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Court rejects Carlos Ghosn's request to attend Nissan board meeting

TOKYO — A Japanese court has rejected a request by former Nissan chairman Carlos Ghosn, released on bail last week, to attend the Japanese automaker's board meeting on Tuesday. Nissan dismissed Ghosn as chairman after his Nov. 19 arrest, but he remains on the board. The Tokyo District Court said it rejected Ghosn's request on Monday but did not elaborate on the reasons. It had been unclear whether Ghosn could attend the board meeting. The court's approval was needed based on restrictions imposed for his release on bail. The restrictions say he cannot tamper with evidence, and attending the board meeting could be seen as putting pressure on Nissan employees. Prosecutors had been expected to argue against his attendance. They were not available for immediate comment. Ghosn has been charged with falsifying financial reports in underreporting his compensation and breach of trust in making payments to a Saudi businessman and having Nissan shoulder investment losses. He insists he is innocent, saying the compensation was never decided or paid, the payments were for legitimate services and Nissan never suffered the losses. Since his release on March 6 from Tokyo Detention Center on 1 billion yen ($9 million) bail, he has been spotted taking walks in Tokyo with his family, but he has not made any comments. His attempt to exercise what his lawyer, Junichiro Hironaka, called his "duty" by attending the board meeting signals one way he may be fighting back. Hironaka has said Ghosn will speak to reporters soon. A date for a news conference has not been announced. Nissan said Monday that Renault Chairman Jean-Dominique Senard, Renault Chief Executive Thierry Bollore, Nissan Motor Co. CEO Hiroto Saikawa, and Osamu Masuko, the chairman and CEO of Mitsubishi Motors Corp., will hold a joint news conference Tuesday after the board meeting. Nissan appears determined to highlight new leadership without Ghosn. It is part of an alliance with Renault SA of France, and more recently with Japan's Mitsubishi Motors, that was largely cobbled together by Ghosn, who led Nissan for two decades. Nissan, which makes the March subcompact, Leaf electric car and Infiniti luxury models, has denounced Ghosn for alleged misconduct. A decision at a shareholders' meeting is needed to remove Ghosn from the board. A shareholders' meeting is scheduled for next month.

Geely and Renault joint venture will develop internal combustion and hybrid tech

China's Geely Automobile Holdings and French car maker Renault SA on Tuesday said they will invest up to 7 billion euros ($7.71 billion) in a new equally held joint venture to develop gasoline engines and hybrid technology for automobiles. The JV is aimed at manufacturing more efficient internal combustion engines and hybrid systems at a time when the focus of much of the automobile industry has been on the capital-intensive transition to purely electric vehicles. "We are pleased to be embarking on this journey to become a global leader in hybrid technologies, providing low-emission solutions for automakers around the world," said Eric Li, Geely Holding Group chairman. The new company will employ 19,000 people at 17 engine plants and five research and development hubs, Renault said. At launch, it is expected to supply to multiple industrial customers including Volvo, Proton, Nissan, Mitsubishi Motors, and PUNCH Torino. The JV aims to have an annual production capacity of up to five million internal combustion, hybrid and plug-in hybrid engines and transmissions, Renault added. Reuters reported in March that the new venture will see 15 billion euros ($16.53 billion) in annual revenue. Saudi Aramco, which signed a letter of intent with Renault and Geely in March, is evaluating a strategic investment in the new company, Renault said. The Saudi oil producer has been involved in advanced discussions to take a stake of up to 20% in the JV, sources said earlier this year. Big oil firms have worked with automakers to develop sustainable fuels and hydrogen engines in recent years. But a deal here would make Aramco the first major oil producer to invest in the car business. The joint venture is expected to be launched in the second half of 2023. Earnings/Financials Green Mitsubishi Nissan Volvo Renault

Nissan teases Sao Paolo CUV concept, production future likely

Back in 2012 at Brazil's São Paulo Motor Show, Nissan showed off an angular subcompact crossover concept, Extrem, that seemed to to portend the future of the Nissan Juke. Now, the Japanese automaker is teasing an as-yet-unnamed CUV concept for this year's show. The new showcar, set for an October 28 unveiling, is expected to be a closer-to-production version of the Extrem ethos.
Why should we care? Autoblog has reason to believe that this vehicle is under consideration for global distribution. The production Extrem - or whatever it ends up being called - is likely to be positioned size-wise in between the Juke and the recently upsized Rogue, offering more space and still-adventuresome styling, yet at a less expensive price. If accurate, that sounds like the production model will be a fair bit larger than the conceptual Xtrem, which was built atop a modified version of Nissan's V-platform, a model that underpins its March supermini (and speaking of the March, Nissan has also teased what looks to be a sporty concept version of it for the Brazilian show, too).
It's important to note that Nissan already has a bustling small CUV portfolio globally, what with its popular Qashqai / X-Trail models in markets beyond ours. There continues to be persistent rumors that Nissan is considering bringing over the Qashqai, as well, a model seemingly already quite close in size and execution to the Rogue. Despite this, Nissan has shown no hesitation in exploring every niche of the burgeoning CUV market, and while not every derivative has been a success, models like the Juke have rewarded the company's bravery with handsome sales.