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Facts point to legal violations by Carlos Ghosn, says Nissan external review

YOKOHAMA, Japan — An external committee reviewing governance at Nissan Motor Co said on Wednesday there were enough facts to suspect violations of laws and the private use of company funds by ousted chairman Carlos Ghosn. Following a three-month audit of Nissan's governance after a scandal that shook the global auto industry, the committee put the blame squarely on what it called Ghosn's concentration of power. It also acknowledged Nissan CEO Hiroto Saikawa's role in Ghosn's salary arrangement at the heart of the scandal. Twenty years to the day since French automaker Renault SA agreed to rescue Nissan, the committee described a corporate culture at Nissan "in which no one can make any objections to Mr. Ghosn," who was "in a way deified within Nissan as a savior who had redeemed Nissan from collapse." A representative for Ghosn replied in a statement that the allegations made against the former Nissan chairman "will be revealed for what they are: part of an unsubstantiated smear campaign against Carlos Ghosn to prevent the integration of the Alliance and conceal Nissan's deteriorating performance." The group issued 38 recommendations to bolster Nissan's governance, including that top executive positions at the Japanese car maker should not be held by people serving in executive positions at Renault or junior partner Mitsubishi Motors. It also proposed that the majority of directors, including the chairman of the board, be independent, outside directors and that the role of company chairman be abolished. Responding to the committee's comments, Saikawa told reporters on Thursday that Nissan would seriously consider the committee's recommendations, which he characterized as "tough." Saikawa, who was speaking outside his home, did not specifically address his responsibility in the scandal but has previously said that top management, including himself, were responsible for weak governance which led to the misconduct. The recommendations from the external, seven-member committee came weeks after Nissan and Renault said they would retool their alliance, one of the world's biggest automaking groupings, to break up the all-powerful chairmanship previously held by Ghosn. "There are facts sufficient to suspect violations of laws and regulations, violation of internal rules and private use of company funds and expenses ... by Mr. Ghosn," the committee said in its report.

Renault chairman dismisses reports Nissan wants to split from alliance

PARIS — Renault Chairman Jean-Dominique Senard said on Thursday there was a "real desire" within the top ranks of both companies for its alliance with Nissan to succeed, dismissing suggestions the partnership was on the rocks. Turmoil within the Franco-Japanese alliance, long dogged by internal rivalries, deepened following the November 2018 arrest in Tokyo of its architect and long-time boss Carlos Ghosn on charges of financial crimes, which he denies. Attempts to restore calm were dealt a fresh blow by Ghosn's dramatic flight from Japanese justice and a series of no-holds-barred allegations he has made from his refuge in Lebanon, including that he was the victim of a plot to oust him and that the alliance is now a "masquerade". Nissan has vigorously rejected Ghosn's stance, while both the Japanese firm and Renault have tried to rubbish suggestions their two decades old partnership is falling apart. "We have a board overseeing the alliance which is made up of people who are all extremely in favor of the alliance," Renault Chairman Senard told a briefing with reporters. "There is a common desire to associate our strategic plans and a real desire to make this alliance a success," he added, dismissing a report that Nissan was examining scenarios for a possible future outside of the alliance as "fake news." The 66-year-old declined to comment on anything related to Ghosn, adding: "I only think about the future." Renault shares were down 2% by 1123 GMT, underperfoming the broader auto sector which was down on news that Washington has threatened to impose tariffs on European car imports due to Europe's stance on Iran. Renault's French rival and Peugeot maker PSA Group also gave a flavor of some industry headwinds, reporting a 10% fall in its global sales last year as Chinese demand tanked. Renault is due to publish its 2019 global sales on Friday. JOINT PROJECTS Analysts see Renault-Nissan's cost-saving alliance as vital to both companies as the car industry battles a slowdown and huge investments in cleaner vehicles and automated driving, particularly as rivals PSA and Fiat Chrysler are merging to help meet these challenges. Renault held ultimately unsuccessful talks to combine with Fiat Chrysler last year, which Ghosn described at a Beirut news conference as a huge missed opportunity. Senard, who chairs the alliance's operating board, said on Thursday that once the partnership has been rebooted, other firms might potentially want to join.

Mitsubishi wants a compact pickup for the U.S. market, but won't rush it

A Mitsubishi dealer told Wards Auto last year that "the most requested model at the brand's U.S. dealer meetings is 'a pickup truck, a pickup truck, a pickup truck.'" This month, Mitsubishi North America's COO told Wards that the carmaker has its eye on getting back to the compact pickup segment in the U.S., but that it will take time. "[We'd] have to have one that's the right fit for Mitsubishi," he said, "for our demographic, and something that's really competitive in the market." That wasn't the case with the last compact pickup the brand sold here, the Raider. A product of the Daimler-Chrysler alliance with Mitsubishi at the time, the Raider was a rebadged Dodge Dakota. The pickup sputtered through four years of meager sales, being pulled from the market in 2009. As part of the Renault-Nissan alliance, Mitsubishi's been put in charge of the group's next midsize body-on-frame platform, Automotive News reports. The chassis will underpin the next-gen Mitsubishi Triton (2019 model pictured), Nissan Navara and Renault Alaskan, and if Daimler continues the tie-up with Renault, the next Mercedes X-Class. It sounds like Mitsubishi has already made room for electrification, the COO telling Wards, "you start mixing in some of that electrification technology and these hybrid drivetrains, the aspect of performance is really going to change in the future." The carmaker does very well with its compact Triton pickup, sold in 150 overseas markets under that name as well as L200 and Strada. Wards says LMC Automotive predicts a Triton will come to the U.S. as a 2025 model, but we can't know how similar our model would be to the international model. Our Nissan Frontier, for instance, is not the same as the Frontier sold overseas, the global truck also known as the Navara and NP300. The five-year wait shows Mitsubishi won't be reckless with any new launch now that it has a vision and momentum to protect. The Japanese carmaker has posted sales gains in the U.S. for six straight years. The last two years surpassed 100,000 units, 2018 delivering a 14 percent jump over 2017 in spite of Mitsubishi having just four models on sale here.