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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's dismal 2019: Where does Japan's struggling brand go from here?

Auto sales have gradually slowed from their peak during the boom years that followed the global recession, but Nissan's rapid decline stood out even in a year when few high-volume manufacturers had much to be excited about.  Of the "Japanese 3," Nissan's 2019 performance was by far the most troubling. Through November, when the company last posted its global sales figures, its volumes were down 8 percent compared to 2019. Here in the United States, its full-year numbers were down 9.9% in an industry that slid just a hair more than 2 percent overall.  Meanwhile, Honda managed a slight increase in U.S. sales (0.2%) and Toyota, much like the industry in general, finished the year down approximately 2%. Like Nissan, Honda and Toyota have remained committed to cars — including compact and midsize sedans — and have a comprehensive portfolio of offerings in the key SUV and crossover segments.   On paper, Nissan's lineup checks all the right boxes. From the subcompact Kicks up to the Armada, it has something for sale in virtually every possible nook and cranny of the people-mover segment, but almost all of these trucks (and trucklets) took a beating in 2019. Only the baby Kicks managed to improve on its 2018 sales, which isn't saying a whole lot, considering it was barely sold in 2018 to begin with.  In fact, the bonus volume contributed by Kicks helps obscure just how poorly some of Nissan's key offerings performed last year. Combined Rogue and Rogue Sport sales slid 15%; Murano was down more than 18%; the Pathfinder and Armada managed to pace the general industry, dropping 2.8 and 1.9%, respectively, but the astute reader will note at this point that we've yet to single out any bright spots. The news was even worse on the truck side. Frontier was down 9.1%. Titan? Down 37.5%. Crossovers and SUVs are selling. Trucks, even from import brands, are also selling. Toyota's mid-size Tacoma was up in 2019; both it and the full-size Tundra still more than tripled the volume of their Nissan competitors. Further muddying the waters, Honda managed its year-over-year volume increase without selling a full-sized pickup at all.  What, then, is Nissan's problem? To borrow an oft-used phrase, "It's the product, stupid." The most striking evidence of this issue is the Rogue, which competes in the compact crossover segment — a collection of vehicles that essentially sell themselves.

Angry Nissan Leaf Driver may make 'Rolling Coal' illegal in New Jersey

It's always a few bad apples who ruin polluting just for fun for the rest of us. That time-honored American tradition of being rude for laughs, otherwise known as 'rolling coal,' might become illegal in New Jersey, if a Nissan Leaf-driving politician gets his way. The politician in question is State Assemblyman Tim Eustace (D-Bergen), who was purposefully hit by a blast of dark smoke recently while driving his Leaf on the New Jersey Turnpike, according to NJ.com. This personal experience of what he called "just youthful ignorance" is encouraging him to submit a bill (A3583), which, "Prohibits retrofitting diesel-powered vehicles to increase particulate emissions for the purpose of 'coal rolling'; prohibits the practice of 'coal rolling.'" If you're caught violating the law, you would be hit with a fine from the state Department of Environmental Protection. Of course, the Feds say it is already illegal to modify an exhaust system in a way that allows coal rolling. Rolling coal has become a bit of a meme recently, with videos of laughing truck drivers spewing their modified exhaust pipes at green cars, pedestrians and bikers around the country. Eustace told NJ.com that, "People had been telling this has been going on, but I hadn't seen it. I was surprised to experience it myself." Perhaps a coal roller in New Jersey will be surprised, too, when the first big fine hits. News Source: NJ.comImage Credit: YouTube Green Nissan Green Culture Diesel Vehicles rolling coal