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Renault board names Ghosn stand-ins, as tensions with Nissan increase

PARIS/TOKYO — French carmaker Renault tapped its chief operating officer and a senior board member to fill in for embattled boss Carlos Ghosn, after an investigation by alliance partner Nissan led to his arrest on suspicion of financial misconduct. Thierry Bollore, Ghosn's operational second-in-command, will become deputy chief executive, while lead independent director Philippe Lagayette assumes the function of interim chairman, Renault said after a board meeting late on Tuesday. But the board refrained from firing Ghosn while awaiting more detail on the allegations — in a decision that could also buy more time for an accelerated, permanent succession process. "Mr. Ghosn, temporarily incapacitated, remains Chairman and Chief Executive Officer," Renault said in a statement. "During this period, the board will meet on a regular basis under the chairmanship of the lead independent director." Ghosn, one of the car industry's best-known leaders, was arrested on Monday after Nissan said he had engaged in years of wrongdoing, including personal use of company money and under-reported earnings. The Japanese company plans to remove him as chairman on Thursday. The French government, Renault's biggest shareholder, had begun to distance itself from Ghosn, calling for new interim leadership before the meeting, as the Japanese investigation expanded to include Renault-Nissan alliance finances. "Carlos Ghosn is no longer in a position where he is capable of leading Renault," Finance Minister Bruno Le Maire said earlier in the day. "Renault has been weakened, which makes it all the more necessary to act quickly." Statements by Le Maire, Renault and its board all echoed French preoccupations over the future of the alliance first articulated by President Emmanuel Macron within hours of Ghosn's arrest on Monday. Following talks between Le Maire and his Japanese counterpart Hiroshige Seko on Tuesday, the ministers reaffirmed their "shared wish to maintain this winning cooperation." But in a sign that Nissan may now seek to loosen its French parent's hold on the partnership, the Japanese company informed Renault it also had evidence of potential wrongdoing at Renault-Nissan BV, the Dutch venture overseeing alliance operations under Renault's ultimate control, three people with knowledge of the matter told Reuters.

U.S. auto sales fall in July, as Detroit dials back on inventory, rental sales

DETROIT — U.S. carmakers said on Tuesday they continued to slash low-margin sales to daily rental fleets in July as General Motors, Ford and Fiat Chrysler Automobiles struggled to curb a slide in retail sales. July is on track to be the fifth straight month in which the annual pace of car and light truck sales declined from the same month a year ago, in part because of fewer fleet sales, analysts and industry executives said. July 2016 sales hit a strong 17.9-million-vehicle pace. GM said the seasonally adjusted annual sales rate fell to an estimated 16.9 million vehicles in July. At midmorning on Tuesday, GM shares were down 3.4 percent at $34.77, Ford was down 2.8 percent at $10.91, and Fiat Chrysler shares were down 0.3 percent at $12.05 in New York. GM sales dropped 15 percent from a year ago to 226,107 vehicles, as the company cut rental fleet sales more than 80 percent. The automaker said inventories of unsold vehicles at month's end were 104 days, down from 105 days at the end of June. GM has promised investors to reduce inventories to 70 days by year-end. Ford said its July sales dipped 7.5 percent to 200,212 vehicles, as it cut fleet sales more than 26 percent. Inventories fell to 77 days from 79 the previous month. Fiat Chrysler said sales dropped 10 percent to 161,477, as it also cut back sales to daily rental fleets. Among the top Japanese companies, only Toyota reported a year-to-year gain, with sales up 4 percent to 222,057 — just 4,000 units behind GM. Honda sales were down 1 percent to 150,980 — its first-quarter sales continuing to decline in North America but seeing a big increase in China. And Nissan sales fell 3 percent to 128,295. GM, Ford and Fiat Chrysler have cautioned that second-half financial results likely will be lower than first-half results, in part reflecting production cuts in North America and pricing pressures. The automakers this year have been deliberately dialing back sales to rental-car companies, which often generate little to no profit, while struggling to keep retail sales from sagging further, according to industry analysts. Industry consultant LMC cut its full-year forecast for new vehicle sales to 17 million vehicles. Automakers sold a record 17.55 million vehicles in the United States in 2016.

Mitsubishi off-road Delica van, outdoorsy Outlander variant planned for US market

If you haven't been paying attention, you may be surprised to hear that Mitsubishi has been doing fairly well in the United States over the last several years. Once a mid-major (to borrow a college athletics term) program here in the States, the automaker's stagnating lineup and lack of vehicles with clear desirability — once you got past the hardcore Lancer Evolution series, at least — led to declining sales figures through the 2000s. The brand's more recent resurgence, led by the latest Mitsubishi Outlander and Outlander PHEV, which it co-developed with fellow Japanese partner Nissan, first began around the year 2018, says Mitsubishi North America President and CEO Mark Chaffin. "Momentum 2030 will build on that, setting the stage for new powertrains and vehicles being introduced, new dealerships being opened, and new technologies being developed to make the shopping and ownership experience faster, easier and more enjoyable." "New powertrains and new vehicles" are always keywords that pique the ears of automotive enthusiasts, and Mitsubishi seemingly has some solid stepping stones in the works to continue gaining momentum in the crucial American market, with trucks, crossovers and multi-purpose vehicles that could offer some truly interesting entries into segments the automaker hasn't dipped its toes in decades. One particular potential vehicle of interest is, oddly enough, a passenger van, which appears to be shown in the middle of the line-up preview photo below. But we're not talking about a run-of-the-mill minivan. According to dealership employees present at Mitsubishi's Momentum 2030 program cited by Automotive News, the van would take inspiration from the D:X Concept that we openly loved after its introduction in Tokyo last year. The van would reportedly maintain its rugged credentials — perfect for the growing number of Americans who embrace off-road lifestyles like camping and overlanding — and feature a plug-in hybrid powertrain. We can't imagine some of the concept's far-out features like a front glass panel to see the ground ahead or a dashboard and steering wheel setup that moves with the driver's door making it into production. The three-row, six-passenger seating arrangement and true off-road tuning on the other hand are likely items for the final product.