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Nissan may take control of struggling Mitsubishi Motors

Update: The reports were largely correct. Nissan will take a 34 percent stake in Mitsubishi for roughly $2.2b. Read all about it here. Reports say Nissan will buy a controlling stake in Mitsubishi Motors, either 30 or 34 percent, for about 200 billion yen or $1.84 billion. Nissan and Mitsubishi motors are currently part of a joint venture, NMKV, to build minicars together. Nissan is also responsible for reporting fuel-economy discrepancies with cars built under the joint-venture agreement, which put Mitsubishi in its current weakened state. Earlier today, reports surfaced that the fuel-economy issues were wider ranging than originally thought. Mitsubishi now admits that all of its Japanese-market cars sold since 1991 could have had faked fuel-economy data. Shares of Mitsubishi Motors have dropped by about half since the scandal was uncovered, opening the door for a takeover. While Nissan is a much larger company, it can benefit from Mitsubishi's 60-percent share of Japan's minicar market. The two companies also had plans to build electric vehicles together in the joint venture. Japan's Nikkei reports that talks are ongoing between the company and that a decision could be made Thursday by the companies' boards. Related Video: News Source: Nikkei Green Mitsubishi Nissan

Carlos Ghosn, a year after arrest, still seeks trial date and access to evidence

TOKYO — A year after his arrest, Nissan ex-Chairman Carlos Ghosn remains stuck in Tokyo under stringent bail conditions and without a trial date as he seeks access to a trove of Nissan emails and other evidence to fight charges of financial misconduct. His lawyers have asked a court to grant access to 6,000 pieces of evidence collected from Nissan such as electronic communications, which they say is crucial for a fair trial, showed an Oct. 4 court filing seen by Reuters. The once-feted executive has spent 129 days in detention since his arrest shortly after his private jet touched down at a Tokyo airport on Nov. 19, 2018. He faces four charges — which he denies — including hiding income and enriching himself through payments to dealerships in the Middle East. Nissan sacked Ghosn, saying its internal investigations revealed misconduct ranging from understating his salary while he was its chief executive, and transferring $5 million of Nissan funds to an account in which he had an interest. An earlier court ruling allowed prosecutors to hand back evidence to Nissan during pretrial wrangling over witnesses and evidence similar to the U. S. discovery process. If prosecutors are "given the freedom to unilaterally delete the collected evidence and return it to relevant parties, this is equivalent to granting the investigative agencies the right to destroy evidence," showed the filing to the Tokyo District Court. The lawyers also asked the court to rescind the earlier ruling, saying some evidence could be erased by Nissan to protect confidential business information. They argued the "ruling deprives Mr. Ghosn of his right to receive a fair public trial by an impartial court," as it enabled prosecutors to view and use the evidence and withhold it from the defense. Prosecutors are not required to hand over all evidence they or the police gather during investigations unless ordered by the court, unlike in the U.S. discovery process where prosecutors and defense lawyers disclose the evidence they intend to present in court. A spokeswoman for the Tokyo prosecutors' office said the office could not comment on individual cases. A Nissan spokeswoman declined to comment. Ghosn's lawyers have also asked the court to dismiss all charges against him, accusing prosecutors of colluding with government officials and Nissan executives to oust him to block any takeover of the automaker by French alliance partner Renault SA, of which Ghosn was also chairman.

Mitsubishi Motors to relocate North America HQ to Tennessee

NASHVILLE, Tenn. — Mitsubishi Motors announced on Tuesday that it is relocating its North America headquarters from California to Tennessee, a move that will bring the Japanese automaker closer to its sister company Nissan and strengthen Tennessee's growing reputation as an epicenter of the automotive sector. Tennessee Gov. Bill Lee and Department of Economic and Community Development Commissioner Bob Rolfe — who made the announcement with Mitsubishi Motors North America — say the headquarters move from Cypress, California, to Franklin, Tennessee, will result in an $18.25 million investment in the region and approximately 200 jobs. Lee and Rolfe added that they met with Mitsubishi's global executives last week to convince them to move to Tennessee while in Japan during the Republican governor's first trade mission. It is unclear what financial incentives state officials offered Mitsubishi to move to Tennessee. "As we drive toward the future, this is the perfect time for us to move to a new home. While we say farewell to the Golden State with a heavy heart, we're excited to say hello to Music City," Fred Diaz, Mitsubishi Motors North America's president and CEO, said in a statement. Franklin is located just south of Nashville, also known as "Music City," and is home to the state's most powerful Republicans, ranging from Gov. Lee, U.S. Sen. Marsha Blackburn and House Speaker Glen Casada. "Over the years, Tennessee has become the epicenter of the Southeast's thriving automotive sector, and I'm proud Mitsubishi Motors will call Franklin its U.S. home and bring 200 high-quality jobs to Middle Tennessee," Lee, who took over the office this year, said in a statement. Mitsubishi Motors' North America headquarters has been located in California since 1988. The company expects the relocation will begin in August and will be completed by the end of the year. Initially, a temporary office will handle operations to allow the company time to identify a permanent office. Company officials say the move is part an ongoing effort to "reinvent every aspect of Mitsubishi Motors in the U.S.," as well as strengthen the Renault-Nissan-Mitsubishi Alliance. Nissan has a production plant in Smyrna, Tennessee, and owns a 34% stake in Mitsubishi Motors. Last week, Mitsubishi Motors Corp.