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At meeting with automakers, Trump launches new attack on NAFTA

WASHINGTON — Ten American and foreign automakers went to the White House on Friday to push for a weakening of U.S. fuel efficiency standards through 2025, while President Donald Trump used the occasion to launch a fresh attack on the North American Free Trade Agreement that has benefited the companies. A draft proposal circulated by the U.S. Transportation Department would freeze fuel efficiency requirements at 2020 levels through 2026, rather than allowing them to increase as previously planned. Trump's administration is expected to formally unveil the proposal later this month or in June. "We're working on CAFE standards, environmental controls," Trump told reporters at the top of the meeting, referring to the Corporate Average Fuel Economy standards for cars and light trucks in the United States. Trump said he wants automakers to build more vehicles in the United States and export more vehicles. But much of the hour-long meeting focused on NAFTA. Trump blasted the pact involving the United States, Canada and Mexico as "terrible" and noted that negotiations to make changes sought by his administration were ongoing. "NAFTA has been a horrible, horrible disaster for this country and we'll see if we can make it reasonable," Trump said. Automakers have called NAFTA a success, allowing them to integrate production throughout North America and make production competitive with Asia and Europe, and have noted the increase in auto production over the past two decades with the deal in place. They have warned that changing NAFTA too much could prompt some companies to move production out of the United States. The chief executives of General Motors Co, Ford Motor Co, Fiat Chrysler, along with senior U.S. executives from Toyota Motor Corp, Volkswagen AG, Hyundai Motor Co, Nissan Motor Co, Honda Motor Co , BMW AG and Daimler AG met with Trump, as did the chief executives of two auto trade groups. Major automakers reiterated this week they do not support freezing fuel efficiency requirements but said they want new flexibility and rule changes to address lower gasoline prices and the shift in U.S. consumer preferences to bigger, less fuel-efficient vehicles.

Ousted Renault-Nissan boss Carlos Ghosn leaves Japan for Lebanon

BEIRUT/TOKYO — Ousted Nissan boss Carlos Ghosn was in his childhood home of Lebanon on Tuesday after fleeing what he said was a “rigged” justice system in Japan, raising questions about how one of the worldÂ’s most-recognized executives slipped away while on bail. GhosnÂ’s abrupt departure marks the latest dramatic twist in a year-old saga that has shaken the global auto industry, jeopardised the alliance of Nissan Motor Co Ltd and top shareholder Renault SA and cast a harsh light on JapanÂ’s judicial system. “I am now in Lebanon and will no longer be held hostage by a rigged Japanese justice system where guilt is presumed, discrimination is rampant, and basic human rights are denied,” Ghosn, 65, said in a brief statement on Tuesday. “I have not fled justice - I have escaped injustice and political persecution. I can now finally communicate freely with the media, and look forward to starting next week.” Tokyo officials have previously said the system is not inhumane and that Ghosn, who is facing trial on financial misconduct charges he denies, has been treated like any other suspect. It was unclear how Ghosn, who holds French, Brazilian and Lebanese citizenship, was able to orchestrate his departure from Japan, given that he had been under strict surveillance by authorities while out on bail and had surrendered his passports. According to a senior Lebanese foreign ministry source, Ghosn entered Lebanon legally on a French passport and using his Lebanese ID with normal security procedures. Asked if Ghosn used a French passport, the French foreign ministry press service said it had no immediate comment. Ghosn arrived in Beirut on a private jet from Istanbul on Monday, people familiar with the matter told Reuters. Immigration authorities had no record of Ghosn leaving the country, Japanese public broadcaster NHK said. A person resembling him entered Beirut international airport under a different name, NHK reported, citing an unidentified Lebanese security official. His lawyers were still in possession of his three passports, one of his lawyers, Junichiro Hironaka, told reporters. Hironaka, in comments broadcast live on NHK, said the first he had heard of GhosnÂ’s departure was on the news this morning and that he was surprised. He also said it was “inexcusable behaviour”. Japan has extradition treaties with only the United States and South Korea, according to the justice ministry, meaning it could be difficult to force Ghosn to return to stand trial.

Nissan to pull out of venture fund with Renault in cost-cutting drive, insiders say

TOKYO — Nissan is likely to pull out from a venture capital fund it runs with alliance partners Renault and Mitsubishi Motors, as part of the Japanese automaker's drive to cut costs and conserve cash, two sources said. Nissan will formally take a decision on whether to leave the fund, Alliance Ventures, by the end of this month, the two Nissan insiders told Reuters, declining to be identified because the information has not been made public. The likely move comes after Nissan's junior partner, Mitsubishi Motors Corp, told an alliance meeting last week that it would no longer continue to inject money into the fund, one of the sources said. The decision to leave the Amsterdam-based fund was all but a done deal, the other source said, adding: "Of course we're out. The house is on fire." A Nissan spokeswoman said it was speculation and declined to comment. A Mitsubishi spokesman said no decision had been made. The move comes as Nissan — which has seen its earnings slump — is now facing a downturn in China, its biggest market, due to the impact of the coronavirus outbreak. China sales plunged 80% last month. It also highlights the extent of the automaker's cost-cutting under new CEO Makoto Uchida, who is under pressure for a quick turnaround. Alliance Ventures is aimed at finding "learning opportunities" for the alliance through investing in startups, and is supposed get up to $200 million (153.3 million pounds) a year from the three alliance partners, although it never achieves that full amount, the first source said. It was set up under former alliance head Carlos Ghosn, whose dramatic arrest in Japan culminated in an escape to his childhood home of Lebanon in December. Ghosn faces multiple charges in Japan, including of under-reporting earnings and misappropriation of company funds, all of which he denies. According to its website, the fund was set up with a $200 million initial investment and aims for up to $1 billion by 2023. Portfolio companies include WeRide, a Chinese robo-taxi startup and Tekion Corp, a cloud-based retail platform for cars. "It wasn't established by Ghosn as a way to make money. It was for those learning opportunities we get from investing in smart startups," the first source said. "But given the tough financial situation we are facing, we are looking at investment return." Reporting by Norihiko Shirouzu; Editing by David Dolan/Louise Heavens/Susan Fenton.