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Nissan may take control of struggling Mitsubishi Motors

Update: The reports were largely correct. Nissan will take a 34 percent stake in Mitsubishi for roughly $2.2b. Read all about it here. Reports say Nissan will buy a controlling stake in Mitsubishi Motors, either 30 or 34 percent, for about 200 billion yen or $1.84 billion. Nissan and Mitsubishi motors are currently part of a joint venture, NMKV, to build minicars together. Nissan is also responsible for reporting fuel-economy discrepancies with cars built under the joint-venture agreement, which put Mitsubishi in its current weakened state. Earlier today, reports surfaced that the fuel-economy issues were wider ranging than originally thought. Mitsubishi now admits that all of its Japanese-market cars sold since 1991 could have had faked fuel-economy data. Shares of Mitsubishi Motors have dropped by about half since the scandal was uncovered, opening the door for a takeover. While Nissan is a much larger company, it can benefit from Mitsubishi's 60-percent share of Japan's minicar market. The two companies also had plans to build electric vehicles together in the joint venture. Japan's Nikkei reports that talks are ongoing between the company and that a decision could be made Thursday by the companies' boards. Related Video: News Source: Nikkei Green Mitsubishi Nissan

Carlos Ghosn's lawyer requests bail again after Nissan ex-chairman indicted — again

TOKYO — Japanese prosecutors indicted Carlos Ghosn on Monday on another charge of aggravated breach of trust, a Tokyo court said, the fourth charge against the former Nissan Motor Co Ltd chairman, which his lawyers met immediately with a bail request. The charge came on the day Ghosn's latest detention period was set to expire. Ghosn had been out on bail when authorities arrested him for a fourth time on April 4 on suspicion he enriched himself at a cost of $5 million to the automaker. "We are confident that we have the evidence to successfully prosecute all four cases," an official from the prosecutor's office said at a briefing after the indictment was announced. Ghosn has denied all four of the charges, which include understating his income, and said he is the victim of a boardroom coup. He has accused former colleagues of "backstabbing," describing them as selfish rivals bent on derailing a closer alliance between Nissan and its top shareholder, France's Renault SA. "Carlos Ghosn is innocent of the latest charges brought against him by the Tokyo prosecutors, aided and abetted by certain Nissan conspirators," a Ghosn representative said in a statement. The case has exposed tensions in the Nissan-Renault alliance forged by Ghosn some two decades ago when the French automaker invested in Nissan, then on the brink of bankruptcy — a deal that gave Renault control over its larger partner. Nissan is due to reject a management integration proposal from Renault and will instead call for an equal capital relationship, the Nikkei newspaper said on Monday, citing sources. Ghosn's arrest has also focused a harsh light on Japan's judicial system, which critics refer to as "hostage justice" as defendants who deny their charges are often not granted bail. Under Japanese law, prosecutors are able to hold suspects for up to 22 days without charge and interrogate them without their lawyers present. In accordance with these terms, prosecutors had to indict or release Ghosn by Monday. According to the latest indictment, Ghosn caused a total of $5 million in losses to Nissan from July 2017 through July 2018. During that period, prosecutors allege two separate payments of $5 million were made from the account of a Nissan subsidiary into the account of an overseas dealership. A total of $5 million was subsequently transferred from the dealership's account to another account in which Ghosn had an interest.

Redesigned 2022 Mitsubishi Eclipse Cross gets big updates, small price hike

Mitsubishi has released pricing information for the comprehensively redesigned Eclipse Cross it revealed in late 2020. Positioned at the bottom of the firm's crossover range, the soft-roader will go on sale as a 2022 model. The range consists of four trim levels called ES, LE, SE, and SEL, respectively, and the last two can be upgraded with option packages. Front-wheel drive comes standard, and adding all-wheel drive to any trim costs $1,600. Pricing for the entry-level ES starts at $24,590 including a mandatory $1,195 destination charge. Mitsubishi charges $25,940 for the LE, $27,340 for the SE, and $28,590 for the SEL. The SE with the Panorama package sets buyers back $28,340, while the range-topping SEL with the Touring package is priced at $30,690. For context, the pre-facelift Eclipse Cross started at $24,190. Mitsubishi nudged the price up by $400, but the upgrades are worth the small premium. In addition to a new-look design, the changes include an available eight-inch touchscreen that's more ergonomic to use because it's two inches closer to the driver, a more comfortable suspension system, and a longer list of standard electronic driving aids, including forward collision warning. Power continues to come from a 1.5-liter four-cylinder engine that's turbocharged to 152 horsepower and 184 pound-feet of torque. It spins the front or the four wheels via a continuously variable transmission (CVT). Mitsubishi dealers across the nation will begin receiving the 2022 Eclipse Cross during the first half of 2021. For added peace of mind, every trim level comes with a 10-year, 100,000-mile powertrain warranty. The Cross will be later joined in showrooms by the new Outlander, which Amazon will help the firm unveil on February 16, 2021. Related video: