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Ghosn out at Nissan, still in at Renault, still in jail in Tokyo and facing more charges

When the corporate jet carrying Renault- Nissan- Mitsubishi CEO Carlos Ghosn landed at Tokyo Haneda airport on November 19, Japanese authorities had already taken position on the tarmac, waiting for him. Police and authorities representing Tokyo prosecutor's office boarded the plane to query Ghosn about financial improprieties, and ended up taking Nissan's chairman and CEO into custody. A few days later, on November 22, Nissan's board voted to remove Ghosn from both positions for what it classified as "significant acts of misconduct." The charges include understating his income in filings to the Tokyo Stock Exchange by at least $44 million, and misusing company funds. Japanese police arrested Greg Kelly as well, the high-ranking Nissan exec said to have assisted Ghosn in the subterfuge. Ghosn and Kelly remain on Nissan's board until a shareholder vote is held to decide those positions. Kelly was Nissan's first American director, and the carmaker's former head of human resources. In France, Renault's board voted to keep Ghosn in his positions, and has requested details from Nissan about the alleged improprieties. The board put Thierry Bollore in the role of deputy CEO with all of Ghosn's powers while Ghosn is "incapacitated," and lead independent director Philippe Lagayette will act as temporary chairman. Nissan has since told Renault that it is investigating financial malfeasance at RNBV, the Amsterdam-based joint-venture company that oversees the alliance. Mitsubishi has watched from afar, only saying it will perform its own investigation, and could remove Ghosn. Tokyo police can hold a suspect for 72 hours for initial questioning without charges. With the deadline looming, Tokyo prosecutors asked the court for, and were granted, a ten-day extension. If they choose, prosecutors can request another ten-day extension. Within 23 days, however, prosecutors either need to charge Ghosn and Kelly, or release them. There are several charges that acquire more details by the day. The most serious accusation is that Ghosn understated his pay from 2011 to 2015 by half, claiming roughly $44 million in remuneration when he actually received around $88 million. Over the weekend, it came out that Japanese prosecutors could be working on new charges of Ghosn under-reporting his salary since 2015 by $27 million. A Japanese newspaper said Ghosn told Kelly in an email to lie on the financial statements.

Mitsubishi's crossover plan: New model coming to Geneva, Outlander PHEV finally on the way

Mitsubishi announced last night that it will be concentrating on crossovers for the foreseeable future (which includes leaving the Lancer behind). That future starts at this year's Geneva show, where the company will reveal a completely new small crossover. This new vehicle, the name of which Mitsubishi didn't reveal, is planned to reach dealers in early spring of 2018. It will feature a new version of Mitsubishi's All Wheel Control (AWC) all-wheel drive and a new turbocharged engine that we're told was designed completely in-house. We expect the new crossover to share cues with recent Mitsubishi concepts, including the eX Concept and Ground Tourer, since Mitsubishi's general manager of design strategy Kazuo Yano said they will set the tone for future Mitsubishis. Don Swearingen, executive vice president and COO of Mitsubishi in North America, said this new vehicle is the "best vehicle Mitsubishi has ever produced." That may not be the tallest order given the automaker's recent models, but it's definitely a good goal. As for the size of this new crossover, it will probably be comparable to the current Outlander Sport. The plan is that the Outlander Sport and Outlander will be changing sizes in the coming years. The former will shrink and the latter will grow, leaving space in the middle for the new small crossover. There will be an awkward overlapping period, though, since we're told both Outlander flavors are scheduled for a mild refresh sometime next year that won't include size changes. The resized Outlander models will come sometime after that refresh. (If we're lucky, one will get a new name to reduce confusion, especially with a new model sitting between them.) Speaking of Outlanders, we now know when we will finally get the Outlander PHEV, a variant that has been promised and re-promised for years now. A Mitsubishi PR representative said that the plug-in hybrid crossover will be on sale in the US sometime in the next fiscal year. (For reference, Mitsubishi's current fiscal year ends this March.) Swearingen said it will also make its official debut later this year. So after many, many delays, the US will finally see Mitsubishi's plug-in crossover. We'll see if it's as big a sales success here as it is in Europe. Related Video: Featured Gallery Mitsubishi eX Concept: Tokyo 2015 View 9 Photos Green Geneva Motor Show Mitsubishi Crossover Economy Cars Hybrid 2017 Detroit Auto Show

Nissan itself will be indicted alongside Ghosn, report says

Prosecutors in Tokyo are expected to file charges against Nissan itself alongside an expected indictment against former Chairman Carlos Ghosn as part of the ongoing financial misconduct case. That's according to a report from Japan's Nikkei business daily, which does not identify its sources. Charges are also likely against Greg Kelly, a member of Nissan's board of directors who was taken into custody with Ghosn Nov. 19 after Japanese authorities questioned the former chairman aboard a corporate jet at the Tokyo Haneda airport. Monday is the deadline when prosecutors must either indict the two executives, release them or arrest them on new allegations. Both men are accused of under-reporting salaries in five annual reports that stretch through the fiscal year that ended in March 2015. The Nikkei says they'll also be arrested on new allegations of misstating financial information for the subsequent three business years. Nissan would be charged for not preventing the alleged crime. Both men have reportedly denied the allegations. In response to the Nikkei report, a spokesman for Nissan told Automotive News the company had "identified serious misconduct related to the reporting of Mr. Ghosn's compensation" and was cooperating with investors. The turmoil over Ghosn prompted the automaker to scrap plans to unveil a long-awaited longer-range Leaf electric car at the L.A. Auto Show last week. Ghosn is accused of conspiring to understate his income by about half the 10 billion yen (about $88 million) over the period. Reports say the issue relates to deferred compensation that Nissan CEO Hiroto Saikawa reportedly signed off on but may not have understood. The company didn't report the deferred compensation in Japanese securities filings as it is required, since the money is considered a future liability against the company. Automotive News cites an unnamed source who says Nissan has identified some $80 million in unreported deferred compensation promised to Ghosn. Nissan's board voted Nov. 22 to oust him as chairman, and Mitsubishi followed suit days later. Ghosn remains the CEO and chairman of Renault, however. Under Ghosn's guidance, Nissan and Renault joined forces in 1999 when Nissan was teetering toward bankruptcy. Mitsubishi joined on in 2016, with all three members able to jointly develop products and control costs. He had reportedly been pushing for deeper ties, including a possible merger between Nissan and Renault at the urging of the French government.