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Mitsubishi pondering $2B share sale?

Mitsubishi makes the brilliantly fast, wonderfully fun Lancer Evolution. Outside of that road-going rally car, the rest of the range is pretty poor - the new Outlander isn't bad, but the subcompact Mirage looks like might've been competitive five years ago, while the Galant and Lancer have suffered from serial neglect.
This hasn't just lead to rumors of Mitsu's death in America; the subsidiary of the massive Mitsubishi Group has been in trouble at home, too. It was bailed out by three other Mitsubishi Group companies - Mitsubishi UFJ Financial, Mitsubishi Heavy Industries and Mitsubishi Corporation - between 2004 and 2005, according to Bloomberg. Now, it's attempting to extricate itself from "emergency mode," as analyst Koichi Sugimoto told the financial site, adding that "they're still in the very early stages of recovery."
As part of the bailout, Mitsubishi issued its three saviors billions of dollars of preferred shares, which don't have voting rights. The problem is, Mitsubishi hasn't issued dividend payments since 1998, and these stocks aren't exactly competing with Apple or Google, in terms of value. In other words, they're mostly worthless. With a public offering, Mitsubishi is expecting to raise 200 billion yen, or about $2 billion, in order to reduce the number of preferred shares. If all goes according to plan, it will wipe out preferred shares by March of 2014, or the end of fiscal year 2013.

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.

The Mitsubishi GT-PHEV Concept offers an unsightly look into the automaker's future

It was only a few months ago that Mitsubishi teased the Grand Tourer Concept with an image of the SUV's side profile. Now that it's just a few weeks before the Paris Motor Show, Mitsubishi released some renderings of the GT-PHEV Concept that will influence the rest of the automaker's lineup for the future. Mitsubishi is touting the concept as a "high-end next-generation SUV." Styling may indeed be subjective, but the GT-PHEV Concept has a face that only a mother could love. There's a bit of Lexus-like hate-it-or-like-it in the fascia, and the rest of it looks similar to that of the eX Concept that was revealed last year. Both concepts have grille openings that resemble the letter X, three hexagonal fog lights on the sides, and tiny slivers for headlights. The side profile of the GT-PHEV Concept reminds us of a Land Rover Range Rover Evoque, which isn't such a bad thing. The back of the concept features a rakish design with thin wrap-around taillights that also look good. If you can get past the SUV's looks, you'll find comfort the GT-PHEV's powertrain to be an interesting look into the future. The concept features Mitsubishi's next-gen plug-in hybrid system, which is comprised of three electric motors (one in the front and two at the back), a regular internal combustion engine, and a high-capacity battery. The systems work together as a full-time four-wheel-drive system. On electric-only power, the GT-PHEV Concept can travel an estimated 75 miles, while the car's total range is roughly 746 miles. Mitsubishi claims the GT-PHEV Concept is a ground tourer capable of chewing away the miles with ease. And while the automaker didn't include any images of the vehicle's interior, Mitsubishi claims the concept has a cockpit-like interior that wraps around the front passengers. The interior leather color can also be found on the roof of the vehicle for a "classy" look. Mitsubishi continues to focus on SUVs and crossovers, but we doubt the automaker will put a vehicle that looks like the GT-PHEV Concept on the road. We think this concept is more for show, but it will probably be used as inspiration for the design of the next Mitsubishi Outlander. Here's hoping that face gets toned down some.