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Nissan shareholders oust Carlos Ghosn from board of directors

TOKYO — Nissan's shareholders approved on Monday the ouster from the Japanese automaker's board of its former chairman, Carlos Ghosn, who is facing allegations of financial misconduct. The approval, which was expected, was indicated by applause from the more than 4,000 people gathered at a Tokyo hotel for a three-hour extraordinary shareholders' meeting. Other votes had been submitted in advance. Ahead of the vote, Nissan's top executive apologized to shareholders for the scandal at the Japanese automaker and asked them to approve Ghosn's dismissal. Chief Executive Hiroto Saikawa and other Nissan executives bowed deeply in apology to shareholders attending the extraordinary meeting at a Tokyo hotel. Shareholders also approved the appointment of French alliance partner Renault SA's Chairman Jean-Dominique Senard to replace Ghosn. Renault owns 43 percent of Nissan. Senard, introduced to shareholders at the meeting's end, thanked them and promised to do his best to keep the automaker's performance on track. "I will dedicate my energy to enhance the future of Nissan," said Senard. The shareholders also gave a green light to removing from the board a former executive direct, Greg Kelly, who has been charged with collaborating with Ghosn in the alleged misconduct. Angry shareholders demanded an explanation for how wrongdoing on an allegedly massive scale had gone unchecked for years. The meeting was closed except to stockholders but livestreamed. One shareholder said Nissan's entire management should resign immediately. Saikawa said he felt his responsibility lay in fixing the shoddy corporate governance at Nissan first, and continuing to lead its operations. Another shareholder asked if Nissan was prepared for a damage lawsuit from shareholders since its stock price has plunged. "I deeply, deeply apologize for all the worries and troubles we have caused," Saikawa said. "This is an unprecedented and unbelievable misconduct by a top executive." He outlined the findings of an internal investigation, such as payments of a consultation fee to Ghosn's sister for 13 years. The investigation has also found too much power had been focused in one person, he said. Ken Miyamoto, 65, a Nissan shareholder, said he was disappointed. "It is really such a pity as he was a brilliant manager," Miyamoto said of Ghosn before heading into the meeting.

Renault-Nissan goes for closer cooperation, outsells VW and Toyota

PARIS — Renault-Nissan plans to double cost savings to nearly $12 billion by 2022, partly through closer cooperation with Mitsubishi, but left key questions about the automakers' alliance unresolved. Chairman Carlos Ghosn has pledged to step up the pace of integration after Nissan took a controlling stake in Mitsubishi last year. The 18-year-old Renault-Nissan pairing has only recently begun rolling out cars on common architectures. Combined sales volumes are expected to rise to 14 million vehicles by 2022 from 10.5 million expected this year, with revenue advancing by a third to $240 billion, the alliance said at a news conference in Paris on Friday. However, any investors impatient for a new capital or management structure to speed integration and prepare Ghosn's succession were likely to be disappointed. There was "no answer from Ghosn on the possibility of a merger by 2022," Jeffries analyst Philippe Houchois noted.12 NEW ALL-ELECTRICS Ghosn has been seeking a new second-in-command, sources told Reuters in June. But such plans are linked to thornier questions about the balance of power between the two main carmakers and the French government's outsize clout as Renault's biggest shareholder, supported by double voting rights. Twelve new pure-electric models will be on the road by 2022 as Renault-Nissan seeks to defend the head-start it gained with the current generation of battery cars, spearheaded by the Nissan Leaf and Renault Zoe, as more competitors join the fray. With 5.27 million cars and vans delivered in the first half of the year, Renault-Nissan now claims the mantle of the world's biggest carmaker, ahead of Volkswagen and Toyota, even though Renault has never consolidated the sales of its 43.4 percent-owned Japanese affiliate into its own. Under existing plans, the alliance is seeking to increase synergies — from cutting costs and boosting revenue — to 5.5 billion euros next year from 5 billion recorded in 2016. SHARED PLATFORMS A fourth common vehicle platform will be shared across the alliance by 2022, the companies said on Friday, underpinning a future generation of electric cars which, together with hybrids, are expected to account for 30 percent of group sales. Renault-Nissan will aim to deliver more electric vehicles and also make greater use of shared technology and manufacturing processes.

Mitsubishi eX Concept portends an electric future

Mitsubishi's future is electric, and the Japanese brand's eX Concept presents its vision for a crossover EV for the years to come at the Tokyo Motor Show. At the same time, the company is using this opportunity to show off some next-gen tech that could arrive in production models someday. To get around, the all-wheel-drive eX Concept packs front and rear electric motors that each produce 94 horsepower, and they're powered by a 45-kilowatt-hour, lithium-ion battery under the passenger compartment. For added traction, the torque split is variable between the back wheels, and braking can adjust things at the nose. Plus, sensors and cameras can read the road ahead and tweak the system accordingly. The eX portends what's next for the company's design language, but traces from the latest Outlander are still visible. Up front, there's a revised version of the brand's X-shaped grille that Mitsubishi calls the Dynamic Shield, but here the turn signals and LED running lights are placed at the top. The concept's bigger innovation to the brand's styling language is the floating roof that makes the side glass appear to wrap around the body. Mitsubishi highlights some future tech inside by using an augmented reality windshield. The idea is to display important info right on the glass to keep a driver's eye on the road, and it also means just a few digital displays are necessary for the physical instruments. For safety, a front-mounted camera and radar also help spot pedestrians and other potential hazards. Mitsubishi goes into elaborate detail about all of the eX's features in the announcement below. MITSUBISHI eX Concept – World Premiere ??????????????????????????????????????????????????????????????????????????????????Evolution in EV Technology + Heart-thumping SUV Allure Next-generation Compact SUV ?The MITSUBISHI eX Concept is a vision for a compact SUV powered by a next-generation EV system. In terms of design, overall it evokes the image of a sports crossover zipping nimbly around town as it merges the elegance and stylishness of a "shooting brake" (a term for a coupe with flowing styling fused with a hatchback car, the term originates from British hunting-use horse carriages) with compact SUV lines. The front end expresses a new interpretation of MMC's Dynamic Shield front design concept. In both its exterior and interior, the MITSUBISHI eX Concept indicates the direction MMC Design is taking.