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Renault to alert prosecutors about Carlos Ghosn's wedding costs

PARIS — Renault has found evidence that it paid part of Carlos Ghosn's wedding costs and is preparing to turn the investigation over to prosecutors, two weeks after the French carmaker's scandal-hit chairman and chief executive was forced out. An internal probe established that a 2016 sponsorship deal with the Chateau de Versailles included a 50,000 euro ($57,000) personal benefit to Ghosn, the carmaker said on Thursday, confirming a report in Le Figaro. The carmaker replaced Ghosn on Jan. 24, more than two months after his arrest in Japan over allegations of financial misconduct uncovered by Renault's Japanese affiliate Nissan, which he also chaired. Renault began its own examination of payments to Ghosn within days of his detention but had not flagged any irregularities until now. Renault has discovered that "Mr Ghosn was accorded a personal benefit valued at 50,000 euros under the terms of a sponsorship contract with the Chateau de Versailles," the company said in a statement on Thursday. "Renault has decided to bring these findings to the attention of the judicial authorities." The office of Ghosn's Japanese lawyer Motonari Otsuru did not immediately respond to a request for comment. Ghosn remains in detention in Tokyo with limited opportunity to respond publicly to allegations against him. Renault had agreed before the wedding to sponsor 2.3 million euros of Versailles renovations in return for a credit granting the carmaker services from the chateau worth 25 percent of that amount, or 575,000 euros, a person with knowledge of the matter told Reuters. Le Figaro reported that the chateau allowed Ghosn to host his wedding reception on its grounds in exchange for Renault's donations to the Versailles estate, resplendent home to France's last kings. The rental fee was deducted from Renault's credit for use of the Grand Trianon at Versailles on Oct. 8, 2016, when Ghosn and his second wife Carole hosted their wedding reception at the 17th-century palace, the source said. The event had already attracted public attention for its opulence and Marie Antoinette-themed costumes. The Renault board was informed about the discovery on Wednesday, as reported by Le Figaro, the source added. Earnings/Financials Government/Legal Mitsubishi Nissan Renault renault-nissan

Mitsubishi to join alliance with Honda and Nissan, Nikkei reports

TOKYO — Japan's Mitsubishi Motors is set to join an alliance between Honda Motor and Nissan Motor, creating a tie-up between automakers with combined sales of more than 8 million vehicles, the Nikkei newspaper said on Sunday. Mitsubishi Motors, which is 34% owned by Nissan, will work with Honda and Nissan to finalize the details of their strategic partnership, Nikkei said, adding the three firms intend to standardize in-vehicle software that controls cars. Mitsubishi Motors declined to comment on the report, while a Nissan spokesperson would only say the report was not based on something either of the companies had announced. Spokespeople for Honda did not respond to a request for comment. The push comes as Nissan, Japan's third biggest automaker, has been steadily losing market share in its two largest markets, the United States and China, which together accounted for half of its global sales in the year to March. On Thursday, the company slashed its annual outlook after heavy discounting in the U.S. almost completely wiped out its first-quarter profit. Nissan and Honda said in March they were considering a strategic partnership to collaborate on producing electric vehicle components and artificial intelligence in automotive software platforms. Mitsubishi Motors is already part of a long-standing alliance with Nissan and France's Renault that the three automakers last year agreed to restructure, aiming for a downsized but more pragmatic and agile partnership. Separate collaboration between Nissan, Honda and Mitsubishi Motors could help Japan's automakers cut costs and beef up to battle tough competition in EVs, dominated by companies like China's BYD and Tesla. In China, the world's largest auto market, Japanese brands previously were strong but are now up against domestic automakers that have rapidly increased production and won over consumers with low-priced vehicles loaded with software.

Nissan's Le Mans prototype V6 to power next GT-R

You can debate all you want about whether racing has any relevance to road cars. And while you're doing that, Nissan will be getting the most out of its GT-R LM Nismo. In fact, the latest reports indicate that the Japanese automaker will use the engine (or some version thereof) in the next-generation GT-R. The Nissan GT-R LM Nismo, for those who may have missed it, is the company's radical attempt to take on the Audis, Porsches and Toyotas of the top-tier LMP1 class in the FIA World Endurance Championship. And to do so at its flagship event, the 24 Hours of Le Mans. Only unlike its rivals, it's not a mid-engined, all-wheel-drive design; both the engine and the driven wheels are at the front end. That engine, however, isn't actually all that radical. It's a 3.0-liter twin-turbo V6 producing 550 horsepower. Potent, but nothing earth-shattering. In fact it's not far off from the 545-hp 3.8-liter unit in the current production GT-R. And according to Top Gear, in speaking with the racing program's director Ben Bowlby, it will be essentially the same engine that will power the next road-going GT-R. Now if you're thinking that something's missing here, you're right: the GT-R LM Nismo packs a lot more than 550 horses. It actually has over 1,250 on tap. The remaining 700 hp are kicked in by the electric component of the racing prototype's hybrid powertrain. The next GT-R is widely expected to incorporate hybrid technology as well, but it won't be good for 700 hp all on its own. And it will almost certainly be driving all four wheels like the current version. Related Video: