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Nissan exec Andy Palmer derides Toyobaru coupes as 'midlife crisis' cars

Andy Palmer, Nissan's executive vice president, does not like the Scion FR-S or Subaru BRZ. To us, that's like saying you enjoy barbecuing puppies, but we'll let him slide, because his statements about the Toyobaru twins are much, much more than just idle trash talk.
Speaking to Motor Trend's Nate Martinez, Palmer said, "Do we have any competitors [in the small, rear-drive coupe segment]? Are you talking about the Subaru [BRZ]? It was a car designed for a 50-year-old. It's for a midlife crisis. That's not what we do." Strong words, but what followed was even better.
"Are you coming to the Tokyo Motor Show? You'll see the answer to the midlife crisis. Except it won't be for the midlife crisis." So, if you were wondering whether Nissan is working on a competitor to the Scion FR-S and Subaru BRZ, the answer seems to be a resounding "yes."

Carlos Ghosn was on verge of release — so prosecutors file new allegation

TOKYO — Japanese prosecutors added a new allegation of breach of trust against Nissan's former chairman Carlos Ghosn on Friday, dashing his hopes for posting bail quickly. Ghosn and another former Nissan executive, Greg Kelly, were arrested Nov. 19 and charged with underreporting Ghosn's income by about 5 billion yen ($44 million) in 2011-2015. They also face the prospect of more charges of underreporting Ghosn's income for other years by nearly 10 billion ($80 million) in total. The breach of trust allegations were filed a day after a court rejected prosecutors' request for a longer detention of both men. The new allegation only applies to Ghosn, and Kelly could still be bailed out. A request for bail by Kelly's lawyer is pending court approval, according to the Tokyo District Court, but his release will have to wait until next week since the request was still in process after office hours Friday. Prosecutors in a statement Friday alleged that Ghosn in 2008 transferred a private investment loss worth more than 1.8 billion yen ($16 million) to Nissan by manipulating an unspecified "swap" contract. Ghosn also profited by having the company transfer a total of $14.7 million to another company to benefit himself and that company's owner, who helped in the contract manipulation, prosecutors said. Shin Kukimoto, deputy chief prosecutor at the Tokyo District Prosecutors Office, refuse to say if the two transactions were related or how Ghosn illegally profited. He also declined to identify the collaborator or whether the transactions were made overseas. Ghosn and Kelly are only charged with underreporting Ghosn's pay over five years, in violation of the Financial Instruments and Exchange Act. They have not been formally charged with an additional allegation of underreporting another 4 billion yen ($36 million) for 2016-2018, for which their first 10-day detention was to expire Thursday. Prosecutors have been criticized for separating the allegations as a tactic to detain Ghosn and Kelly longer. They say Ghosn and Kelly are flight risks. The maximum penalty for violating the financial act is up to 10 years in prison, a 10 million yen ($89,000) fine, or both. Breach of trust also carries a similar maximum penalty. The conviction rate in Japan is more than 99 percent for any crime. Ghosn was sent by Renault in 1999 to turn around Nissan, then on the verge of bankruptcy, and he led its rise to become the world's second-largest automaker.

Renault wants to merge with Nissan, then go after Fiat Chrysler

The late Sergio Marchionne used to say consolidation would be the only way to compete against the biggest global carmakers. The company looks certain to fulfill that goal, but perhaps not in the way he intended. The Financial Times reports that Renault wants to begin merger talks with Nissan in the next 12 months. Assuming a merger gets completed, the plan is for the combined company to then pursue another merger, with Fiat Chrysler a prime target. Renault, Nissan, and Mitsubishi have been busy since cutting ties with ex-alliance boss Carlos Ghosn. They formed a new alliance board with Renault chairman Jean-Dominique Senard at the helm, Renault has shrunk the size of its board while Nissan added more outside directors, and the two agreed to a new governance structure to ease operational decision making. All three automakers have walked away from Ghosn-era goals to sell 14 million cars and find 10 billion euros in savings by 2022. New strategic plans for all three car companies are in the works. With stability in sight, it's said Senard wants to succeed where Ghosn failed — a full-fledged merger between Renault and Nissan with talks to begin "as soon as possible." Ghosn's pursuit of a merger last year in attempt to make the 20-year-old alliance "irreversible" is part of what led to his downfall, with Nissan executives including CEO Hiroto Saikawa against the push. The new effort is presented as larger scale being the only way for the alliance to take on companies like Volkswagen and Toyota. But the Nissan-Renault-Mitsubishi trio sold 10.76 million cars around the world last year, second to Volkswagen with 10.83 million sales, ahead of Toyota with 10.39 million. If Nissan hadn't suffered a 2.8 percent dip in sales, the alliance would have taken the top spot. If a little scale is good that means more is better, right? Pulling Fiat Chrysler into the alliance would add around 5 million annual sales, and would be another move in Ghosn's footsteps. The former honcho is said to have "held talks with FCA" about some kind of union within the past three years. The French government, which has a 15 percent stake in Renault and double voting rights, shut down the initiative. It's not clear if FCA will be an independent company by the time a potential Nissan-Renault merger closed, though.