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Nissan and Carlos Ghosn settle SEC claims over undisclosed compensation

WASHINGTON — Nissan and its former Chief Executive Carlos Ghosn have agreed to settle claims from the U.S. Securities and Exchange Commission over false financial disclosures related to Ghosn's compensation, an SEC statement said on Monday. Nissan will pay $15 million, while Ghosn agreed to a $1 million civil penalty and a 10-year ban from serving as an officer or director of a publicly traded U.S. company, the SEC statement said. Ghosn was arrested in Japan and fired by Nissan last year. He is awaiting trial in Tokyo on financial misconduct charges that he denies. Former Nissan human resources official Gregory Kelly agreed to a $100,000 penalty and a five-year officer and director ban. Nissan, Ghosn, and Kelly settled without admitting or denying the SEC's allegations and findings. The SEC said in total Nissan in its financial disclosures omitted more than $140 million to be paid to Ghosn in retirement — a sum that ultimately was not paid. The SEC also accused Ghosn in a suit filed in New York that he engaged in a scheme to conceal more than $90 million of compensation. That suit is being settled as part of the agreement announced Monday. Nissan confirmed it had settled the allegations and said it "is firmly committed to continuing to further cultivate robust corporate governance." Nissan provided significant cooperation to the SEC, the agency said. The company now has a new governance structure with three statutory committees — audit, compensation and nomination — and has amended its securities reports for all relevant years. The SEC said beginning in 2004 Nissan's board delegated to Ghosn the authority to set individual director and executive compensation levels, including his own. The SEC said "Ghosn and his subordinates, including Kelly, crafted various ways to structure payment of the undisclosed compensation after Ghosn's retirement, such as entering into secret contracts, backdating letters to grant Ghosn interests in Nissan's Long Term Incentive Plan, and changing the calculation of Ghosn's pension allowance to provide more than $50 million in additional benefits." "Investors are entitled to know how, and how much, a company compensates its top executives. Ghosn and Kelly went to great lengths to conceal this information from investors and the market," said Stephanie Avakian, co-director of the SEC's Division of Enforcement.

Renault invests in French electric car plant upgrade

PARIS — Renault will invest more than 1 billion euros ($1.2 billion) to increase electric vehicle production capacity in France and add new models, the carmaker said on Thursday. The Zoe production line in Flins, west of Paris, will double its maximum output with the battery-powered subcompact's next upgrade, the company said in a statement, and its northern Douai factory will tool up to build electric cars on a new architecture shared with Japanese affiliate Nissan. "The acceleration of our investments in France for electric vehicles will increase the competitiveness and attractiveness of our French industrial sites," said Renault Chairman and Chief Executive Carlos Ghosn, who also chairs Nissan and Mitsubishi Motors and heads the carmakers' three-way alliance. The Cleon plant will triple its electric motor production capacity, while Maubeuge in eastern France receives tooling investment for the next Kangoo van including its electric version, Renault said. Reporting by Laurence Frost. Related Video: Image Credit: REUTERS/Jacky Naegele Green Plants/Manufacturing Nissan Renault Electric

Nissan Leaf Aero Style wears new body kit in Japan

Here we have the Nissan Leaf Aero Style, which the automaker says "offers 100% electric vehicle performance in a new stylish and sporty shape." We call it a Nissan Leaf with a not-terribly-attractive body kit and two-tone wheels. Suffice it to say, it's not much like the conceptual version Nissan showed off at the Tokyo Motor Show back in 2011...
Our blunt assessment of the Leaf Aero Style doesn't necessarily mean it's bad, of course. It's still, best we can tell, a Nissan Leaf through and through, which means it has the same 107 horsepower, 187 pound-feet of torque and 24-kWh battery pack as every other new Leaf. That, in turn, means it has an official range of 75 miles (though you're probably better off assuming you can get 50 or so miles per charge in the real world) and a top speed of 90 miles per hour.
The Nissan Leaf Aero Style will go on sale in Japan in December of 2013, and there's no word on whether or not it will make its way to the States. There's also no official word on whether the Aero Style is actually any more aerodynamic than the standard Leaf, one of the slipperier cars on the market. If you want to read all about Nissan's presence in Tokyo, scroll down below. If you just want to see the new body kit and wheels, check out our high-res image gallery above.