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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.

Junkyard Gem: 1983 Mitsubishi 4WD SPX Truck

Mitsubishi began building the Forte small pickup in 1978, and Chrysler quickly started selling the Forte in North America with Dodge D-50/Dodge Ram 50/Plymouth Arrow Truck badging. Mitsubishi-badged vehicles first showed up on our shores as 1983 models, with four models available: the Cordia liftback coupe, the Tredia sedan, the Starion sports car and the Truck. Today's Junkyard Gem is one of the very first of those Mitsubishis to be sold in the United States, found in a Denver self-service car graveyard recently. This series is all about gems of automotive history, and we've got a really rare bit of Mitsubishi Motors history here with this August 1982 build date. I've documented six discarded (Mitsubishi-badged) Mitsubishis from the 1983 model year prior to now, and none had build dates earlier than January of 1983. This pickup may have been on the first shipload of new Mitsubishis to arrive at San Pedro (while the town's most legendary band was just becoming known outside of Southern California). Even my discovery of one of the very first Camrys sold in North America (in the same junkyard a few years back) isn't as cool as this. The commonly used name for all of the first-generation (1983-1986) Mitsubishi pickups is "Mighty Max," but a look through contemporary price guides (of which I have an extensive library) and Mitsubishi Motors USA's own marketing materials shows that the official name for this truck was "Truck," available in Mighty Max, Turbo Diesel and SPX sub-designations. Other Japanese manufacturers also sold vehicles named Trucks and Vans here, with the Toyota Truck (aka Hilux everywhere else in the world) being the best-known. Later on, Mitsubishi fully embraced the Mighty Max trim level as the model name for all the Forte/Triton-based pickups it sold here. For the 1983 model, the Mighty Max was the cheapest Mitsubishi Truck, sold only with 2.0-liter engine, rear-wheel-drive and four-on-the-floor manual transmission. This is a 4WD SPX with automatic transmission, the most expensive Mitsubishi Truck available in 1983. It has the 2.6-liter Astron SOHC four-cylinder engine, rated at 108 horsepower and 142 pound-feet. The Astron went into a wide variety of U.S.-market vehicles over the years, including Chrysler K-Cars and Dodge Challengers. Such luxury! The Dodge-badged version of this truck, the Ram 50, remained available all the way through the second generation of Forte and the 1994 model year.

Long-serving Mitsubishi president Masuko to step aside

Long-struggling Mitsubishi Motors is reportedly preparing for a changing of the guard at home. According to Reuters, Osamu Masuko will step aside in favor of Tesuro Aikawa, currently the company's managing director. Masuko won't be leaving the fold entirely, however - he will take the role of chairman, displacing Takashi Nishioka, who will resign. The shakeup has not been confirmed by Mitsubishi, but word is that the changes will take effect April 1.
Mitsu's US troubles are no secret, but the brand's struggles in its home market haven't been quite so publicized. The company was bailed out by other arms of the Mitsubishi empire, and it just raised $2 billion this month to buy back preferred shares that were issued during the bailout. Masuko served as president for nearly ten years, during which the brand's US efforts utterly stalled out, recalls cropped up in Japan and an alliance with Daimler (which was DaimlerChrysler at the time) disintegrated.
According to Reuters, establishing the kind of alliances that will allow the brand to grow, such as its tie-up with Renault-Nissan, are key to Mitsu's long-term success. The thought is that an alliance will allow the brand to come up with some innovative models that won't be compromised by its lack of production scale. It looks like Aikawa has his work cut out for him.