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Carlos Ghosn vows to 'restore my honor' in first remarks since arrest

TOKYO — Nissan Motor's jailed ex-chairman, Carlos Ghosn, vowed to restore his good name in court after a month in detention, Japanese public broadcaster NHK said on Friday. "Things as they stand are absolutely unacceptable," Ghosn was quoted as saying via his lawyer. "I want to have my position heard and restore my honor in court." It was Ghosn's first comment since his arrest on Nov 19 for allegedly understating his income by about half over a five-year period from 2010. He was later charged with the same alleged crime covering the past three years. A call to the office of his lawyer, Motonari Otsuru, went unanswered outside business hours early on Friday. The lawyer has previously declined to return calls for comment on the Ghosn case. A Tokyo court on Thursday unexpectedly rejected prosecutors' request to extend Ghosn's detention, which Japanese media said means he could go free on bail as early as Friday. Ghosn wants to hold a news conference after he is released, NHK quoted his lawyer as saying. The executive, who formed a carmaking alliance among Nissan, Mitsubishi Motors Corp and France's Renault SA, said he is not a flight risk and wants to be able to travel abroad, the report said. The Ghosn case has put Japan's criminal justice system under international scrutiny and sparked criticism for some of its practices, including keeping suspects in detention for long periods and prohibiting defense lawyers from being present during interrogations, which can last eight hours a day. Japan has also come under fire for its 99.9 percent conviction rate. The Tokyo court unexpectedly ruled not to extend Ghosn's detention. It said it had also decided against extending detention for Greg Kelly, a former Nissan executive who was arrested along with Ghosn on Nov. 19. It later overruled an appeal by prosecutors against the decision, clearing the way for the possible release of the two men as early as Friday. The court did not disclose reasons for its decision, and NHK said it was "extremely rare" for it to reject the prosecutors' request to extend detention. If Ghosn and Kelly are granted bail, conditions may require them to apply for permission to travel overseas. They could also be barred from contacting Nissan officials. Both executives had not been able to make any public statements since their arrest, although local media have reported that they have denied wrongdoing. Ghosn was indicted on Dec.

Mitsubishi EVs manage 1-2 division win at Pikes Peak *UPDATE

*UPDATE: Monster's time has now officially been posted as 9:43.9. Looks like coming back for a third crack at the mountain was the right move for Mitsubishi. At the 2014 Pikes Peak International Hill Climb this past weekend, the two all-electric Mitsubishis, one piloted by Greg Tracy, the other by Hiroshi Masuoka came in first and second, respectively, in the Electric Vehicle division. The EVs were the third iteration of the MiEV Evolution prototype racer, which until now has had a tough time getting to the top of the podium. The first version crashed in 2012 and came in second and third – behind Nobuhiro "Monster" Tajima – last year. This year, Monster suffered a transponder glitch and his final time could only be estimated at 9:46 was 9:43.9. That's pretty much the same as last year, when he finished with a 9:46.530. Last year, the Mitsubishi duo finished with times of 10:21.866 (Masuoka) and 10:23.649 (Tracy), So, if Monster equaled his time from last year, then the Mistubishi drivers must have improved their times up the hill to beat him. They did more than that, though, dramatically lowering their times to 9:08.188 (Tracy) and 9:12.204 (Masuoka). What's most impressive is that Tracy's low time was just 2.4 seconds behind overall winner Romain Dumas, who drove a gasoline-powered Le Mans sports car prototype up the hill. Find more details below. MITSUBISHI MOTORS SCORES AN IMPRESSIVE 1-2 FINISH IN THE 2014 PIKES PEAK INTERNATIONAL HILL CLIMB Drivers Greg Tracy and Hiroshi Masuoka dominate the Electric Vehicle division in the innovative Mitsubishi MiEV Evolution III racing prototype Mon, Jun 30, 2014 - Colorado Springs, Colorado - A pair of Mitsubishi Motors North America, Inc. (MMNA) technologically advanced MiEV Evolution III all-electric prototype racecars placed first and second within the Electric Vehicle division in the 92st running of the famous Pikes Peak International Hill Climb (PPIHC) on Sunday, June 29th in the skillful hands of six-time PPIHC motorcycle champion Greg Tracy and two-time Dakar Rally winner Hiroshi Masuoka, respectively. Finishing a mere 2.4 seconds behind overall 2014 Pikes Peak race winner Romain Dumas and his gasoline-powered Le Mans sports car prototype, the stage has been set for highly energy-efficient and sustainable electric-powered vehicles like the Mitsubishi MiEV Evolution III to soon become the dominant force in this challenging one-of-a-kind motorsport competition.

Renault keeps 15% stake in Nissan, transfers majority of shares to French trust

Renault and Nissan completed a landmark deal to rebalance their 24-year-long alliance, paving the way for a new relationship after years of acrimony between the two partners. The automakers on Wednesday announced the creation of a French trust to which Renault transferred 28.4% of Nissan shares. The companies first disclosed plans for the trust in January. Renault Group and Nissan now have a cross-shareholding of 15% with lock-up and standstill obligations, the companies and junior alliance partner Mitsubishi Motors Corp. said in a statement. Renault managers in recent weeks have reiterated that staff should no longer share information with their Nissan counterparts, according to people familiar with the situation, after the French carmaker announced in September that aspects of the alliance would be unwound by year-end.  Taken together with the deal to equalize their cross-shareholdings at 15%, the developments are the clearest indications yet that members of one of the world’s biggest automotive tie-ups are increasingly going their separate ways. Renault told employees in September it was moving away from common structures with Nissan in favor of a new, project-by-project approach to working together. The dissolution of the companiesÂ’ joint purchasing organization means the two will no longer pool information on a regular basis due to antitrust concerns. The sell-down of shares held by the trustee will be coordinated with Nissan, which will have the right of first offer to purchase the stock. The trust will have no obligation to sell the shares within a specific or pre-determined period of time. The new alliance deal presented to investors in London in February followed months of tense negotiations that nearly collapsed late last year due to sticking points on intellectual property and disagreement over the valuation of RenaultÂ’s electric-vehicle and software arm Ampere, in which Nissan has agreed to invest. The alliance dates back to 1999, when Renault rescued Nissan with a cash injection and the two formed one of the biggest auto partnerships in the industry. Rivalries and mutual suspicion mounted over the years and came to a head when former leader Carlos Ghosn openly contemplated merging the two companies, contributing to his downfall.