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Renault to propose joint holding company with Nissan, Nikkei reports

TOKYO — Renault SA will propose to Nissan Motor Co a plan to create a joint holding company that would give both firms equal footing as the French automaker seeks further integration with its Japanese partner, the Nikkei newspaper reported on Friday. Under the proposal, both firms would nominate a nearly equal number of directors to the new company in which ordinary shares in both Nissan and Renault would be transferred on a balanced basis, the newspaper said, without citing sources. This would effectively dilute the stake held by the French government in Renault to around 7-8 percent, from its current 15 percent, it added. The new company would be headquartered in a third country, such as Singapore. Renault plans to make the proposal to Nissan soon, the Nikkei said, having modified an earlier merger idea that Nissan rejected on April 12. Nissan declined to comment on the issue. The Financial Times newspaper reported that both Nissan and the Japanese government have refused to engage in merger talks with Renault. The report of the proposal comes as the outlook for the alliance — one of the world's top automaking partnerships — has clouded since the arrest in November of its main architect, Carlos Ghosn, for suspected financial misconduct. It also comes as Nissan's financial performance struggles following years of focusing on volume sales over building its brand, particularly in the United States, its biggest market. Nissan slashes its forecast This week, the Japanese automaker slashed its profit forecast for the year just ended to its lowest in nearly a decade, citing weakness in its U.S. operations. Renault for years has been vying for a closer merger with Nissan, which it rescued from the brink of bankruptcy two decades ago. Ghosn had been working to achieve a deeper integration before his arrest on financial misconduct charges in November last year. While the automakers have been consolidating many of their operations over the past decade, including procurement and production, many executives at Nissan have opposed an all-out merger with Renault. Instead, Nissan has argued for a more equal footing with Renault, which holds a 43 percent stake in its bigger partner. Nissan holds a 15 percent stake in Renault. It was unclear whether Renault would hold the casting vote in major decisions at the new company, as it did in Renault-Nissan B.V., a strategic management company jointly held by both companies that oversaw operations for the partnership.

Carlos Ghosn's new lawyer, 'the Razor,' starts slashing

TOKYO — Carlos Ghosn's new lawyer took aim at Nissan, prosecutors and courts on Wednesday, dismissing the charges against the ousted chairman as an internal company matter and saying Japan was out of step with international norms by keeping his client in jail. "This should have been dealt with as an internal matter," Junichiro Hironaka, nicknamed the Razor, said at his first press briefing. Ghosn, who was arrested in November over alleged financial misconduct and remains in detention in a Tokyo jail, picked a new team last week with long-time defense attorney Hironaka as a key member to replace Motonari Otsuru, a lawyer who once ran the prosecutor's office investigating him. Hironaka's combative style contrasts with the low-key approach adopted by media-shy Otsuru. Ghosn's switch to an aggressive legal strategy came after his attempts to win bail failed and just before lawyers were due to sit down with prosecutors and judges for the first time to hash out a schedule for pre-trial discovery meetings, where prosecutors will reveal evidence and submit a list of witnesses. Hironaka said he didn't know why Ghosn picked him, but added that Ghosn probably wanted an experienced criminal lawyer as the case moved toward trial. The 73-year-old defense attorney is reputed for winning high profile cases, including the acquittal of a senior lawmaker, Ichiro Ozawa, on financial misconduct charges. He also helped free a senior bureaucrat Atsuko Muraki who was jailed for four months on corruption charges fabricated by prosecutors. Yet, even with greater legal firepower the former Nissan Motor Co boss faces a criminal justice system where only three out of every 100 defendants pleading not guilty are acquitted. Neither does Japan have a plea-deal mechanism that would allow Ghosn to agree to lesser charges for a lighter sentence. "The change in lawyers means a change in style, but the legal strategy will still be the same. I don't think it increases Ghosn's chance of an acquittal," said Masashi Akita, a defense lawyer at Shin-Yu Law Office in Osaka, ahead of Wednesday's comments by Hironaka. Ghosn has lost his perch atop an automotive alliance trio of French carmaker Renault SA and Japanese automakers Nissan and Mitsubishi Motors Corp. Attempts to win bail, including an offer to wear a GPS ankle bracelet and hire security guards to stop him trying to tamper with evidence, failed.

GT-R takes on Altima V8 Supercar and Leaf Nismo in Nissan time attack special

One of the support races for the Clipsal 500 V8 Supercar race in Australia was a Nissan showcase in the form of a time attack challenge: at the starting line were the Nissan Leaf Nismo RC, a GT-R and an Altima V8 Supercar. The 80-kilowatt Leaf Nismo RC was given a seven-second head start on the 545-horsepower GT-R and a 26-second lead on the 600-hp Altima V8 Supercar in hopes that it could get around the 3.21-kilometer course first.
Nissan's not afraid to burn the Leaf Nismo RC's rubber at the track, recently letting video series Translogic hit the kerbs, and it's put it up against some competition, having raced a Tesla Roadster - and lost. The odds were a bit better this time, but it wasn't the finish the hosts expected. Now a race commentator, the driver in the GT-R, Neil Crompton, finished on the podium of the Toohey's 1000 race in an R32 GT-R in 1992.
You can watch the hard-fought time attack in the video below. Skip ahead to 3:43 if you just want the action, but Crompton's recap of every driver interview ever is worth a watch at 2:41.