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Nissan's Carlos Ghosn reportedly arrested, to be fired for financial misconduct

TOKYO — Nissan Motor Co said it was ousting Chairman Carlos Ghosn for alleged financial misconduct and Japanese media reported he been arrested, a shocking fate for a leader hailed for rescuing the company from close to bankruptcy. The Japanese automaker said Ghosn's alleged misconduct included personal use of company money and under-reporting how much he had been paid. Ghosn is also chairman and chief executive of Nissan's French partner Renault and one of the best-known figures in the global car industry, and his departure would raise question about the future of the alliance. Nissan said it launched an months-long investigation after a whistleblower tipped it off to wrongdoing by Ghosn and Representative Director Greg Kelly. "The investigation showed that over many years both Ghosn and Kelly have been reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount, in order to reduce the disclosed amount of Carlos Ghosn's compensation," Nissan said in a statement. It said CEO Hiroto Saikawa would propose that the Nissan board remove Ghosn and Kelly. Neither Ghosn nor Kelly could be reached for comment. Renault shares tumbled 11 percent in Paris to be among the worst performing stocks in Europe. Nissan's German-listed securities plunged 10 percent. French President Emmanuel Macron said the government, the French carmaker's top shareholder, will be vigilant about Renault and its alliance with Nissan. Cost cutter Known as "Le Cost Killer," Ghosn is credited for reviving the Japanese automaker and has remained popular despite the massive job cuts that he brought and recent controversy over his lucrative pay package. Japanese media reported that Ghosn had reported around 10 billion yen worth of compensation as around 5 billion yen. Ousting Ghosn, 64, is bound to raise questions about an alliance that he personally shaped and had pledged to consolidate with a deeper tie-up, before eventually stepping back from its operational leadership. "The initial share price reaction shows how pivotal he is," Citi analyst Raghav Gupta-Chaudhary said on Monday. The current alliance structure has long undervalued Nissan shares held indirectly by Renault investors, he added. "Ghosn is viewed as critical for value unlock." Renault owns 43.4 percent of Nissan, while Nissan owns 15 percent of Renault, with no voting rights in a partnership that began in 1999.

Nissan returning to top-level US racing with this TUDOR entry

Muscle Milk Pickett Racing, formerly powered by Honda to two consecutive American Le Mans Series championships, is now officially powered by Nissan. The Japanese automaker's return to the top tier of US sports car racing comes with Nismo factory backing of the Muscle Milk entry in the newly created TUDOR United SportsCar Championship. Those with long memories will recall that Nissan walked away from America's then top-flight sports car series, IMSA, more than 20 years ago, having won 33 races, three manufacturer titles and four driver's titles from 1988 to 1991.
The ORECA 3 racecar's reveal also marks the introduction of Nismo Global Exchange drivers to the team. Alex Brundle, who drove for Nissan-powered OAK Racing last year in the FIA World Endurance Championship, will join Lucas Luhr and Klaus Graf at the Rolex 24 Hours of Daytona. It's his first time in a major US event, but having finished second in the WEC and in the LMP2 class at Le Mans last year, he's no novice. Nismo drivers will also contest the 12 Hours of Sebring and Petit Le Mans.
The No. 6 Muscle Milk entry will be hitting the track with the other competitors this weekend during the "Roar before the Rolex 24," with the race itself happening on January 25-26. You can read more about what's coming in the press release below.

Recharge Wrap-up: video touts Volvo electric buses, Nissan and BMW build EV chargers in S. Africa

Volvo is touting the advantages of electric buses in a new video. The short film, called Route 55, promotes the ElectriCity Project for public transport, and, more specifically, the new electric bus route in Gothenburg, Sweden. The new route debuts June 15 using Volvo electric and hybrid buses. In the video, two teenagers are seen waiting for the bus. As one boards, the other asks her out from the sidewalk, but she can't hear him over the noise of the diesel bus, which then closes its doors and drives away. The film asks, "What if this bus had been silent?" See the video above, and read more in the press release below. BMW and Nissan will build an EV charging network across South Africa. Through 2017, the two automakers will build fast-charging and AC stations around the country in order to encourage the adoption of EVs. Nissan has been selling the Leaf in South Africa since 2013, and BMW introduced the i3 and i8 in March. "In order for the introduction and expansion of electric vehicles as well as plug-in hybrid electric vehicles to be successful in this market, we need to work together," says BMW South Africa Managing Director Tim Abbott. Read more at Automotive News Europe. The Renault-Nissan Alliance will provide the United Nations with 200 electric vehicles for the COP21 climate conference in Paris. The fleet of vehicles includes the Nissan Leaf and e-NV200, as well as the Renault ZOE, Kangoo ZE and Fluence ZE. The entire passenger car shuttle fleet will use all-electric vehicles as some 20,000 UN attendees descend upon Paris from November 30 to December 11. "Thanks to the Alliance's fleet of 100-percent electric vehicles, it will contribute to our goal of achieving a carbon neutral event," says French Minister of Foreign Affairs and International Development and COP21 President Laurent Fabius. "The technology of electric vehicles helps reduce greenhouse gases in the transportation sector efficiently." Read more from Renault. Visa will be the official title sponsor of the Formula E London ePrix. Officially called the "2015 FIA Formula E Visa London ePrix," the races on June 27 and 28 will be the last of the electric racing series's inaugural season. Visa Europe will award the Visa Fastest Lap trophy after the each round, and will have interactive activities at the race's eVillage.