2003 Mitsubishi Galant, No Reserve on 2040-cars

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Renault names new leaders as jailed Carlos Ghosn bows out

PARIS — Renault appointed Michelin boss Jean-Dominique Senard as its new chairman on Thursday, after Carlos Ghosn was forced to resign in the wake of a financial scandal that has rocked the French carmaker and its alliance with Japan's Nissan. Senard will become chairman immediately, the company said, with deputy chief executive Thierry Bollore taking over Ghosn's other Renault role as full CEO. The appointments may begin to ease a Renault-Nissan leadership crisis that erupted after Ghosn's Nov. 19 arrest in Japan and swift dismissal as Nissan chairman. Senard, 65, now faces the task of soothing relations with Renault's Japanese partner and resuming talks on a new alliance structure to cement the 20-year-old partnership. "It's important that this alliance remain extremely strong," Senard told reporters after a board meeting - citing the mounting investment demands of new vehicle technologies. "It is our compulsory duty to go forward together." Ghosn's exit also marks a clear end to one of the auto industry's most feted careers, two decades after he was despatched by former Renault boss Louis Schweitzer to rescue newly acquired Nissan from near-bankruptcy — a feat he pulled off in two years. After 14 years as Renault CEO and a decade as chairman, Ghosn formally resigned from both roles on the eve of the board meeting. Ghosn's arrest and indictment for financial misconduct has strained the Renault-Nissan relationship, threatening the future of the industrial partnership he transformed into a global carmaking giant over two decades. For two months, the tensions deepened as Renault and the French government stuck by Ghosn despite the revelation he had arranged to be paid tens of millions of dollars in additional income, unbeknownst to shareholders. Ghosn has been charged with failing to disclose more than $80 million in additional compensation for 2010-18 that he had agreed to be paid later. Nissan director Greg Kelly and the Japanese company itself have also been indicted. Both men deny the deferred pay was illegal or required disclosure, while not contesting the agreements' existence. Ghosn has denied a separate breach of trust charge over personal investment losses he temporarily transferred to Nissan in 2008. Ghosn had agreed in recent days to step down from Renault, Reuters reported on Tuesday — but only after the French government, Renault's biggest shareholder, called for leadership change and his bail requests were rejected.

Nissan, Renault break up the Ghosn-style almighty chairmanship

YOKOHAMA, Japan — Japan's Nissan Motor and France's Renault said they would retool the world's top car-making alliance to put themselves on more equal footing, breaking up the all-powerful chairmanship previously wielded by ousted boss Carlos Ghosn. The removal of Ghosn, credited for rescuing Nissan from near-bankruptcy in 1999, had caused much uncertainty about the future of the alliance and some speculation the partnership could even unravel. The companies, together with junior ally Mitsubishi Motors, on Tuesday said the chairman of Renault would serve as the head of the alliance but — in a critical sign of the rebalancing — not as chairman of Nissan. "This is a very special day for the alliance," Renault SA's chairman, Jean-Dominique Senard, told reporters after a meeting at Nissan's Yokohama headquarters. He spoke to reporters along with Renault's chief executive, Thierry Bollore; Nissan CEO Hiroto Saikawa; and Osamu Masuko, CEO of the smaller Japanese alliance partner Mitsubishi Motors Corp. Those four executives will meet every month in Paris or Tokyo and oversee various projects, helping to make the companies' operations more efficient, they said. Nissan has said that Ghosn wielded too much power, creating a lack of oversight and corporate governance. It was not clear who would become Nissan's chairman, vacant since Ghosn was arrested in Japan in November. But the automakers gave no indication of any immediate change in their cross-shareholding agreement, one which has given smaller Renault SA more sway over Nissan. The alliance did not announce any changes in mutual stake holdings. The so-called Restated Alliance Master Agreement that has bound them together so far remains intact, they said. "We are fostering a new start of the alliance. There is nothing to do with the shareholdings and the cross-shareholdings that are still there and still in place," Renault Chairman Senard said. "Our future lies in the efficiency of this alliance," he told reporters at Nissan's headquarters in Yokohama. Senard also said he would not seek to be chairman of Nissan, but instead was a "natural candidate" to be vice-chairman. Former Nissan chairman Ghosn was released on a $9 million bail last week after spending more than 100 days in a Tokyo detention center.

Junkyard Gem: 1990 Mitsubishi Montero

Americans had been buying Mitsubishi-made pickups (badged as Plymouth Arrows and Dodge Ram 50s) for the better part of a decade when the Americanized version of the Pajero SUV appeared in American Mitsubishi showrooms. Naturally, there was a Dodge-badged version as well (known as the Raider), but finally Americans could buy a bouncy, off-road-capable SUV with big Mitsubishi badges all over it. The first-generation (1985-1991) Monteros have become quite rare, but I found this high-mile example in a Denver yard a few weeks back. You won't often see a late-1980s/early-1990s Mitsubishi with more than 200,000 miles on the clock, but Monteros held their value longer than Mighty Maxes and Mirages. I couldn't find any meaningful rust on this one, but the interior looked pretty tired. Under the hood we find the ubiquitous 3.0-liter 6G72 V6 engine, which found its way into everything including Chrysler minivans, Mitsubishi Diamante luxury sedans and even 1990s Hyundai Sonatas. Mitsubishi got its money's worth out of this engine, which stayed in production from 1986 through 2011 (in China). Most of the early Raiders and Monteros I've found in junkyards had manual transmissions, but this one shows the direction American SUV buyers were headed in 1990: two pedals, no shifting. It still lacks the dozen cupholders of later US-market trucks, of course. The Montero name went on Pajeros sold in North and South America, while UK-market trucks got Shogun badging. This beefy grab bar for the front-seat passenger suggests the kind of rugged driving environments not much like the highway commutes now used by SUVs in North America. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Just the vehicle for contemplating the ocean... or racing. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Mitsubishi: Suddenly, the obvious choice.