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Renault board names Ghosn stand-ins, as tensions with Nissan increase

PARIS/TOKYO — French carmaker Renault tapped its chief operating officer and a senior board member to fill in for embattled boss Carlos Ghosn, after an investigation by alliance partner Nissan led to his arrest on suspicion of financial misconduct. Thierry Bollore, Ghosn's operational second-in-command, will become deputy chief executive, while lead independent director Philippe Lagayette assumes the function of interim chairman, Renault said after a board meeting late on Tuesday. But the board refrained from firing Ghosn while awaiting more detail on the allegations — in a decision that could also buy more time for an accelerated, permanent succession process. "Mr. Ghosn, temporarily incapacitated, remains Chairman and Chief Executive Officer," Renault said in a statement. "During this period, the board will meet on a regular basis under the chairmanship of the lead independent director." Ghosn, one of the car industry's best-known leaders, was arrested on Monday after Nissan said he had engaged in years of wrongdoing, including personal use of company money and under-reported earnings. The Japanese company plans to remove him as chairman on Thursday. The French government, Renault's biggest shareholder, had begun to distance itself from Ghosn, calling for new interim leadership before the meeting, as the Japanese investigation expanded to include Renault-Nissan alliance finances. "Carlos Ghosn is no longer in a position where he is capable of leading Renault," Finance Minister Bruno Le Maire said earlier in the day. "Renault has been weakened, which makes it all the more necessary to act quickly." Statements by Le Maire, Renault and its board all echoed French preoccupations over the future of the alliance first articulated by President Emmanuel Macron within hours of Ghosn's arrest on Monday. Following talks between Le Maire and his Japanese counterpart Hiroshige Seko on Tuesday, the ministers reaffirmed their "shared wish to maintain this winning cooperation." But in a sign that Nissan may now seek to loosen its French parent's hold on the partnership, the Japanese company informed Renault it also had evidence of potential wrongdoing at Renault-Nissan BV, the Dutch venture overseeing alliance operations under Renault's ultimate control, three people with knowledge of the matter told Reuters.

Consumer Reports: Ford Fusion fun but flawed; Mitsubishi i-MiEV slow, chintzy [w/videos]

Waiting for a Ford compliment from Consumer Reports these days is like waiting for a low-cost new product from Apple. So we weren't really expecting a glowing review of the 2013 Ford Fusion when CR got its hands on the car. The institute's crew bought three different versions of the Fusion (Hybrid, 1.6-liter EcoBoost and a Titanium with the 2.0-liter EcoBoost) to put through its barrage of tests, and while we aren't too surprised by some of the findings, they're still interesting nonetheless.
CR praises the Fusion for its "eye-catching" design and says that the sportier Titanium trim level is the best-handling midsize sedan they've ever tested, but that's about where the good news ends for Ford. The Fusion Hybrid also posted the best-ever fuel economy CR has recorded in a midsize sedan, but the only problem is that their number was 39 miles per gallon combined - far less than Ford's 47 mpg rating for city, highway and combined. As expected, CR also dinged the Fusion for its MyFord Touch, but some of the other gripes about the car include a cramped cabin and poor fit and finish.
Other Ford products tested this time around include the Focus Electric and C-Max Hybrid. Like the Fusion, CR's observed fuel economy of 37 mpg for the C-Max fell well short of Ford's advertised 47-mpg rating, and both cars were criticized for the use of MyFord Touch. CR notes that the Focus Electric's interior is also cramped, with the battery pack taking up a lot of cargo space.

Only 3 new cars cost under $20,000. Here’s what you should buy used instead

Looks like some more people have realized something we pointed out late last year. There are only three new cars under the magic $20,000 price limit currently for sale in the United States. Those three vehicles are the Nissan Versa with a starting price of $16,925 (all prices here include destination fee), the Kia Rio at $17,390 and the Mitsubishi Mirage at $17,650. Should push come to shove, so to speak, we'd probably pick the Nissan as our top choice among those three due to its practicality, comfort and overall polish when compared to its similarly priced peers. But really, as we've suggested before, there are better options. Our top pick for a used vehicle under $20,000 remains the Chevy Volt. It's stylish, comfortable, practical and, above all else, efficient, assuming you can plug it in at home. If you don't have access to a plug at home, you'll likely be able to find a very gently used car for the same price as one of the budget options above. We'd check out the Honda Fit, Kia Soul, Subaru Impreza, Toyota Corolla hatchback and Volkswagen Jetta from the  model years and aim for something with under 20,000 miles and with a year or two left of its factory warranty. A quick inventory search shows that some of those cars, notably the Impreza and Jetta, can even be found Certified Pre Owned in most parts of the country. For a more thorough breakdown of some of the available used-car options we'd recommend, check out our guide to the Best Cars Under $20,000. For what it's worth, with the average new car transaction price hovering alarmingly close to $50,000, we wouldn't expect to see any more options coming any time soon for well under half that sum. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Green Kia Mitsubishi Nissan Car Buying Used Car Buying Sedan