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Nissan board meets but doesn't pick a replacement for Ghosn

YOKOHAMA, Japan — Nissan's board met Monday but failed to pick a new chairman to replace Carlos Ghosn, who was arrested last month on charges of violating financial regulations, saying more discussion was needed. Nissan Motor Co. Chief Executive Hiroto Saikawa told reporters that the board approved a special committee of outsiders to strengthen governance at the company. A date for the selection of a chairman was not decided. "We plan to be cautious in this process, and I do not plan to rush this," Saikawa said. The recommendations for beefing up governance are due in March, and Saikawa said he was willing to wait until then to choose a chairman. The board meeting came amid an unfolding scandal that threatens the Japanese automaker's two-decade alliance with Renault SA of France and its global brand, and highlights shoddy governance at the manufacturer of the Leaf electric car. Related: Carlos Ghosn coup theory grows: Did Nissan set him up for a fall? Ghosn and another board member Greg Kelly were formally charged last week with falsifying financial reports in underreporting Ghosn's income by about 5 billion yen ($44 million) from 2011 to 2015. They were arrested Nov. 19 by Tokyo prosecutors and remain in detention. A source close to Ghosn's family says Ghosn is innocent, as the alleged income was never decided upon or paid. Aubrey Harwell, the U.S. lawyer for Kelly, an American, says he is innocent, and that Nissan insiders and outside experts had advised him that the financial reporting was proper. The chairman must be selected from among the board members. Three outside board members — race-car driver Keiko Ihara; Masakazu Toyoda, an academic; and Jean-Baptiste Duzan, formerly of Renault — are making that decision. The special committee for governance includes the three outside board members and four other outsiders, including former judge Seiichiro Nishioka. One candidate for chairman is Saikawa, who was hand-picked by Ghosn to succeed him as chief executive. He has denounced Ghosn and Kelly as the "masterminds" in a scheme to falsify income reports and abuse company money and assets. Renault has kept Ghosn as chief executive and chairman, saying its investigation has not found wrongdoing in the awarding of Ghosn's compensation. Saikawa called on directors at Renault to heed its reasons for sacking Ghosn, but Renault's interim chairman Philippe Lagayette said on Friday that its board had not considered a replacement.

Nissan's Carlos Ghosn offers to wear electronic ankle tag if released

TOKYO — Ousted Nissan Chairman Carlos Ghosn has offered to wear an electronic ankle tag and hire guards to monitor him in an unusual bid to secure his release on bail after two months of harsh detention in Japan for alleged financial crimes. Ghosn is also willing to remain in Tokyo, where he has leased an apartment, and post stock he owns in Nissan as collateral, his spokeswoman said. A new bail hearing is set for Monday after an earlier request was denied due partly to concerns the French executive was a flight risk. His release would allow Ghosn to meet more frequently with his lawyers and defend himself before the board of Renault, where he remains chairman and CEO, amid calls for his removal and potential moves to restructure the Nissan tie-up. Ghosn denies any wrongdoing as he awaits trial on charges of financial misconduct. "I will attend my trial not only because I am legally obligated to do so, but because I am eager to finally have the opportunity to defend myself," Ghosn said in a statement on Sunday. "I am not guilty of the charges against me, and I look forward to defending my reputation in the courtroom." Meanwhile, Ghosn's wife, Carole Ghosn, has written to French President Emmanuel Macron to discuss her husband's situation, her public relations representative said. The representative, Devon Spurgeon, confirmed a report in French paper Journal du Dimanche that a letter had been sent to Macron this month, but declined to provide details. France wants a full merger As Ghosn's arrest on Nov. 19 continued to cloud the outlook for Nissan's three-way alliance with France's Renault and Mitsubishi Motors, Nissan said it was not the time to discuss revising the partners' capital ties. Ghosn, who spearheaded Nissan's turnaround two decades ago, had pushed for a deeper tie-up between Nissan and Renault, including possibly a full merger by 2020, despite strong reservations at the Japanese firm. "We are not at the stage for such discussions," Nissan CEO Hiroto Saikawa told reporters on Monday. Saikawa said he had not heard directly about a reported proposal by the French government to integrate the Japanese carmaker's management with Renault. The Nikkei newspaper reported on Sunday that a French government delegation had informed Tokyo that it would seek an integration of Renault and Nissan, most likely under the umbrella of a single holding company. "Since I have not heard this directly, I cannot comment," Saikawa told reporters.

Mitsubishi Outlander PHEV now for real due in 'late summer, early fall'

Any day now, American plug-in vehicle shoppers will be able to actually buy a plug-in hybrid SUV. Europeans and Japanese buyers have had this option for many years, since the Mitsubishi Outlander PHEV went on sale in those markets in 2013. There have been plenty of diversions in the route that is bringing the big PHEV to our shores, but it's looking like, "late summer, early fall," is when thing will for real happen. 10-20 percent of total Outlander sales would be "a very good number." That's the message from Don Swearingen, executive vice president of Mitsubishi Motors North America (MMNA), who we spoke to at the New York Auto Show where the PHEV made its debut appearance. Swearingen said that the dealers are as ready as the customers. "As we talked to our dealer council, they are all very interested in this product," he said. "[Range anxiety was] eliminated with this vehicle, and because of that, I think we are going to have some pretty good response." Swearingen didn't put a specific number to that claim, but said that 10-20 percent of total Outlander sales (which currently sit at around 2,000 a month) would be "a very good number." Previously, Mitsubishi representatives said they expected to sell 4,000 PHEV units in the first year. As we've documented over the years, there were a number of reasons for why the US didn't get the first batch of Outlander PHEVs. One of the big ones was that the PHEV was selling like gangbusters elsewhere. It's the best-selling PHEV in all of Europe, for example, and was the fourth-best-selling plug-in vehicle anywhere in February 2016. And Mitsubishi just couldn't make enough of them. Swearingen said the main bottleneck for this was the battery pack supplier Lithium Energy Japan, which didn't have the capacity to make more than it did. So, instead of leaving three markets without enough supply, Mitsubishi decided to leave one in the lurch and focus on the other two. Plus, since the Outlander PHEV will be based on the 2017 gas-powered Outlander, it will come with numerous safety enhancements as well as the 100+ improvements that the 2016 Outlander got compared to the 2015. In other words, all the pieces are all coming together. The Outlander PHEV is "the best of both worlds." - Francine Harsini At least, that's what Francine Harsini, MMNA's senior director of marketing, said. The final important part are the customers, and Harsini said that Mitsubishi will be a big national marketing push. The general theme?