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Junkyard Gem: 1999 Mitsubishi Galant GTZ-V6

The Mitsubishi Galant first appeared on American streets as the 1971 Dodge Colt and then a bit later with Dodge Challenger and Plymouth Sapporo badges. Mitsubishi Motors finally began selling Galants from its own U.S. showrooms for the 1985 model year, and Galant sales continued here through four more generations before getting the axe in 2012. We saw some interesting and/or quick Galants along the way, including the Sigma, VR-4, GS-X and Ralliart; today's Junkyard Gem is a rare example of the sporty eighth-generation Galant GTZ sedan, found in a North Carolina self-service wrecking yard recently. The final year for the hot-rod all-wheel-drive VR-4 and GS-X Galants in the United States was 1992. By 1998, there were just three levels of new Galant here, all with 141-horse four-cylinder engines driving the front wheels. Then the 1999 model year arrived, and so did the 6G72 V6 engine under Galant hoods. This SOHC (yet still 24-valve) engine was rated at 161 horsepower and 205 pound-feet. It was available in the U.S.-market ES-V6, GTZ-V6 and LS-V6 Galants for the '99. The GTZ was sporty-looking, but not as loaded with luxury features as the LS. 1999 was the first model year for the eighth-generation Galant in North America, and it had finally become big and powerful enough to be considered a genuine rival for the Toyota Camry and Honda Accord (both of which had been available with V6 power for quite a few years). The 1999 Galant got a grille that resembled the one on its upscale Diamante big brother, which had five years to live at the time. The MSRP for this car was $24,300, which comes to about $46,374 in 2024 dollars. The base 1999 Galant DE started at just $16,999, or $32,441 in today's money. Those prices were in the ballpark with the Galant's Camry and Accord rivals; the Camry LE V6 with automatic started at $22,748 ($43,412 now) with automatic transmission, while the Accord LX V6 with automatic was $21,700 ($41,412 today). Both those cars had a lot more power than the Mitsubishi, though: 194 horsepower for the Toyota and 200 for the Honda. The 1999 Galant sold in the United States was not available with a manual transmission, which made the El Cheapo DE trim level a steal compared to the cost of two-pedal base Accords and Camrys. The Galant DE even came with air conditioning at no extra cost. The factory wing on the GT-Z is serious. Collectible today? Hardly, but an interesting bit of automotive history. This content is hosted by a third party.

Japan may aid carmakers facing U.S. tariff threat

TOKYO — Japan is considering giving carmakers fiscal support including tax breaks to offset the impact from trade frictions with the United States and a sales-tax hike planned for next year, government sources told Reuters on Wednesday. Going into a second round of trade talks with the United States on Sept. 21, Japan is hoping to avert steep tariffs on its car exports and fend off U.S. demands for a bilateral free trade agreement that could put it under pressure to open politically sensitive markets, like agriculture. "If the trade talks pile pressure on Japan's car exports, we would need to consider measures to support the auto industry," a ruling party official said on condition of anonymity because of sensitivity of the matter. The auto industry accounts for about 20 percent of Japan's overall output and around 60-70 percent of the country's trade surplus with the United States, making it vulnerable to U.S. action against Japanese exports. Japan's biggest automakers and components suppliers fear they could take a significant hit if Washington follows through on proposals to hike tariffs on autos and auto parts to 25 percent. Policymakers also worry that an increase in the sales tax from 8 percent to 10 percent planned for October 2019, could cause a slump in sales of big-ticket items such as cars and home. Prime Minister Shinzo Abe has twice postponed the tax hike after the last increase from 5 percent in 2014 dealt a blow to private consumption, which accounts for about 60 percent of the economy. To prevent a pullback in demand after the tax hike, the government may consider large fiscal spending later when it draws up its budget for next year, government sources said. "One option may be to greatly reduce or abolish the automobile purchase tax," one of the government sources said. The government is also considering cuts in the automobile tax and automobile weight tax to help car buyers, the source added. Reporting by Izumi Nakagawa and Tetsushi KajimotoRelated Video: Image Credit: Getty Government/Legal Isuzu Mazda Mitsubishi Nissan Subaru Suzuki Toyota Trump Trump tariffs trade

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.