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Renault board names Ghosn stand-ins, as tensions with Nissan increase

PARIS/TOKYO — French carmaker Renault tapped its chief operating officer and a senior board member to fill in for embattled boss Carlos Ghosn, after an investigation by alliance partner Nissan led to his arrest on suspicion of financial misconduct. Thierry Bollore, Ghosn's operational second-in-command, will become deputy chief executive, while lead independent director Philippe Lagayette assumes the function of interim chairman, Renault said after a board meeting late on Tuesday. But the board refrained from firing Ghosn while awaiting more detail on the allegations — in a decision that could also buy more time for an accelerated, permanent succession process. "Mr. Ghosn, temporarily incapacitated, remains Chairman and Chief Executive Officer," Renault said in a statement. "During this period, the board will meet on a regular basis under the chairmanship of the lead independent director." Ghosn, one of the car industry's best-known leaders, was arrested on Monday after Nissan said he had engaged in years of wrongdoing, including personal use of company money and under-reported earnings. The Japanese company plans to remove him as chairman on Thursday. The French government, Renault's biggest shareholder, had begun to distance itself from Ghosn, calling for new interim leadership before the meeting, as the Japanese investigation expanded to include Renault-Nissan alliance finances. "Carlos Ghosn is no longer in a position where he is capable of leading Renault," Finance Minister Bruno Le Maire said earlier in the day. "Renault has been weakened, which makes it all the more necessary to act quickly." Statements by Le Maire, Renault and its board all echoed French preoccupations over the future of the alliance first articulated by President Emmanuel Macron within hours of Ghosn's arrest on Monday. Following talks between Le Maire and his Japanese counterpart Hiroshige Seko on Tuesday, the ministers reaffirmed their "shared wish to maintain this winning cooperation." But in a sign that Nissan may now seek to loosen its French parent's hold on the partnership, the Japanese company informed Renault it also had evidence of potential wrongdoing at Renault-Nissan BV, the Dutch venture overseeing alliance operations under Renault's ultimate control, three people with knowledge of the matter told Reuters.

Nissan Skyline Nismo gets a more powerful Z engine

Recent rumors claim the Nissan Skyline will morph into an electric crossover in the coming years. Regardless of whether or not they're true, the company isn't done with the current, gasoline-powered Skyline yet and it launched a limited-edition, Nismo-branded model in Japan. If you're experiencing deja vu, it's likely because the Nissan Skyline is sold as the Infiniti Q50 in the United States. We even get a range-topping, performance-oriented trim level, the 400-horsepower Red Sport 400. The Skyline Nismo goes further, though, by adopting an evolution of the twin-turbocharged, 3.0-liter V6 that powers the Red Sport 400 and the Z coupe. It's rated at 414 horsepower and 404 pound-feet of torque. For context, the Q50 and Z pack 400-horsepower and just 350 pound-feet of torque. The Nismo's engine spins just the rear wheels via a seven-speed automatic transmission, whereas America's Red Sport 400 is available with all-wheel drive. Nissan didn't settle for adding a few horses to the cavalry, slapping a couple of "Nismo" emblems to the body, and calling it a job well done. Its engineers redesigned the Skyline's suspension system, installed fade-resistant brake pads and recalibrated the various vehicle control systems, including the ABS, to deliver a sportier driving experience on and off the track. The brand even went as far as securing the windshield and the rear window with a type of adhesive normally reserved for the GT-R Nismo to improve rigidity without adding weight.  Visual updates are part of the Nismo package as well, including 19-inch Enkei wheels wrapped by tires that are wider than the ones worn by the regular-production model, an old-school "GT" emblem on each fender, and a body kit that includes a front splitter and side skirts. These updates aren't just for show: Nissan notes the redesigned grille opening helps channel additional cooling air to the radiator and the oil cooler. The Nismo treatment also permeates the cabin. The front passengers sit on Recaro sport seats with red inserts, while the driver faces a steering wheel with a red 12-o'clock mark as well as a new-look tachometer with a red ring and a small "Nismo" logo below the needle. Enthusiasts who want an even rarer version of the current-generation Skyline can try their luck at scoring the Nismo Limited.

Nissan itself will be indicted alongside Ghosn, report says

Prosecutors in Tokyo are expected to file charges against Nissan itself alongside an expected indictment against former Chairman Carlos Ghosn as part of the ongoing financial misconduct case. That's according to a report from Japan's Nikkei business daily, which does not identify its sources. Charges are also likely against Greg Kelly, a member of Nissan's board of directors who was taken into custody with Ghosn Nov. 19 after Japanese authorities questioned the former chairman aboard a corporate jet at the Tokyo Haneda airport. Monday is the deadline when prosecutors must either indict the two executives, release them or arrest them on new allegations. Both men are accused of under-reporting salaries in five annual reports that stretch through the fiscal year that ended in March 2015. The Nikkei says they'll also be arrested on new allegations of misstating financial information for the subsequent three business years. Nissan would be charged for not preventing the alleged crime. Both men have reportedly denied the allegations. In response to the Nikkei report, a spokesman for Nissan told Automotive News the company had "identified serious misconduct related to the reporting of Mr. Ghosn's compensation" and was cooperating with investors. The turmoil over Ghosn prompted the automaker to scrap plans to unveil a long-awaited longer-range Leaf electric car at the L.A. Auto Show last week. Ghosn is accused of conspiring to understate his income by about half the 10 billion yen (about $88 million) over the period. Reports say the issue relates to deferred compensation that Nissan CEO Hiroto Saikawa reportedly signed off on but may not have understood. The company didn't report the deferred compensation in Japanese securities filings as it is required, since the money is considered a future liability against the company. Automotive News cites an unnamed source who says Nissan has identified some $80 million in unreported deferred compensation promised to Ghosn. Nissan's board voted Nov. 22 to oust him as chairman, and Mitsubishi followed suit days later. Ghosn remains the CEO and chairman of Renault, however. Under Ghosn's guidance, Nissan and Renault joined forces in 1999 when Nissan was teetering toward bankruptcy. Mitsubishi joined on in 2016, with all three members able to jointly develop products and control costs. He had reportedly been pushing for deeper ties, including a possible merger between Nissan and Renault at the urging of the French government.