting more chances to shine recently with tuned models like the Juke Nismo RS and GT-R Nismo. But its latest creation moves closer to the bottom of the Japanese brand's lineup to make a hot hatch out of the (Versa) Note.
At least in Japan, the new model is due this fall, and Nismo is keeping a lot of the details about its latest creation a secret for now. What we do know is that it'll be available in two trims - the Note Nismo and the sportier Nismo S. "The development concept of this model was to build a car that makes you want to keep driving, no matter where your destination may be," said the division's chief product specialist, Hiroshi Tamura, in the company's announcement.
Aesthetically, the Note Nismo looks the way a tuned Nissan should, with the division's signature red trim outlining the car. It also wears a new, mesh grille, lower air dam, red side sills and rear spoiler. Inside, the S gets standard sport seats with full Recaro buckets as an option. Nissan didn't release technical specs for either version, but it promises that the S also gets a tuned engine with a five-speed manual.

Recharge Wrap-up: Video shows Tesla robots at work, Ghosn disappointed by China's EV market

A video from The Wall Street Journal shows Tesla's new assembly robots at work. The hulking bots are each named after X-Men superhero characters to give them a sense of familiarity and make them less intimidating to the humans working alongside them. Their monikers also reflect their superhuman levels of strength. The naming of the robots appears to have had the intended effect, as human employees refer to the automated machines as colleagues, and are happy to have the help moving the heavy cars around the factory floor. The robots were added as part of an upgrade and expansion to Tesla's factory in Fremont, CA last year. See the video above, and read more at Teslarati. Nissan CEO Carlos Ghosn says that China should offer more incentives to improve disappointing EV sales. Nissan sells its Leaf EV in China as the e30 under its Venucia brand. The company didn't disclose sales figures, but Ghosn is disappointed that EVs aren't "taking off" in China like they are in other markets. Until the market improves for the e30, Ghosn says Nissan probably won't introduce other EVs to China. "The main challenge today is really to encourage, put more incentives, in order for the consumer to buy in," says Ghosn. "Before adding more cars and bringing more technology, we just need to make sure we can sell the technology we already put into the ground." Read more at Automotive News. Total in France will convert its La Mede petroleum refinery to produce biodiesel. Total will stop producing petroleum at the refinery by the end of 2016, then spend $216 million to convert it into the country's first biorefinery. Improved fuel economy and energy efficiency have helped reduce demand for petroleum products in Europe by 15 percent since 2008. Total's response to "the crisis in the European refining industry" is "to innovate and adapt to meet shifting demand trends," according to Total CEO Patrick Pouyanne. "The central focus of Total's plan for our French refining business is to realign our operations and products to changing markets." Read more at Domestic Fuel, or in the press release below. Total's French Refining Roadmap: Upgrade Donges and Transform La Mede April 16, 2015 Paris – Total today presented its French refining roadmap to employee representatives. The plan is designed to give each Total's refining site in France the means to resist in a volatile environment and perform profitably.