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Carlos Ghosn freed from jail after four months

TOKYO — Wearing a mask, cap and what looked like a construction worker's outfit, the former chairman of Nissan Motor Co., Carlos Ghosn, left a Tokyo detention center Wednesday after posting 1 billion yen ($8.9 million) bail. Although his face was obscured as he left the facility, Ghosn's identity was apparent as he smiled after arriving at a building in downtown Tokyo, having removed his jacket, mask and hat. There was a scramble by media to follow Ghosn after he boarded a small Suzuki van, topped with a ladder, and traveled from the Tokyo Detention Center toward downtown. Motorcycles trailed the van in formation as it passed through city streets to one of the defense lawyer's offices. Ghosn later left in another car, which was mobbed by media. Ghosn, the former head of the Renault-Nissan-Mitsubishi Motors alliance was arrested on Nov. 19. He is charged with falsifying financial reports and with breach of trust. The Tokyo District Court confirmed the 1 billion yen ($8.9 million) bail was posted earlier in the day, after a judge rejected an appeal from prosecutors requesting his continued detention. That cleared the way for Ghosn to leave the facility after spending nearly four months since his arrest. Before his release, Ghosn, who turns 65 on Saturday, issued a statement reasserting his innocence. "I am innocent and totally committed to vigorously defending myself in a fair trial against these meritless and unsubstantiated accusations," he said. A date for his trial has not yet been set. Suspects in Japan often are detained for months, especially those who insist on their innocence, like Ghosn. Some legal experts, including Junichiro Hironaka, one of his lawyers, have criticized the system as "hostage justice," saying the long detentions tend to encourage false confessions. Ghosn's lawyer in France, Jean-Yves Le Borgne, said the lawyers in Japan will be leading the defense but he was in touch with them. "He is catching his breath and settling in," Le Borgne said of Ghosn. French Finance Minister Bruno Le Maire said a presumption of innocence for Ghosn was crucial, while noting the importance to France of the alliance between Nissan and French automaker Renault SA. "It is a good thing that Carlos Ghosn can defend himself freely and serenely, and his release will permit Carlos Ghosn to defend himself freely and serenely," he said. The French government owns about 15 percent of Renault SA, making it an influential voice in the future of the alliance.

A case for the Eclipse Cross | Autoblog Podcast #508

On this week's podcast, Mike Austin joins David Gluckman to new cars they're driving and supercars that have just dropped. Mike also stands up for the Mitsubishi Eclipse Cross in the face of some negativity, and the episode wraps up with the traditional doling out of Spend My Money buying advice. The rundown is below. Remember, if you have a car-related question you'd like us to answer or you want buying advice of your very own, send a message or a voice memo to podcast at autoblog dot com. (If you record audio of a question with your phone and get it to us, you could hear your very own voice on the podcast. Neat, right?) And if you have other questions or comments, please send those too. Autoblog Podcast #508 Topics and stories we mention Our long-term Mazda Miata Honda Civic Hatchback Jeep Cherokee Trailhawk Mitsubishi Eclipse Cross Geneva Motor Show coverage Used cars! Rundown Intro - 00:00 What we're driving - 02:15 Eclipse Cross and Geneva Show recap - 16:45 Spend My Money - 43:58 Total Duration: 56:27 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Feedback Email – Podcast at Autoblog dot com Review the show on iTunes Podcasts Geneva Motor Show Honda Jeep Mazda Mitsubishi 2017 Geneva Motor Show honda civic hatchback mitsubishi eclipse cross

Renault to propose joint holding company with Nissan, Nikkei reports

TOKYO — Renault SA will propose to Nissan Motor Co a plan to create a joint holding company that would give both firms equal footing as the French automaker seeks further integration with its Japanese partner, the Nikkei newspaper reported on Friday. Under the proposal, both firms would nominate a nearly equal number of directors to the new company in which ordinary shares in both Nissan and Renault would be transferred on a balanced basis, the newspaper said, without citing sources. This would effectively dilute the stake held by the French government in Renault to around 7-8 percent, from its current 15 percent, it added. The new company would be headquartered in a third country, such as Singapore. Renault plans to make the proposal to Nissan soon, the Nikkei said, having modified an earlier merger idea that Nissan rejected on April 12. Nissan declined to comment on the issue. The Financial Times newspaper reported that both Nissan and the Japanese government have refused to engage in merger talks with Renault. The report of the proposal comes as the outlook for the alliance — one of the world's top automaking partnerships — has clouded since the arrest in November of its main architect, Carlos Ghosn, for suspected financial misconduct. It also comes as Nissan's financial performance struggles following years of focusing on volume sales over building its brand, particularly in the United States, its biggest market. Nissan slashes its forecast This week, the Japanese automaker slashed its profit forecast for the year just ended to its lowest in nearly a decade, citing weakness in its U.S. operations. Renault for years has been vying for a closer merger with Nissan, which it rescued from the brink of bankruptcy two decades ago. Ghosn had been working to achieve a deeper integration before his arrest on financial misconduct charges in November last year. While the automakers have been consolidating many of their operations over the past decade, including procurement and production, many executives at Nissan have opposed an all-out merger with Renault. Instead, Nissan has argued for a more equal footing with Renault, which holds a 43 percent stake in its bigger partner. Nissan holds a 15 percent stake in Renault. It was unclear whether Renault would hold the casting vote in major decisions at the new company, as it did in Renault-Nissan B.V., a strategic management company jointly held by both companies that oversaw operations for the partnership.