2007 Mitsubishi Endeavor Se on 2040-cars

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'Zero' chance of Renault taking over Nissan, Mitsubishi, says Ghosn

TOKYO — Renault SA absorbing Nissan Motor Co. and Mitsubishi Motors Corp is not an option as the carmakers look to strengthen their partnership while retaining their autonomy, alliance chairman Carlos Ghosn said on Friday. "Anybody who will ask Nissan and Mitsubishi to become wholly owned subsidiaries of Renault has zero chance of getting a result," Ghosn told shareholders of Mitsubishi Motors at a meeting. He also serves as chief executive of France's Renault. The alliance was the world's top-selling passenger vehicle maker in 2017, but as the global auto industry consolidates, it is looking to strengthen its position before the 64-year-old Ghosn, its main architect, retires in the coming years after overseeing the partnership for nearly 20 years. We reported in March that the carmakers were discussing a deeper tie-up, which could see the French government, a major shareholder in Renault, give up influence at Renault and the French carmaker relinquish control over Nissan. The three automakers have a unique partnership designed to leverage their combined scale to save on costs including R&D, parts procurement and production to better compete with rivals Volkswagen AG and Toyota Motor Corp. They are also interlinked by their shareholding structure. Renault holds 43.4 percent of shares in Nissan, while Nissan owns 15 percent of Renault, with no voting rights in a partnership that began in 1999. Mitsubishi Motors joined the alliance in 2016 after Nissan took a 34 percent controlling stake in the smaller automaker. Nissan CEO Hiroto Saikawa has said the alliance is not discussing a "full merger." Ghosn said that while the focus of the alliance was to sell more cars and increase profitability by reducing unnecessary duplication of processes, he wanted each of the three automakers to maintain their independence, which differentiated the group from Toyota and Volkswagen. "We need to work together ... to find a system by which what we have today, which is working very well, can continue in the future no matter who is leading the alliance," he said. "We need to prove that this is sustainable five years down the road, 10 years down the road, 15 years down the road." In a Figaro interview published last week, Ghosn was upbeat about the prospect of securing a new deal for the alliance despite its extreme political sensitivity in France and Japan, saying a plan would need to be announced "well before" the end of his four-year term at the helm of Renault in 2022.

Mitsubishi teases world premiere of new PHEV concept ahead of Geneva

It was a little disappointing to find out that Mitsubishi's "return of a legend" for the 2015 Chicago Auto Show would simply be the North American debut of the GC-PHEV concept. The crossover has a chunky, rugged design that's somewhat attractive, but it's not exactly new to the motoring world. Apparently, the Japanese brand understands the desire to see what's next because the company is now teasing the world premiere of a concept for the 2015 Geneva Motor Show in March. Mitsubishi promises that the still-unnamed concept "is a 'declaration of intent'" for the company's future. The only real hints that the brand drops about the vehicle is that it features a next-gen, two-wheel-drive plug-in hybrid powertrain and is a crossover. Judging from Mitsubishi's two teaser images, the design appears to be cribbing a lot from the brand's own XR-PHEV concept. Up front, the angular nose and headlight design look almost identical, and the pointed rear with integrated taillights seems basically the same, as well. Hopefully, the Japanese brand has something clever going on here and isn't just slightly tweaking a previous design. MITSUBISHI MOTORS AT GENEVA MOTORSHOW 2015 CONCEPT CAR WORLD PREMIERE – A DECLARATION OF INTENT 27/01/15 TOKYO - "A future-oriented attitude: powerful, fast and dynamic". This is the theme of the 85th International Geneva Motor Show official poster in perfect synergy with Mitsubishi Motors Corporation's (MMC's) confident presence this year; from a new dramatic booth design to the sharpness of an all-new concept car. A world premiere in Geneva, the striking concept car is a 'declaration of intent' for MMC's future directions -a powerful embodiment of its next generation 2WD plug-in hybrid electric ("PHEV") technology as well as its bold design renaissance, all contained in Mitsubishi Motors' favorite format of the SUV crossover. The all new Mitsubishi Motors concept - a smart combination of engineering, fluency with a high-output electric motor, low environmental impact, dynamic agility and athletic design. -ENDS -

Auditor had questioned Nissan on payments in Ghosn scandal, source says

TOKYO — Nissan's auditor had repeatedly questioned transactions at the heart of allegations of financial misconduct by former chief Carlos Ghosn, but Nissan said they were proper, a person with direct knowledge of the matter said on Wednesday. Ernst & Young ShinNihon LLC questioned Nissan's management several times, chiefly around 2013, about purchases of overseas luxury homes for Ghosn's personal use and of stock-appreciation rights that were conferred on him. But the Japanese automaker said the transactions and financial reporting were appropriate, the source told Reuters on condition of anonymity. The revelation shows Nissan and its auditor were discussing the transactions, in apparent contrast with Nissan's contention that the alleged misreporting of benefits for Ghosn was masterminded by Ghosn and a key lieutenant. A spokesman for EY ShinNihon, the Japanese affiliate of global accounting firm Ernst & Young, said he could not comment on specific cases. A Nissan spokesman declined to comment. Ghosn was arrested on Nov. 19 as he arrived in Japan. Prosecutors accuse him of falsifying Nissan's annual reports to understate by about half his total compensation of some 10 billion yen ($90 million) over several years. The high-profile former executive has denied the allegations, according to Japanese media. Ghosn remains in custody and is unable to speak publicly. He is represented by former prosecutor Motonari Otsuru, according to Japanese media. Otsuru's law firm declined to comment on Wednesday, and Otsuru has not responded to requests for comment. Nissan has largely pinned the blame on Ghosn and Greg Kelly, a former representative director who was arrested along with Ghosn on the same allegations. "As a result of the investigation, we are certain these two are the masterminds," CEO Hiroto Saikawa told a news conference on Nov. 19, referring to Ghosn and Kelly. He declined to say whether others at Nissan were involved in the alleged wrongdoing. An internal investigation is ongoing, and Nissan says it is cooperating with prosecutors. Nissan and Mitsubishi Motors have removed Ghosn as chairman in the wake of his arrest. The French member of the three-firm alliance, Renault, retains him as chairman and CEO.