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Renault board names Ghosn stand-ins, as tensions with Nissan increase

PARIS/TOKYO — French carmaker Renault tapped its chief operating officer and a senior board member to fill in for embattled boss Carlos Ghosn, after an investigation by alliance partner Nissan led to his arrest on suspicion of financial misconduct. Thierry Bollore, Ghosn's operational second-in-command, will become deputy chief executive, while lead independent director Philippe Lagayette assumes the function of interim chairman, Renault said after a board meeting late on Tuesday. But the board refrained from firing Ghosn while awaiting more detail on the allegations — in a decision that could also buy more time for an accelerated, permanent succession process. "Mr. Ghosn, temporarily incapacitated, remains Chairman and Chief Executive Officer," Renault said in a statement. "During this period, the board will meet on a regular basis under the chairmanship of the lead independent director." Ghosn, one of the car industry's best-known leaders, was arrested on Monday after Nissan said he had engaged in years of wrongdoing, including personal use of company money and under-reported earnings. The Japanese company plans to remove him as chairman on Thursday. The French government, Renault's biggest shareholder, had begun to distance itself from Ghosn, calling for new interim leadership before the meeting, as the Japanese investigation expanded to include Renault-Nissan alliance finances. "Carlos Ghosn is no longer in a position where he is capable of leading Renault," Finance Minister Bruno Le Maire said earlier in the day. "Renault has been weakened, which makes it all the more necessary to act quickly." Statements by Le Maire, Renault and its board all echoed French preoccupations over the future of the alliance first articulated by President Emmanuel Macron within hours of Ghosn's arrest on Monday. Following talks between Le Maire and his Japanese counterpart Hiroshige Seko on Tuesday, the ministers reaffirmed their "shared wish to maintain this winning cooperation." But in a sign that Nissan may now seek to loosen its French parent's hold on the partnership, the Japanese company informed Renault it also had evidence of potential wrongdoing at Renault-Nissan BV, the Dutch venture overseeing alliance operations under Renault's ultimate control, three people with knowledge of the matter told Reuters.

Mitsubishi pondering $2B share sale?

Mitsubishi makes the brilliantly fast, wonderfully fun Lancer Evolution. Outside of that road-going rally car, the rest of the range is pretty poor - the new Outlander isn't bad, but the subcompact Mirage looks like might've been competitive five years ago, while the Galant and Lancer have suffered from serial neglect.
This hasn't just lead to rumors of Mitsu's death in America; the subsidiary of the massive Mitsubishi Group has been in trouble at home, too. It was bailed out by three other Mitsubishi Group companies - Mitsubishi UFJ Financial, Mitsubishi Heavy Industries and Mitsubishi Corporation - between 2004 and 2005, according to Bloomberg. Now, it's attempting to extricate itself from "emergency mode," as analyst Koichi Sugimoto told the financial site, adding that "they're still in the very early stages of recovery."
As part of the bailout, Mitsubishi issued its three saviors billions of dollars of preferred shares, which don't have voting rights. The problem is, Mitsubishi hasn't issued dividend payments since 1998, and these stocks aren't exactly competing with Apple or Google, in terms of value. In other words, they're mostly worthless. With a public offering, Mitsubishi is expecting to raise 200 billion yen, or about $2 billion, in order to reduce the number of preferred shares. If all goes according to plan, it will wipe out preferred shares by March of 2014, or the end of fiscal year 2013.

Mitsubishi celebrates 100-year-old car with PHEV re-creation

Back in 1917, Mitsubishi Shipbuilding Co. made its foray into the automotive world with the Model A. It had a production run of just 22 units, but it was enough to make Mitsubishi Motors possible as a car company. Now, 100 years later, Mitsubishi Motors North America (MMNA) is revisiting its roots, but with a contemporary touch, by re-creating the car with the help of West Coast Customs. The California-based shop will build a Mitsu Model A with its original, century-old looks, but with a modern, advanced plug-in hybrid powertrain and a host of current technology. The custom Model A will celebrate a century of Mitsubishi by building the Model A on the Outlander PHEV platform. Despite its 21st-century capabilities, the centennial celebration vehicle "will feature all the distinctive aspects of the 1917 vehicle," according to MMNA Senior Director of Marketing Francine Harsini. The original Model A was powered by a 2.8-liter four-cylinder engine making 35 horsepower. The Outlander PHEV, upon which the new Model A will be based, uses a 2.0-liter gasoline engine and two electric motors providing power to all four wheels. West Coast Customs will build the plug-in Mitsubishi Model A at its facility in Burbank, Calif., with plans to finish it this summer. An episode of the Inside West Coast Customs show on the Velocity channel will feature the build of the centennial Model A. Related Video: Related Gallery 2017 Mitsubishi Outlander PHEV: New York 2016 View 15 Photos News Source: Mitsubishi Green TV/Movies Mitsubishi Automotive History Electric Hybrid PHEV