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Ghosn calls Renault and Nissan financial results 'pathetic'

PARIS — Former Nissan Chairman Carlos Ghosn took a swipe at his old employers in a newspaper interview on Sunday, calling the Renault and Nissan results "pathetic," driven as much by a lack of joint leadership than the COVID-19 pandemic. Ghosn, who was also the chairman of Mitsubishi Motors, was arrested in Japan in late 2018 on charges of underreporting his salary and using company funds for personal purpose — charges he denies. He fled to Lebanon from Japan. "There is a market confidence problem in the alliance. Personally, I find the results of Nissan and Renault pathetic. The two companies are looking inwards. There is no longer any real mix of management between Renault and Nissan, but a distrustful distance," he told Le Parisien newspaper. Ghosn compared the share price fall from November 2018 to June 2020 of competitors General Motors and Toyota of 12% and 15% respectively to Nissan dropping 55% and Renault 70%. "All of these manufacturers are facing the same COVID crisis, but Renault and Nissan are being punished more than the others,' he said. Ghosn fled Japan to Lebanon, his childhood home, in December as he awaited trial on charges of underreporting earnings, breach of trust and misappropriation of company funds, all of which he denies. Ghosn was questioned in Lebanon in January. He has said he will cooperate fully with the Lebanese judicial process, but it is unclear what cooperation there will be between Tokyo and Beirut. French prosecutors have also stepped up their investigation into alleged misappropriation by Ghosn of funds at Renault and had summoned him in France on July 13, but he did not attend. "There is a technical obstacle. My passport is in the hands of the attorney general in Lebanon, because Japan has issued an international arrest warrant for me," Ghosn said. "I also want to be sure that my security is assured and that I am guaranteed freedom of movement." Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. CES 2020 and Carlos Ghosn | Autoblog Podcast #609

Carmakers ask Trump to revisit fuel efficiency rules

Car companies operating in the US are required to meet stringent fuel efficiency standards (a fleet average of 54.5MPG) through 2025, but they're hoping to loosen things now that President Trump is in town. Leaders from Fiat Chrysler, Ford, GM, Honda, Hyundai, Nissan, Toyota and VW have sent a letter to Trump asking him to rethink the Obama administration's choice to lock in efficiency guidelines for the next several years. The car makers want to revisit the midterm review for the 2025 commitment in hopes of loosening the demands. They claim that the tougher requirements raise costs, don't match public buying habits and will supposedly put "as many a million" jobs up in the air. The Trump administration hasn't specifically responded to the letter, although Environmental Protection Agency nominee Scott Pruitt had said he would return to the Obama-era decision. The automakers' argument doesn't entirely hold up. While the EPA did estimate that the US would fall short of efficiency goals due to a shift toward SUVs and trucks, the job claims are questionable. Why would making more fuel efficient vehicles necessarily cost jobs instead of pushing companies to do better? As it is, even a successful attempt to loosen guidelines may only have a limited effect. All of the brands mentioned here are pushing for greater mainstream adoption of electric vehicles within the next few years -- they may meet the Obama administration's expectations just by shifting more drivers away from gas power. This article by Jon Fingas originally appeared on Engadget, your guide to this connected life. Related Video: News Source: ReutersImage Credit: Daniel Acker/Bloomberg via Getty Images Government/Legal Green Chrysler Fiat GM Honda Hyundai Nissan Toyota Volkswagen Fuel Efficiency CAFE standards Trump

Mitsubishi cheated on Japanese fuel economy test since 1991

Mitsubishi now says that its cheating on Japanese fuel economy tests stretches as far back as 1991. The automaker has hired an independent panel of investigators to get to the bottom of what happened, and the company will give them three months to prepare a report about the deception. Mitsubishi's cheat involves how the company calculated driving resistance to determine fuel economy. In 1991, Japan's Road Transport Vehicle Act established a coasting test to establish the driving resistance, but Mitsubishi's engineers used their own "high-speed coasting test," according to its statement. In 2007, the company decided to only use the country's mandated evaluation, but the employees kept utilizing the high-speed test in the field. In the most recent scandal, workers selected low values for driving resistance from the results, which made the fuel economy look better. Mitsubishi's presented these details in a report to the Ministry of Land, Infrastructure, Transport, and Tourism. "We are currently investigating the reasoning behind each of the decisions," the company said in a statement. It also hired three former prosecutors to figure out why this happened for so long. At this time, Mitsubishi only confirms the incorrect figures for some of the company's minicars, but this investigation could discover more transgressions. This fiasco started when Nissan discovered fuel economy discrepancies in some of its Mitsubishi-made tiny kei-class cars in Japan. Mitsubishi came clean and admitted the problem affected about 625,000 vehicles in the country. Japanese media have alleged more vehicles have incorrect mileage, including the Outlander. The National Highway Traffic Safety Administration in the US has also requested data from the Japanese automaker to confirm similar deceptions didn't happen for vehicles here. Related Video: Regarding the Report to MLIT Concerning Improper Conduct in Fuel Consumption Testing of Vehicles Manufactured by Mitsubishi Motors Corporation Tokyo, April 26, 2016 The following is a summary of the report submitted by Mitsubishi Motors Corporation (MMC) to the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) today, pursuant to instructions received from MLIT on April 20 to investigate improper conduct in fuel consumption testing of vehicles manufactured by MMC. Report Summary 1.