Mitsubishi – Page 314 – I wish I had more to offer

Nissan says ‘co-operating’ with US probe

Nissan said it is “co-operating” with an inquiry by US regulators, following reports that the carmaker is being investigated over executive pay disclosures. On Monday, US media reported the Securities and Exchange Commission (SEC) had launched a probe into Nissan. The carmaker did not give further details about the inquiry. It comes as the firm’s… Continue reading Nissan says ‘co-operating’ with US probe

Mitsubishi: Big thanks to the dealers

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Carlos Ghosn, electric-car proponent and embattled executive, quit as Renault boss

Carlos Ghosn
The past two months haven't been kind to Carlos Ghosn.

The former auto executive was arrested late last year in Japan on charges that he bilked Nissan for millions in unauthorized pay and perks, including financial dealings with business partners that weren't formally disclosed.

Shortly after his arrest in November, Nissan announced that he was replaced as head of Nissan. Just a few days later, Mitsubishi announced his ouster as chief of that company, too.

Renault on Thursday announced that Ghosn resigned from his top spot as chairman and CEO of that automaker too, throwing into doubt the now-shaky alliance Ghosn helped forge between all three automakers that resulted in one of the world's largest automaking powerhouses and his own legacy as a chief proponent of mass-market electric vehicles sold around the world.

MUST READ: 300,000th Nissan Leaf electric car delivered as new version kicks off

In a statement, Nissan said it would be committed to staying part of the Renault-Mitsubishi-Nissan group—the Alliance—although it's unclear how it may change. Renault owns a 43.4 percent share of Nissan, with voting rights, but Nissan's non-voting 15 percent ownership stake in Renault has been criticized by some in Japan as unfair.

Under Ghosn, Nissan built and sold the first mass-market, fully electric vehicle sold around the world. In eight years on sale, Nissan has reportedly sold more than 386,000 Leafs according to the automaker, which makes it the world's best-selling electric car. (Tesla Model 3 reservations top that number, although that automaker hasn't yet delivered all of its reserved cars.)

Ghosn told CNBC in 2017 that the automakers he collectively ran profited on electric vehicles, which has been elusive for many automakers so far.

“We are probably the most advanced carmaker in terms of costs of electric cars and we have announced already in 2017 that we are probably the only carmaker who's starting to make money selling electric cars,” Ghosn told the news network in 2017.

In 2009, Ghosn spearheaded Nissan's efforts to produce the Leaf and sell it across the world. He committed billions of dollars to the Leaf's development, battery production, and marketing, and committed billions more to building and selling electric cars in China, the biggest opportunity market for automakers in the world.

DON'T MISS: Nissan Leaf sedan: Company builds Sylphy, first electric car for China

In recent years, the Leaf's popularity has waned as automakers such as Tesla and BYD have replaced it atop sales charts in multiple countries. Last year, Nissan sold its U.S.-based battery facility to a Chinese state-backed company for an undisclosed amount, although Nissan retained a minority ownership stake. The company will buy new batteries for the leaf from another supplier.

Still, Nissan and Ghosn pushed the Leaf and its potential to investors worldwide.

With Ghosn now gone, it's unclear if all the automakers he once ran will move away from the electric cars he once championed.

“Obviously, for those who ignore the change, or avoid the change, it's going to be terrible,” he told the BBC last year.

Renault names Ghosn’s replacements

French car giant Renault has announced a new chairman and chief executive to replace Carlos Ghosn. Michelin’s Jean-Dominique Senard has been appointed chairman, while Thierry Bolloré will become chief executive. Mr Ghosn, who has been in jail in Japan since November 19 accused of financial misconduct at Nissan, had remained at the helm of Renault.… Continue reading Renault names Ghosn’s replacements

New Renault chairman Senard to focus on alliance with Nissan, Mitsubishi

Jean-Dominique Senard, newly-appointed Chairman of Renault, and Thierry Bollore, newly-appointed Chief Executive Officer of Renault, talk to journalists after French carmaker Renault’s board of directors meeting in Boulogne-Billancourt, near Paris, France, January 24, 2019. REUTERS/Philippe Wojazer PARIS (Reuters) – Jean-Dominique Senard, the new chairman of French carmaker Renault (RENA.PA), said he would focus on talks… Continue reading New Renault chairman Senard to focus on alliance with Nissan, Mitsubishi

