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Nissan's Carlos Ghosn reportedly arrested, to be fired for financial misconduct

TOKYO — Nissan Motor Co said it was ousting Chairman Carlos Ghosn for alleged financial misconduct and Japanese media reported he been arrested, a shocking fate for a leader hailed for rescuing the company from close to bankruptcy. The Japanese automaker said Ghosn's alleged misconduct included personal use of company money and under-reporting how much he had been paid. Ghosn is also chairman and chief executive of Nissan's French partner Renault and one of the best-known figures in the global car industry, and his departure would raise question about the future of the alliance. Nissan said it launched an months-long investigation after a whistleblower tipped it off to wrongdoing by Ghosn and Representative Director Greg Kelly. "The investigation showed that over many years both Ghosn and Kelly have been reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount, in order to reduce the disclosed amount of Carlos Ghosn's compensation," Nissan said in a statement. It said CEO Hiroto Saikawa would propose that the Nissan board remove Ghosn and Kelly. Neither Ghosn nor Kelly could be reached for comment. Renault shares tumbled 11 percent in Paris to be among the worst performing stocks in Europe. Nissan's German-listed securities plunged 10 percent. French President Emmanuel Macron said the government, the French carmaker's top shareholder, will be vigilant about Renault and its alliance with Nissan. Cost cutter Known as "Le Cost Killer," Ghosn is credited for reviving the Japanese automaker and has remained popular despite the massive job cuts that he brought and recent controversy over his lucrative pay package. Japanese media reported that Ghosn had reported around 10 billion yen worth of compensation as around 5 billion yen. Ousting Ghosn, 64, is bound to raise questions about an alliance that he personally shaped and had pledged to consolidate with a deeper tie-up, before eventually stepping back from its operational leadership. "The initial share price reaction shows how pivotal he is," Citi analyst Raghav Gupta-Chaudhary said on Monday. The current alliance structure has long undervalued Nissan shares held indirectly by Renault investors, he added. "Ghosn is viewed as critical for value unlock." Renault owns 43.4 percent of Nissan, while Nissan owns 15 percent of Renault, with no voting rights in a partnership that began in 1999.

Nissan exec Andy Palmer derides Toyobaru coupes as 'midlife crisis' cars

Andy Palmer, Nissan's executive vice president, does not like the Scion FR-S or Subaru BRZ. To us, that's like saying you enjoy barbecuing puppies, but we'll let him slide, because his statements about the Toyobaru twins are much, much more than just idle trash talk.
Speaking to Motor Trend's Nate Martinez, Palmer said, "Do we have any competitors [in the small, rear-drive coupe segment]? Are you talking about the Subaru [BRZ]? It was a car designed for a 50-year-old. It's for a midlife crisis. That's not what we do." Strong words, but what followed was even better.
"Are you coming to the Tokyo Motor Show? You'll see the answer to the midlife crisis. Except it won't be for the midlife crisis." So, if you were wondering whether Nissan is working on a competitor to the Scion FR-S and Subaru BRZ, the answer seems to be a resounding "yes."

NHTSA probes Nissan Versa for potential pedal problem

The National Highway Traffic Safety Administration is commissioning an engineering analysis to investigate a possible problem with the 2013-2015 Nissan Versa and 2014-2015 Versa Note. The agency wants to gather more information about sections of the footwell that can potentially interfere with operating the pedals, and NHTSA estimates this could affect 360,000 vehicles if the agency requests a recall. The preliminary evaluation of this problem was opened last June when NHTSA received a report of a driver's foot being trapped by a trim panel on the right side of the footwell. Since then, the government agency has tallied 24 total complaints, including one crash and an injury, which might have been linked to this issue. It's also possible the HVAC relay actuator in a nearby area could be doing the same thing. Either might lead to unintended acceleration and delayed braking. NHTSA's new engineering analysis is meant to "assess the scope, frequency and safety-related consequences of the alleged defect." It also adds the 2015 Versa Sedan and Note to the list of potentially affected models but removes the examples from 2012 because of a different footwell panel design. "Nissan is cooperating fully to answer the agency's questions," the automaker said in a prepared statement emailed to Autoblog (embedded in full below). You can read the entire report in PDF format, including photos of the potential issue, here. INVESTIGATION Subject : Pedal Operation Interference Date Investigation Opened: APR 01, 2015 Date Investigation Closed: Open NHTSA Action Number: EA15003 Component(s): SERVICE BRAKES, HYDRAULIC , VEHICLE SPEED CONTROL All Products Associated with this Investigation Vehicle Make Mode lModel Year(s) NISSAN VERSA 2013-2015 NISSAN VERSA NOTE 2014-2015 Details Manufacturer: Nissan North America, Inc. SUMMARY: On June 24, 2014, the Office of Defects Investigation (ODI) opened PE14-018 to investigate allegations that the tunnel carpet cover trim panel on model year (MY) 2012 through 2014 Nissan Versa, Versa Sedan and Versa Note vehicles has, in certain situations, interfered with the driver's ability to promptly release the accelerator pedal and transition to the brake pedal. This may result in delayed brake application or brief incidents of unwanted acceleration.