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Nissan shareholders oust Carlos Ghosn from board of directors

TOKYO — Nissan's shareholders approved on Monday the ouster from the Japanese automaker's board of its former chairman, Carlos Ghosn, who is facing allegations of financial misconduct. The approval, which was expected, was indicated by applause from the more than 4,000 people gathered at a Tokyo hotel for a three-hour extraordinary shareholders' meeting. Other votes had been submitted in advance. Ahead of the vote, Nissan's top executive apologized to shareholders for the scandal at the Japanese automaker and asked them to approve Ghosn's dismissal. Chief Executive Hiroto Saikawa and other Nissan executives bowed deeply in apology to shareholders attending the extraordinary meeting at a Tokyo hotel. Shareholders also approved the appointment of French alliance partner Renault SA's Chairman Jean-Dominique Senard to replace Ghosn. Renault owns 43 percent of Nissan. Senard, introduced to shareholders at the meeting's end, thanked them and promised to do his best to keep the automaker's performance on track. "I will dedicate my energy to enhance the future of Nissan," said Senard. The shareholders also gave a green light to removing from the board a former executive direct, Greg Kelly, who has been charged with collaborating with Ghosn in the alleged misconduct. Angry shareholders demanded an explanation for how wrongdoing on an allegedly massive scale had gone unchecked for years. The meeting was closed except to stockholders but livestreamed. One shareholder said Nissan's entire management should resign immediately. Saikawa said he felt his responsibility lay in fixing the shoddy corporate governance at Nissan first, and continuing to lead its operations. Another shareholder asked if Nissan was prepared for a damage lawsuit from shareholders since its stock price has plunged. "I deeply, deeply apologize for all the worries and troubles we have caused," Saikawa said. "This is an unprecedented and unbelievable misconduct by a top executive." He outlined the findings of an internal investigation, such as payments of a consultation fee to Ghosn's sister for 13 years. The investigation has also found too much power had been focused in one person, he said. Ken Miyamoto, 65, a Nissan shareholder, said he was disappointed. "It is really such a pity as he was a brilliant manager," Miyamoto said of Ghosn before heading into the meeting.

Mitsubishi expects to sell only 4,000 Outlander PHEVs in first year in US

First, it was late 2013 or early 2014. Then it was the fall of 2014. And then it was "roughly" April 2016. Now we can strike "roughly" from the record: the Outlander Plug-In Hybrid will finally arrive in the US in April 2016. Alex Fedorak, public relations manager, Mitsubishi Motors North America, told AutoblogGreen that the company is now "confident in that date." The various delays that held up the SUV this far – including battery shortages, deciding to make the PHEV in the US the refreshed version and better-than-expected sales in Europe and Japan – have worked their way through the system, he said. "The issue was battery capacity, and the vehicle sold far better in Europe than anyone anticipated. It just takes time to build the battery. You got to buy raw materials and rethink the whole process. We're confident that it's going to be next spring." As for where the Outlander will go on sale in the US Fedorak said he did not know the initial markets for, but said it was likely the plug-in SUV would mimic the roll-out of the i-MiEV, which is now available in most states. Even with the Outlander PHEV's success overseas, the company does not expect it to be a big seller here. "It's not going to be big percentage of Outlander sales [in the US]," Fedorak said. "Our expectations are in the single-digit percentage of the total Outlander sales. It's just going to be a technology showcase for us, and we'll see what happens. If it takes off for us like it did in Europe, it'll be good news for the brand." Last year, Mistubishi sold 31,054 Outlander Sports and 13,068 Outlanders in the US. That means Mitsubishi expects to sell a maximum of 3,970 Outlander PHEVs (nine percent of 44,122 total Outlander sales) in the plug-in's first year on sale in the US. Fedorak said he doesn't think there are any specific regulatory issues that need to be solved to bring the Outlander PHEV here. Things like EPA certification and crash testing still need to be done, he said, but that's just part of the normal process now. Fedorak said he thinks there is no difference in the plug-in powertrain from the current version sold in Europe and Japan and the version that will come to the US. But the rest of the 2016 Outlander will be "much more than a facelift," he said (something we've heard before). "It's a total rethink of the chassis and the tuning of the vehicle. The NVH of the vehicle, too."Related Video:

Recharge Wrap-up: Japan supports hydrogen, Fools against fuel cells, BlueIndy controversy

Japan hopes to expand the use of hydrogen energy by subsidizing fuel cell vehicles, according to The Japan News. The trade ministry plans to include the subsidies in its 2015 budget to coincide with the expected launch of Toyota's Fuel Cell Vehicle and the Honda FCEV hydrogen car. By jump-starting purchases of hydrogen cars, Japan hopes that innovation and mass-production will get a boost and the cost of fuel cell vehicles will be competitive with gasoline-powered models by the year 2025. Japan plans to have 100 hydrogen fueling locations operating by March 2016, and wants to halve the cost of building those stations by 2020. The amount of the subsidies has not yet been set. Investing website The Motley Fool isn't quite as optimistic as Japan about hydrogen cars, and is instead bullish about Tesla Motors. The Fool points to Tesla's strong stock performance, and predicts future growth will come from more car models in the future - starting with the Model X - as well as the company's proposed Gigafactory for manufacturing batteries. If Tesla's charging technology continues to catch on, that only improves its financial prospects. The article has some harsh words, however, for hydrogen: "Fuel cells are an inferior automotive technology and for fundamental efficiency, cost, and infrastructure reasons always will be mere compliance gimmicks." Yeesh. As part of a program to build charging stations for the Indianapolis EV carsharing service BlueIndy, utility company Indianapolis Power & Light (IPL) wants to raise its electricity rates an average of 44 cents a month per residential customer to help pay for its share of the project. State consumer advocacy agency Indiana Office of Utility Consumer Counselor and consumer watchdog group Citizens Action Coalition oppose the plan, according to Greenfield, Indiana's Daily Reporter. The BlueIndy program, which is a partnership between the city of Indianapolis and battery manufacturer Bollore Group, will provide up to 500 cars for rent at 25 charging sites around the city. Those who oppose the rate hike call IPL a monopoly and say the amount of the increase is not allowed under state law and that the program wouldn't benefit working class and low-income citizens. A hearing regarding IPL's proposal is scheduled for July 23. A Mitsubishi Outlander PHEV will run the 2014 Asia Cross Country Rally, Hybrid Cars reports. The rally covers 1,367 miles of woods, swamps and mountains from Thailand to Cambodia.