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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.

Infiniti replaces Americas chief

The Nissan-Renault alliance has been something of a revolving door for high-level executives of late, and the latest shakeup comes at its luxury unit, Infiniti, where Michael Bartsch (shown above) has been replaced as vice president of its Americas division by Randy Parker. Bartsch had a short tenure – he only took the helm in September 2013. In a press release, Infiniti said he was leaving to "pursue other interests." Bartsch, a veteran of more than 30 years in the auto industry, came to Infiniti from Porsche. Parker comes from within the Nissan empire, formerly heading up the company's sprawling west region, including its marketing, distribution and dealer network. Before that, he served stints at GMAC and General Motors. Bartsch isn't alone in leaving Renault-Nissan recently. Ex-Renault COO Carlos Tavares took the top spot at Peugeot, Infiniti boss Johan de Nysschen left for Cadillac and Nissan executive vice president Andy Palmer took over at Aston Martin. Scroll down for the full press release from Infiniti. Feb. 17, 2015 Infiniti Motor Company announces leadership change at Infiniti Americas NASHVILLE - Infiniti Motor Company, Ltd. today announced a leadership change at Infiniti Americas aimed at growing the brand's presence in the U.S. Randy Parker is appointed Vice President, Infiniti Americas, effective immediately. He succeeds Michael Bartsch who will leave the company to pursue other interests. Most recently, Parker, 48, was Vice President, Nissan West Region, Nissan North America, Inc. "Randy has been a key contributor to the growth of Nissan in the United States," said Jose Munoz, chairman, Management Committee, Nissan North America and executive vice president, Nissan Motor Co., Ltd. "He has overseen strong growth for the Nissan brand in our western region, and we look forward to the skills that he will bring to Infiniti." "It is our pleasure to welcome Randy Parker to Infiniti," said Roland Krueger, president of Infiniti Motor Co., Ltd. "Randy will be responsible for accelerating Infiniti's progress in our largest worldwide market and driving our brand transformation as we execute an expanded product portfolio of premium luxury products." Most recently, Parker was responsible for regional marketing, distribution, dealer network development and financial controls for Nissan's largest U.S. regional operation.

Recharge Wrap-up: Indianapolis to switch 425 fleet vehicles to EVs, Chevy Corvette provides bat habitats

Indianapolis will deploy 425 battery electric and plug-in hybrid vehicles as part of its municipal fleet by 2016. The fleet will include such cars as the Nissan Leaf, Chevrolet Volt and Ford Fusion Energi. The city will also reduce its overall fleet by 100 vehicles. In all, the revised group - called the "Freedom Fleet" - will save $8.7 million and 2.2 million gallons of gasoline over 10 years. Read more at Hybrid Cars. EVs with longer range would make vehicle-to-home and vehicle-to-grid energy management systems more practical for the US. The idea of using EVs as energy storage for emergencies or times of high grid demand is currently being tested in Japan with Nissan's Leaf-to-Home system. The US is also interested in such capabilities, but the higher average energy use of American households would make larger batteries in EVs ideal for grid storage applications. Read more at Green Car Reports. LG Chem has broken ground on its EV battery plant in Nanjing, China. The factory, when constructed, will have a capacity of producing batteries for 100,000 cars per year according to the Korean company. The plant will supply batteries for Chinese automakers such as SAIC and Qoros. Construction is expected to be finished by the end of 2015 and LG Chem expects revenue of more than $933 million by 2020. Read more in the press release below. General Motors is using adhesive used in the Chevrolet Corvette Stingray to create habitat for threatened bat species. Artificial bat caves could help alleviate white-nose fungus that leads to diminished bat populations. Leftover adhesive is used to create stalactites in the artificial caves, allowing them more structure to hang from. GM has also provided Volt battery covers to create nesting habitats for bats, which eat harmful insects and help pollinate plants. See the videos and read more in the press release below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. LG Chem officially breaks ground for China EV battery plant Seoul, Korea - Oct 30, 2014 – LG Chem, Korea's leading manufacturer of advanced batteries, held a ground breaking ceremony for the construction of electric-car battery plant in Nanjing, China, to meet growing demand in the world's biggest car market.