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Auditor had questioned Nissan on payments in Ghosn scandal, source says

TOKYO — Nissan's auditor had repeatedly questioned transactions at the heart of allegations of financial misconduct by former chief Carlos Ghosn, but Nissan said they were proper, a person with direct knowledge of the matter said on Wednesday. Ernst & Young ShinNihon LLC questioned Nissan's management several times, chiefly around 2013, about purchases of overseas luxury homes for Ghosn's personal use and of stock-appreciation rights that were conferred on him. But the Japanese automaker said the transactions and financial reporting were appropriate, the source told Reuters on condition of anonymity. The revelation shows Nissan and its auditor were discussing the transactions, in apparent contrast with Nissan's contention that the alleged misreporting of benefits for Ghosn was masterminded by Ghosn and a key lieutenant. A spokesman for EY ShinNihon, the Japanese affiliate of global accounting firm Ernst & Young, said he could not comment on specific cases. A Nissan spokesman declined to comment. Ghosn was arrested on Nov. 19 as he arrived in Japan. Prosecutors accuse him of falsifying Nissan's annual reports to understate by about half his total compensation of some 10 billion yen ($90 million) over several years. The high-profile former executive has denied the allegations, according to Japanese media. Ghosn remains in custody and is unable to speak publicly. He is represented by former prosecutor Motonari Otsuru, according to Japanese media. Otsuru's law firm declined to comment on Wednesday, and Otsuru has not responded to requests for comment. Nissan has largely pinned the blame on Ghosn and Greg Kelly, a former representative director who was arrested along with Ghosn on the same allegations. "As a result of the investigation, we are certain these two are the masterminds," CEO Hiroto Saikawa told a news conference on Nov. 19, referring to Ghosn and Kelly. He declined to say whether others at Nissan were involved in the alleged wrongdoing. An internal investigation is ongoing, and Nissan says it is cooperating with prosecutors. Nissan and Mitsubishi Motors have removed Ghosn as chairman in the wake of his arrest. The French member of the three-firm alliance, Renault, retains him as chairman and CEO.

Japanese earthquakes send ripples through auto industry

The earthquakes since April 14 in Japan's Kumamoto Prefecture on the island of Kyushu are having aftershocks on the US auto industry, particularly for Toyota. The company shut down most of its factories in the country due to parts shortages, and the plants will be closed at least through April 23. "Decisions regarding recommencement of operation at plants in Japan will be made on the basis of availability of parts," the company said in a statement. According to Automotive News, Toyota's closed factories include a vast range of popular models in the US, including the Toyota Prius, Mirai, RAV4, 4Runner, Land Cruiser, Lexus ES, LS, IS, GS, RC, NX, RX, GX, and LX. The company's only sites in Japan that are still open build Hino trucks, Daihatsu models, and the Toyota Century limo. Toyota isn't yet sure whether these shutdowns could lead to vehicle shortages in the US. "As you can imagine, we are still reviewing the situation and working to learn more," company spokesperson Aaron Fowles told Autoblog. "While we know that production will be suspended in stages at most of our vehicle assembly facilities in Japan between April 18th and the 23rd, we do not know if they will continue production suspensions. Also, any effects to our inventory and/or sales have yet to be determined." He expects the automaker to know more in the coming days. Many of the affected Toyota plants aren't even in Kumamoto Prefecture, but major suppliers have factories in the region. For example, Aisin Seiki and Renesas Electronics both had to shutdown operations at plants in the area, according to Automotive News. Toyota isn't the only automaker affected. Nissan experienced a brief slowdown but was back to work on Monday, and Honda has suspended a motorcycle plant in the region until Friday. Mitsubishi had to close a production line due to the parts shortage, according to The Japan Times, but it didn't affect US models. "A supplier to our Mizushima plant has been impacted but they only supply an engine part for our mini car line. That line has been temporarily shut down due to that situation," spokesperson Alex Fedorak told Autoblog. "That same plant builds the Lancer and i-MiEv and there has been no impact to that line and production continues uninterrupted." Two major quakes hit Kumamoto Prefecture around Kumamoto city in the past week. The first on April 14 measured 6.4 magnitude, and a second on April 16 measured 7.3.

Mitsubishi Outlander PHEV selling well in Netherlands

Talk about a Dutch treat. Mitsubishi says sales of its Outlander Plug-in Hybrid are brisk in Europe, helped in a big way by plug-in vehicle tax incentives in the Netherlands that are getting more people there to buy the world's first production plug-in hybrid CUV. The Japanese automaker has taken more than 12,000 orders for the model from Europeans and had delivered about 8,200 of them as of the end of last year, all but 200 of which were to the Netherlands. Mitsubishi will start broader sales throughout the continent this year and is also expected to start sales in the US by next year. The company is looking for plug-ins to account for 20 percent of its global sales by the end of the decade. Mitsubishi, which also sells the model in Norway, Sweden and Switzerland, hopes to reach an annual production rate of 50,000 Outlander PHEVs by the end of the year. Last August, the company resumed full-scale battery production after shutting things down for a few months for a safety probe stemming from a short-circuiting issue. The Outlander PHEV can run for 32 miles on electric power alone and gets a European-rated 124 miles per gallon. Check out Mitsubishi's press release on its Euro sales below. MITSUBISHI OUTLANDER PHEV CY13 SALES – EUROPEAN INAUGURATION With a plan for EVs and EV-derived PHEVs to represent 20% of its global sales by 2020, Mitsubishi Motors Corporation has set itself an ambitious, yet realistic target. More so in Europe, Mitsubishi Motors' largest market for these technologies. 12,000+ orders / 8,000+ deliveries In this respect, the successful sales launch of Outlander PHEV in Europe – MMC's first plug-in hybrid electric vehicle and forerunner of a wider PHEV range – tends to vindicate the Corporation's objectives. First launched in selected markets (The Netherlands, Sweden, Norway and Switzerland) from October 2013,Outlander PHEV has collected over 12,000 orders in Europe and these have already translated into 8,197 deliveries to end-customers by the end of December, of which 8,009 units for The Netherlands, the latter boosted by a tax scheme favourable to eco-friendly technologies such as low-emission vehicles. With more cars currently on their way to Europe, Mitsubishi Motor Sales Netherlands will soon be able to deliver the 11,000+ orders currently in its books and growing.