Arnold Clark acquires Phoenix Car Company

Arnold Clark has completed the acquisition of Phoenix Car Company, with the transfer of assets and staff from the Paisley-based car retailer set to take place on January 31. The AM100’s fourth-placed retail group will grow with the addition of six retail sites in Paisley and one in Edinburgh from the group, with franchised partners… Continue reading Arnold Clark acquires Phoenix Car Company

Why car groups Nissan and Renault need each other

When Nissan’s chief executive Hiroto Saikawa addressed employees shortly after the arrest and dismissal of Carlos Ghosn in November, he painted a bleak picture of a company that had suddenly lost its captain. It is a sharp contrast with the early days of Mr Ghosn’s leadership, when he achieved a rare turnround of Nissan from near… Continue reading Why car groups Nissan and Renault need each other

Schwäbisch-Bavarian development aid

They are bitter rivals in the luxury segment – nevertheless, Daimler and BMW want to make robotic cars together according to a report. What is behind the planned cooperation? Electric cars from Mercedes and BMW Monday, 21.01.2019 17:27 clock Until recently, such partnerships were almost unimaginable: a BMW engineer needed no help, least of all… Continue reading Schwäbisch-Bavarian development aid

Ex-Nissan boss Ghosn’s bail request denied

A Tokyo court has rejected Carlos Ghosn’s latest request for bail, despite his promise to wear an electronic tag to secure his release. The former Nissan boss has been in detention since 19 November on allegations of financial misconduct. Lawyers for Mr Ghosn, who denies any wrongdoing, have said he could remain in custody for… Continue reading Ex-Nissan boss Ghosn’s bail request denied

PJSC AVTOVAZ announces the signature of a Special Investment contract

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21.01.19
PJSC AVTOVAZ announces the signature of a Special Investment contract

PJSC AVTOVAZ today announced the signature of a Special Investment contract (SPIC) with the Russian Ministry of Industry and Trade of the Russian Federation, to support the development of Alliance brands in Russia – LADA, Nissan, Datsun, Renault and Mitsubishi and modernize facilities for their production.
Within the scope of the agreement, PJSC AVTOVAZ serves as the main investor within the group of Alliance partners that involves LLC LADA Izhevsk (part of AVTOVAZ Group), CJSC Renault Russia, LLC Nissan Motor Manufacturing Russia, and LLC Mitsubishi Motors Rus. This contract also involves the Government of Samara Region, the Government of the Udmurt Republic, the Government of Moscow, the Government of Saint Petersburg and the Government of Kaluga Region.
During the 10-year contract PJSC AVTOVAZ will invest more than 70 B-RUB, create 2,300 jobs, and together with its Alliance partners, expand localization of materials, parts and components, introduce new technologies, develop R&D activities in Russia and increase export volumes.
The President of PJSC AVTOVAZ Yves Caracatzanis said that the SPIC will greatly help the Company in the implementation of its ambitious mid-term plan. “In coming years AVTOVAZ Group is going to completely renew its LADA product range. In this situation, SPIC is providing the long-term visibility which is critical for our activities and it will also contribute to the development of the whole Russian auto components industry,” – stressed Mr. Caracatzanis.
Nicolas Maure, Vice-Chairman of the Board of Directors, noted that the Russian market is key to the success of Groupe Renault, including AVTOVAZ. “I’m glad that the Russian Federation government extended to AVTOVAZ and all Alliance partners in Russia the possibility to sign this SPIC which materializes our commitment to develop our activities in Russia”, – stated Mr. Maure.
Sergey Skvortsov, Chairman of the Board of Directors, confirmed that the SPIC has been approved through an extraordinary Board meeting on December 24th. “This SPIC is a great opportunity for AVTOVAZ and its Alliance partners to continue investing in new projects and increase localization and exports which are critical for the future of the automotive industry in the country”, – stated Mr. Skvortsov.
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PJSC AVTOVAZ announces the signature of a Special Investment contract

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