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Nissan board meets but doesn't pick a replacement for Ghosn

YOKOHAMA, Japan — Nissan's board met Monday but failed to pick a new chairman to replace Carlos Ghosn, who was arrested last month on charges of violating financial regulations, saying more discussion was needed. Nissan Motor Co. Chief Executive Hiroto Saikawa told reporters that the board approved a special committee of outsiders to strengthen governance at the company. A date for the selection of a chairman was not decided. "We plan to be cautious in this process, and I do not plan to rush this," Saikawa said. The recommendations for beefing up governance are due in March, and Saikawa said he was willing to wait until then to choose a chairman. The board meeting came amid an unfolding scandal that threatens the Japanese automaker's two-decade alliance with Renault SA of France and its global brand, and highlights shoddy governance at the manufacturer of the Leaf electric car. Related: Carlos Ghosn coup theory grows: Did Nissan set him up for a fall? Ghosn and another board member Greg Kelly were formally charged last week with falsifying financial reports in underreporting Ghosn's income by about 5 billion yen ($44 million) from 2011 to 2015. They were arrested Nov. 19 by Tokyo prosecutors and remain in detention. A source close to Ghosn's family says Ghosn is innocent, as the alleged income was never decided upon or paid. Aubrey Harwell, the U.S. lawyer for Kelly, an American, says he is innocent, and that Nissan insiders and outside experts had advised him that the financial reporting was proper. The chairman must be selected from among the board members. Three outside board members — race-car driver Keiko Ihara; Masakazu Toyoda, an academic; and Jean-Baptiste Duzan, formerly of Renault — are making that decision. The special committee for governance includes the three outside board members and four other outsiders, including former judge Seiichiro Nishioka. One candidate for chairman is Saikawa, who was hand-picked by Ghosn to succeed him as chief executive. He has denounced Ghosn and Kelly as the "masterminds" in a scheme to falsify income reports and abuse company money and assets. Renault has kept Ghosn as chief executive and chairman, saying its investigation has not found wrongdoing in the awarding of Ghosn's compensation. Saikawa called on directors at Renault to heed its reasons for sacking Ghosn, but Renault's interim chairman Philippe Lagayette said on Friday that its board had not considered a replacement.

Recharge Wrap-up: Nissan Murano Hybrid in China, FCA hearts E15

Fiat Chrysler Automobiles (FCA) has approved the use of E15 in its 2016 model year vehicles. The Renewable Fuels Association is pleased with the automaker's choice to cover the higher ethanol blend in its warranty statements, describing it as a positive signal for the future growth of E15. "FCA's decision to join GM and Ford provides clear evidence that the tide on E15 has turned," says RFA President and CEO Bob Dinneen. "The automaker's decision not to embrace E15 had been a major point of concern and tension for the last three years." Read more from the RFA. Skoda's head of purchasing, Dieter Seemann, discusses sourcing EV components in a new interview. He says the biggest challenge is seeking out future suppliers for electric motor and connected vehicle components. "We have to really understand what happens in this business to identify the right partners to have in five to eight years from now," says Seemann. "Many of these are suppliers completely new to us." He says Skoda purchases 50 to 55 percent of its parts directly, while chassis and powertrain parts are shared among other Volkswagen Group brands. Read the full interview at Automotive News Europe. Nissan is helping the European Commission develop a pedestrian alert system for electric vehicles. Called Electric Vehicle Alert for Detection and Emergency Response (eVADER), the project aims to develop technology that provides audible cues to alert pedestrians to oncoming vehicles without contributing to noise pollution. Nissan created a system for the Leaf that uses a camera to recognize pedestrians and cyclists and direct a sound in their direction. This work will help the EU shape its laws moving forward. Read more at Electric Cars Report. The Nissan Murano Hybrid has gone on sale in China. The Murano Hybrid is powered by a supercharged 2.5-liter engine and an electric motor with lithium-ion battery. The hybrid uses Nissan's All Mode 4x4-i all-wheel-drive system, and is equipped with a host of safety technology. The new Murano helps Nissan cater to China's growing demand for SUVs, and is also part of the "Young Nissan" strategy. Read more at Green Car Congress, or in the press release below. Nissan introduces the all-new Murano to China SHANGHAI, China(August 8, 2015) – Nissan today announced that the all-new Murano, including the hybrid version, is officially available for sale from its joint venture in China, Dongfeng Nissan Passenger vehicle company (DFL-PV).

Carlos Ghosn appears in court: 'I am wrongly accused'

TOKYO — Former Nissan Chairman Carlos Ghosn told a Tokyo court on Tuesday that he was innocent, defending his honor in his first public appearance since he was arrested on Nov. 19 and charged with false financial reporting. "Your honor, I am innocent of the accusations against me," Ghosn told the judge, speaking firmly and calmly as he read from a statement. "I am wrongfully accused." Prosecutors have charged Ghosn, who led a dramatic turnaround at the Japanese automaker over the past two decades, with falsifying financial reports in underreporting his income by about 5 billion yen ($44 million) over five years through 2015. They also say he is suspected of having Nissan temporarily take on his investment losses from the financial crisis. Seen for the first time since his November arrest, Ghosn was wearing a dark suit without a tie, and plastic slippers, and looked thinner and with gray hair. He rebutted the allegations against him point-by-point and said he had the option to leave Nissan but had decided to stay on. "A captain doesn't jump ship during a storm," he told the court in a strong voice. The veteran auto executive, a familiar face at the World Economic Forum and other elite gatherings, was handcuffed and led into the courtroom with a rope around his waist as the hearing began. Officers uncuffed him and seated him on a bench. Presiding judge Yuichi Tada then read out the charges and said Ghosn, a Brazilian-born Frenchman of Lebanese ancestry, was considered a flight risk — he was arrested on his arrival in Tokyo by private jet — and might try to hide evidence. In Japan, suspects are routinely held without bail, often due to fears about evidence tampering. During Tuesday's hearing, Go Kondo, one of Ghosn's lawyers, argued he was not a flight risk. "He's widely known so it's difficult for him to escape. There is no risk that the suspect will destroy evidence," he said. Facing the courtroom, Ghosn spoke proudly of the automaker's — and his own — achievements, such as reviving iconic models like the GT-R and the Z, expanding operations in China, Russia, Brazil and India and pioneering electric cars and autonomous driving. "I have a genuine love and appreciation for Nissan," he said. Ghosn has been held in spartan conditions at a Tokyo detention facility since he was taken into custody. In keeping with Japanese regulations, he has been allowed visits only from his lawyers and consular officials.