1997 Mitsubishi Eclipse Rs (built And Turbo) on 2040-cars

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Nissan shareholders oust Carlos Ghosn from board of directors

TOKYO — Nissan's shareholders approved on Monday the ouster from the Japanese automaker's board of its former chairman, Carlos Ghosn, who is facing allegations of financial misconduct. The approval, which was expected, was indicated by applause from the more than 4,000 people gathered at a Tokyo hotel for a three-hour extraordinary shareholders' meeting. Other votes had been submitted in advance. Ahead of the vote, Nissan's top executive apologized to shareholders for the scandal at the Japanese automaker and asked them to approve Ghosn's dismissal. Chief Executive Hiroto Saikawa and other Nissan executives bowed deeply in apology to shareholders attending the extraordinary meeting at a Tokyo hotel. Shareholders also approved the appointment of French alliance partner Renault SA's Chairman Jean-Dominique Senard to replace Ghosn. Renault owns 43 percent of Nissan. Senard, introduced to shareholders at the meeting's end, thanked them and promised to do his best to keep the automaker's performance on track. "I will dedicate my energy to enhance the future of Nissan," said Senard. The shareholders also gave a green light to removing from the board a former executive direct, Greg Kelly, who has been charged with collaborating with Ghosn in the alleged misconduct. Angry shareholders demanded an explanation for how wrongdoing on an allegedly massive scale had gone unchecked for years. The meeting was closed except to stockholders but livestreamed. One shareholder said Nissan's entire management should resign immediately. Saikawa said he felt his responsibility lay in fixing the shoddy corporate governance at Nissan first, and continuing to lead its operations. Another shareholder asked if Nissan was prepared for a damage lawsuit from shareholders since its stock price has plunged. "I deeply, deeply apologize for all the worries and troubles we have caused," Saikawa said. "This is an unprecedented and unbelievable misconduct by a top executive." He outlined the findings of an internal investigation, such as payments of a consultation fee to Ghosn's sister for 13 years. The investigation has also found too much power had been focused in one person, he said. Ken Miyamoto, 65, a Nissan shareholder, said he was disappointed. "It is really such a pity as he was a brilliant manager," Miyamoto said of Ghosn before heading into the meeting.

Nissan CEO Makoto Uchida rules out closer capital ties with Renault

YOKOHAMA — Nissan is committed to its automaking alliance with Renault but will not look to deepen its capital ties with the French automaker any time soon, its new CEO said on Monday. On his first day in the new position, chief executive Makoto Uchida also pledged to repair profitability at Japan's No. 2 automaker and said setting realistic targets would be key toward that goal, as it tries to make a clean break from the leadership of former chairman Carlos Ghosn. "Closer capital ties with Renault are not a focus in the short term," he told reporters. Uchida became CEO of Nissan on Dec. 1, as the car maker tries to recover from a profit slump and draw a line under a year of turmoil after the Ghosn scandal. The ousted chairman is fighting financial misconduct charges in Japan. One of the new CEO's big tasks is to salvage ties with Renault, which have deteriorated since Ghosn's ouster as chairman of both companies. Renault holds a 43.4% stake in Nissan after it saved the Japanese automaker from financial ruin two decades ago, and has pushed for the two companies to merge. In rejecting a notion of a merger with Renault, Uchida, 53, echoes his predecessor Hiroto Saikawa, who stepped down in September. He added that the alliance must re-think how it can serve all of its three members, which also includes Mitsubishi Motors. "The alliance has to benefit each of its partners in terms of revenue and profit," he said. "We need to re-evaluate what has worked and what hasn't worked in the alliance in the past few years." The CEO called for Nissan to set "challenging but achievable" targets, adding that this and the launch of more new car models and vehicle technologies would be key to its financial recovery. Nissan is bracing for its lowest annual profit in 11 years and has slashed its dividend by 65%. Its struggles come at a time when car companies desperately need scale to keep up with sweeping technological changes like electric vehicles and ride-hailing. "Somewhere along the way we created a culture of setting targets which could not be achieved," Uchida said, adding that this had resulted in a focus on short-term results. "Years of this had led Nissan to its current "difficult situation," he said, using heavy vehicle discounting in the U.S. market as an example of how aggressive sales targets to grow market share had deteriorated the company's brand.

Future Classic: 1990-2012 Mitsubishi Eclipse

It was meant to be a premiere partnership, pregnant with possibilities: the alliance of a pair of global automotive powerhouses from Japan and America. Eventually the merger gave birth to a trio of highly-regarded sports coupes: the Mitsubishi Eclipse, the Eagle Talon and the Plymouth Laser, cars developed by the company that became Diamond-Star Motors. Although DSM’s beginnings can be traced back to a flirtation in 1970, when Chrysler Corporation took a 15-percent stake in Mitsubishi Motors, the partnership later culminated in a formal pairing in 1985. It was good timing: Chrysler was emerging from near-bankruptcy; the Japanese company just didnÂ’t have anything to please U.S. buyers, and with government-imposed “voluntary” import quotas, its supply lines were broadly restricted. Chrysler, looking to expand its lines, built a plant in Normal, Illinois, but, although Chrysler put up half the $650 million for the facility, it left management to Mitsubishi. And the Japanese facilities provided engines and transmissions. By the end of 1989, production of the Diamond-Star triplets — the Laser, Eclipse and Talon — was in full swing. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Why is the Mitsubishi Eclipse a Future Classic? The Eclipse, supposedly named for an unbeaten 18th-century English racehorse that won 18 races in a row, was the shining star of the line. Because of its long run in series production, the genealogy of the Eclipse is worth discussing. Initially the car, designed at the Mitsubishi Motors North America Design Studio and introduced in 1990, was available in four trim levels: Eclipse, Eclipse GS, Eclipse GS-T (Turbo) and Eclipse GSX. It evolved first as a two-door coupe, later as a convertible or liftback, with front-wheel or all-wheel drive, and with engine choices including naturally aspirated fours, turbocharged fours and V6 options. One really needs a scorecard to chart the generations: 1st Gen (1990-1994), 2nd Gen (1995-1999), 3rd Gen (2000-2005), and 4th Gen (2006-2012). Before the EclipseÂ…well, was eclipsed, buyers of the third and fourth-gen cars could specify a 3.8L V6 engine as well as a four. This swank 2+2 sports car and its nearly identical cousin, the Eagle Talon TSi, emerged as hot rods for the Nineties, and tuners gave them full props for power.