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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.

Recharge Wrap-up: BYD building e6 for Taiwan, Formula E announces season two test dates

The West Coast Electric Highway in Oregon and Washington offers EV drivers a lot of freedom to travel. With fast chargers available along I-5 and many other highways, drivers can travel through large parts of the Northwest without worrying about being stranded. Most chargers are 20 to 30 miles apart throughout the network - which is helpful considering the extra energy needed to climb the many hills - but things get a little more difficult at the border with California. From Ashland, Oregon southward, there isn't another fast charger for about 200 miles. Read more at Green Car Reports. The BYD e6 will be built in Taiwan for the Taiwanese market. AJ Greentech Holdings will manufacture the electric crossover taxi, which can travel 186 miles on a single charge. "This contract will ensure that our initiative for revolutionizing green energy transportation is carried out," says AJ Greentech Holdings CEO Chu Li An. "By driving this e6 electric taxi, drivers will save 10,000 Taiwan dollars a year on transportation costs, an unparalleled deal, while at the same time, providing a safer environment for all the citizens of Taiwan." Read more at Hybrid Cars. Nissan and Ricker Oil are partnering to bring EV fast charging to Ricker's Convenience Stores in Indianapolis. Nissan Leaf customers who purchase beginning April 1 will be able to charge for free at the nine locations as part of the automaker's "No Charge to Charge" program. "In Indianapolis, we are taking bold steps to reduce our city's oil dependence," says Mayor Greg Ballard. "Growing our citywide network of EV charging stations is important as we transition the city's entire fleet off foreign oil and work with residents to increase their access to electric vehicles." Read more at Convenience Store News. Formula E has announced its preseason test dates for its second season. Testing will take place in August at Donington Park in Leicestershire, England, where Formula E has its headquarters. Teams will be testing cars with powertrains from eight new manufacturers for the second season. The public is welcome to come watch on the last day of testing, August 25. See the full testing schedule and read more from Formula E.

Nissan GT-R Nismo crash at Nurburgring kills one spectator

One spectator at the VLN endurance race at the Nurburgring in Germany this weekend has been pronounced dead after the No. 23 Nissan GT-R went airborne at the Flugplatz section of the track. Video of the accident, which can be seen above, shows that the car lifted vertically before crashing through the safety fence and into a row of spectators. As always in cases where loss of life is involved, viewer discretion is advised. The driver, Jann Mardenborough, was checked by medical officials at the track, then taken to a nearby hospital. His injuries are reportedly not serious. Mardenborough is currently scheduled as one of the drivers who will contest the 24 Hours of Le Mans in the GT-R LM Nismo. In a statement, Nismo says it is fully cooperating with race organizers. At this time, the cause of the crash is not known. Our thoughts go to the family and friends of all touched by this tragedy. Today's events have been a tragedy. We are all deeply shocked and saddened by these events and our immediate thoughts go to the deceased, those injured and their families and friends. The team is fully co-operating with the race organisers to conduct an immediate and thorough investigation into this incident.