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Nissan reportedly rejecting Renault proposal for closer ties

TOKYO — Nissan Motor Co Ltd will reject a management integration proposal from French partner Renault SA and will call for an equal capital relationship, the Nikkei newspaper said on Monday, citing sources. Nissan's management feels the Japanese company has not been treated as an equal of Renault under existing capital ties, and a merger would make this inequality permanent, the Nikkei reported. The outlook for the alliance — one of the world's top automaking partnerships — has been in focus since the arrest in November of its main architect, Carlos Ghosn, on charges of financial misconduct. The former Nissan and Renault chairman has denied the charges against him and has said he was the victim of a boardroom coup by Nissan executives opposed to closer ties. To which, Bloomberg reported that it has seen emails in which Nissan executives were working with Japanese government officials to defend the company's independence, as Ghosn was pushing for a full merger. The emails indicate growing concern at high levels of the Japanese government, in the months before Ghosn's arrest, that his merger efforts would boost Renault and its largest shareholder, the French government, and harm Nissan, in a relationship the Japanese already saw as lopsided. The emails indicated a desire to keep the existing structure of the alliance with a "re-balancing of the shareholding" to reduce Renault's 43 percent stake in Nissan, and stated that Nissan's independence "should be respected." Nissan declined to comment directly on the emails, while reiterating that misconduct by Ghosn and his former aide, Greg Kelly, is "the sole cause of the chain of events." Renault saved Nissan from the brink of bankruptcy two decades ago and under their current capital alliance, the French company holds greater control over its much larger partner. Nissan Chief Executive Hiroto Saikawa declined to say whether the company had received a merger proposal from Renault. "Now is not the time to think of such things," he told a group of reporters outside of his house in Tokyo. "At the moment we are focused on improving Nissan's earnings performance. Please give us time to do that." Renault declined to comment on the report. Renault has argued in its proposal that an integration would maximize synergies within the French-Japanese alliance, according to the Nikkei. The Financial Times reported last month of Renault's intention to restart merger talks with Nissan within 12 months.

These are your top 10 worst-selling vehicles of 2012

Despite 2012 being the best year of auto sales this country has seen since 2007, not every vehicle got an equally large share of the sales pie. Some barely got a sliver, as evidenced by this year's list of the top 10 worst-selling vehicles of 2012. We've dug through sales data from every automaker to come up with this year's list and, like last year, we've set some parameters to ensure it includes legitimately bad-selling vehicles. The first parameter is a starting MSRP under $100,000, which automatically excludes what's parked in most one-percenters' garages. We're also excluding vehicles cancelled in 2012, even if they garnered sales through the end of the year while dealerships sold off remaining inventory. This includes models like the Mitsubishi Eclipse, Mercedes-Benz R-Class and last year's worst-seller, the Acura RL. Next, vehicles are considered as they are reported by the automaker, which means that, while sales of the Murano CrossCabriolet were probably low enough to make the list, because Nissan reports only one number for all Murano sales, it was excluded. Cadillac, however, reports sales of the Escalade EXT separately from the Escalade, hence its repeat appearance. Finally, there was the question of whether or not eligibility should be given to Suzuki vehicles, as the brand announced in November that it would end sales in the US as soon as its current inventory ran out. We decided Suzuki vehicles should be included as the brand was offering 2013 models at the time of the announcement, and as far as we can tell, inventory levels remained high enough to satisfy demand through the end of the year. Without further ado, below are the top 10 worst-selling vehicles of 2012. Top 10 Worst-Selling Vehicles of 2012 10. Volvo C30 MSRP: $25,500 Units Sold: 2,827 Last Year: – 9. BMW Z4 MSRP: $47,350 Units Sold: 2,751 Last Year: – 8. Audi TT MSRP: $39,545 Units Sold: 2,226 Last Year: – 7. Subaru Tribeca MSRP: $32,595 Units Sold: 2,075 Last Year: 10 6. Suzuki Equator MSRP: $19,449 Units Sold: 1,966 Last Year: 7 5. Cadillac Escalade EXT MSRP: $63,060 Units Sold: 1,934 Last Year: 6 4. Nissan GT-R MSRP: $96,820 Units Sold: 1,188 Last Year: – 3. Acura ZDX MSRP: $50,920 Units Sold: 775 Last Year: 4 2. Mitsubishi Lancer Sportback MSRP: $18,495 Units Sold: 702 Last Year: 3 1. Mitsubishi i-MiEV MSRP: $29,125 Units Sold: 588 Last Year: – Want a little more "worst-selling" data? Check out our list of the top 10 worst-selling vehicles of 2011.

Carlos Ghosn re-arrested and thrown back in jail [UPDATE]

TOKYO — Tokyo prosecutors arrested Nissan's former chairman Carlos Ghosn on Thursday for a fourth time, on fresh allegations that cut short his brief time outside detention. Early in the morning, Ghosn was taken from his apartment in Tokyo to the prosecutors' office and then sent to the Tokyo Detention Center, the same facility where he spent more than three months following his arrest in November. He had been released on bail just a month earlier. It's unclear how long Ghosn may be detained under the latest arrest, which involves what prosecutors said was a new alleged crime. "My arrest this morning is outrageous and arbitrary," Ghosn said in a statement issued Thursday. "It is part of another attempt by some individuals at Nissan to silence me by misleading the prosecutors. Why arrest me except to try to break me? I will not be broken. I am innocent of the groundless charges and accusations against me." The prosecutors defended the move, saying the latest allegations are a new case requiring precautions to prevent Ghosn from destroying evidence. They allege $5 million in funds sent by a Nissan subsidiary to an overseas dealership were diverted to a company controlled by Ghosn. "We now have a totally different case, and we are only doing what we think is right," Shin Kukimoto, deputy chief prosecutor at the Tokyo District Prosecutor's Office, told reporters. "As a result of our investigation, we have a new case in which he must be detained, and we have appropriately obtained an arrest warrant from the court," he said. Ghosn, 65, was first arrested on Nov. 19 on charges of under-reporting his compensation. He was rearrested twice in December, including on breach of trust charges. The multiple arrests prolong detentions without trial and are an oft-criticized prosecution tactic in Japan's criminal justice system. The allegations in the most recent arrest cover three money transfers from 2015 through last year, according to the prosecutors. Kukimoto said the new allegation of breach of trust is different from an earlier charge made in January. The companies where the money was transferred to, the motives, and the alleged scheme are all different, he said. He refused to identify the three companies allegedly involved but said one company was in effect owned by Ghosn. Unlike an earlier case, in which Ghosn caused damage to Nissan to benefit himself and a business partner, this time it was merely "for his own personal benefit," Kukimoto said.