Tag: Mitsubishi

France fears for Renaults influence: Why Ghosn turbo disassembly becomes a political issue

REUTERS The arrest and dismissal of Carlos Ghosn causes a stir among French politicians Nissan had already announced it two days ago, now Carlos Ghosn is finally rid of his high-ranking job with the Japanese automaker: Nissan’s inspectors have now decided unanimouslyTo remove Ghosn from his position as Chairman of the Nissan Board of Directors.… Continue reading France fears for Renaults influence: Why Ghosn turbo disassembly becomes a political issue

Nissan boss detained for ‘another 10 days’

Japanese authorities have extended the detention of Nissan chairman Carlos Ghosn by 10 days, according to local media reports. It follows his arrest on Monday after Nissan made allegations of financial misconduct. Prosecutors had 48 hours after the arrest to press charges, release him or extend his custody. Nissan accused Mr Ghosn of under-reporting his… Continue reading Nissan boss detained for ‘another 10 days’

VinFast car prices fail to convince Vietnamese consumers

VinFast presented three models and their prices at its maiden show in Hanoi Tuesday afternoon. Its five-seat sedan Lux A2.0 and seven-seat SUV Lux SA 2.0, which had already been revealed to the public for the first time at the Paris Motor Show last month, cost VND800 million ($34,305) and VND1.136 billion ($48,709) respectively. The… Continue reading VinFast car prices fail to convince Vietnamese consumers

Mitsubishi will propose removing Ghosn from board

Marlene Awaad | Bloomberg | Getty Images
Carlos Ghosn, chairman of the alliance between Renault SA, Nissan Motor Co. and Mitsubishi Motors Corp., pauses during a Bloomberg Television interview at the Paris Motor Show in Paris, France, on Tuesday, Oct. 2, 2018.

Mitsubishi will propose removing embattled executive Carlos Ghosn from its board of directors, the company said Monday.

Ghosn, who is chairman and CEO of the strategic alliance among French automaker Renault and Japanese carmakers Nissan and Mitsubishi, was arrested Monday in Tokyo on charges of making misleading financial statements to regulators, Mitsubishi said Monday.

Nissan CEO Hiroto Saikawa held a press conference earlier on Monday saying Nissan would seek Ghosn's removal from his roles at Nissan.

Nissan said a whistleblower alerted the company to several instances of alleged misconduct on Ghosn's part, including underreporting compensation to regulators and personal misuse of company money.

In addition to being chairman and CEO of the alliance, the chairman of Nissan, and a board member at Mitsubishi, Ghosn is also the CEO of Renault.

Ghosn began spearheading the alliance between Renault and Nissan in the late 1990s. Many industry veterans were skeptical that an alliance between a French car company and a Japanese carmaker would ever work. But the initiative was successful, and the two were joined by Mitsubishi in 2016.

Here is the full statement from Mitsubishi:

“Mitsubishi Motors Corporation (MMC) today announces that media outlets reported that MMC's Chairman of the Board and Representative Director, Carlos Ghosn, had been arrested by Tokyo District Public Prosecutors Office on the charge of filing annual securities reports containing fake statement, in breach of the Financial Instruments and Exchange Act.
“In response to the arrest of Ghosn, and since the alleged misconduct is related to a corporate governance and compliance issue, it is to be proposed to the Board of Directors to promptly remove Ghosn from his position as MMC's Chairman of the Board and Representative Director.
“We will readily conduct an internal investigation on whether Ghosn has been engaged in the misconduct like the above within MMC.
“MMC deeply apologizes for any concern caused by the recent event.”

Nissan boss arrested over ‘misconduct’

Nissan chairman Carlos Ghosn has been arrested over claims of financial misconduct, the carmaker has said. Mr Ghosn, a towering figure in the car industry, will be sacked from the Japanese firm after a board meeting on Thursday, its chief executive said. He has been accused of “significant acts of misconduct”, including under-reporting his pay… Continue reading Nissan boss arrested over ‘misconduct’

Rivian teases electric pickup and SUV planned for LA auto show

Rivian R1T electric pickup concept teaser A new startup automaker, Rivian, plans to beat Tesla to the punch with an electric pickup truck. After years of stealth, the company is finally poised to reveal its new pickup and SUV at the LA auto show later this month. This week, the company set up a media… Continue reading Rivian teases electric pickup and SUV planned for LA auto show

Groupe Renault acquires start-up Carizy, specialized in services of used-vehicle sales between private individuals

• Groupe Renault announces the acquisition of Carizy, a French start-up specialized in intermediation between private individuals in used-vehicle sales.• The acquisition is part of Groupe Renault’s strategy to establish itself in this growing, high-potential market.   Boulogne-Billancourt, November 15, 2018 – Groupe Renault is announcing the acquisition of CARIZY, a service company specialized in intermediation between… Continue reading Groupe Renault acquires start-up Carizy, specialized in services of used-vehicle sales between private individuals

Francois Renard appointed Groupe Renault Global Marketing Director

Boulogne-Billancourt, November 15, 2018As of November 19, 2018, François Renard will join Groupe Renault as Global Marketing Director. He will report to Thierry Bolloré, Chief Operating Officer, and sit on the Groupe Renault Management Committee (CDR). In the Global Marketing Division, the remit of François Renard will be to strengthen the attractiveness and brand awareness… Continue reading Francois Renard appointed Groupe Renault Global Marketing Director

Thierry Koskas is appointed President of Renault Sport Racing

As of January 1, 2019, Thierry Koskas is appointed President of Renault Sport Racing, replacing Jérôme Stoll. He will report directly to Carlos Ghosn, Chairman and Chief Executive Officer of Groupe Renault.   Boulogne-Billancourt, November 15, 2018  After a season marked by the progress of the Renault Sport Formula One Team, Thierry Koskas will aim… Continue reading Thierry Koskas is appointed President of Renault Sport Racing