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Nissan officials answer to angry shareholders on red ink, Ghosn scandal

Smoke engulfs the Nissan logo as workers burn tires during a protest in Barcelona, Spain, where the automaker is closing its plant, costing 3,000 direct jobs. (AP/Emilio Morenatti)     TOKYO — Nissan Chief Executive Makoto Uchida told shareholders Monday he is giving up half his pay after the Japanese automaker sank into the red amid plunging sales and plant closures in Spain and Indonesia. Uchida apologized for the poor results and promised a recovery by 2023, driven by cost cuts and new models showcasing electric-car and automated-driving technology. “We will tackle these challenges without compromise,” he said at a live-streamed meeting. “I promise to bring Nissan back on a growth track.” Executives for the company also blasted suggestions in media reports of a conspiracy within the company to oust Carlos Ghosn. The former chairman's 2018 arrest in Japan on financial misconduct charges has led to much speculation that the move was orchestrated by Nissan executives who opposed closer ties with partner Renault. “I know that in books and the media there has been talk about a conspiracy, but there are no facts whatsoever to support this,” Motoo Nagai, chairman of NissanÂ’s auditing committee, told shareholders at the companyÂ’s annual general meeting. Responding to demands from a shareholder to address the speculation, Nagai argued that the investigation into Ghosn was conducted both internally and by outside law firms. All the worldÂ’s automakers have been hurt by nose-diving sales caused by the coronavirus pandemic. But the problems are especially serious for Nissan, which already was fighting to salvage its reputation after the financial misconduct scandal of former star executive Ghosn. Nissan, based in Yokohama, Japan, sank into its first annual loss in 11 years, reporting a 671.2 billion yen ($6.3 billion) loss for the fiscal year that ended in March. It has not given a projection for this fiscal year, citing uncertainties over the virus outbreak. One angry shareholder got up and said executives should give up more of their pay since investors were getting zero dividends. Another said Nissan needed to do more to strengthen its governance, arguing things have been getting worse, not better, since the departure of Ghosn.

Mitsubishi ending US production

Mitsubishi is closing the doors on its US production as part of a "strategic move," Japan's Nikkei news service reports. According to Automotive News, the company declined to comment on the factory, and instead said it had "no plans to stop selling" vehicles in the United States. That's not what we asked, folks. According to the Nikkei news, the company is in the process of finding a buyer for is Normal, IL factory, which it opened as part of a joint venture with Chrysler back in 1988. The facility currently employs 918 UAW workers, whose jobs Mitsubishi is attempting to save as part of its negotiations with labor reps. The Normal plant is the only Japanese production facility with UAW representation, Automotive News reports. Normal is responsible for production of the Outlander Sport, building nearly 70,000 examples last year. Production is continuing on, according to the vice president for the local UAW Local, Kyle Young. "We haven't heard anything," Young told AN in a phone interview. "We're supposed to have negotiations coming up" in August. It's not clear how much the Mitsubishi will be selling the Normal plant for, nor is it clear if any parties are interested in picking up the facility, which contributes around $120 million to the local economy each year.

2023 Mitsubishi Outlander PHEV gets more power, EV range

It's been quite awhile coming, but the key details of the 2023 Mitsubishi Outlander PHEV are finally here: electric range, horsepower and pricing. And they're all increases over the old model, mostly in good ways. Like before, the Outlander PHEV runs mainly as a series hybrid, with forward propulsion coming from a pair of electric motors (one front, one rear). The naturally aspirated 2.4-liter four-cylinder mainly acts as a generator, though it can provide direct power in certain circumstances. Overall output is 248 horsepower and 332 pound-feet of torque. Supplying electric power is a 20-kWh battery pack, a touch more than 6-kWh greater than the old pack. The bigger battery boosts electric range to 38 miles. Interestingly, Mitsubishi continues to also offer the ability to charge at a DC fast charger. At 38 minutes to charge to 80%, it's not especially fast compared with many modern electric cars, but it's a neat option that few plug-in hybrids offer. Overall fuel economy is rated at 64 mpg-e, which is actually worse than the outgoing model that got 74 mpg-e. We're not entirely sure what resulted in the lower overall number, since fuel economy when running on a depleted battery wasn't given. We would expect numbers close to the regular Outlander, which gets 26 to 27 mpg in combined driving depending on configuration.  The price also goes up. At $41,190, it's $2,690 more than the old model. But that seems fairly reasonable considering the additional electric range and power, not to mention the fact that the powertrain is packaged in the vastly improved new Outlander chassis with its more attractive styling and nicer interior. It also finds itself priced carefully between the slightly more expensive RAV4 Prime (which has a bit more electric range and more power) and the Ford Escape Plug-in Hybrid (which is front-drive only and just one mile less range). Both those options are more efficient overall, as is the most affordable Tucson PHEV, though it's only available in select states and has the lowest range at 33 miles. It does offer a bit more power than the Mitsubishi, though. The 2023 Mitsubishi Outlander PHEV goes on sale first in select states around November, but will be offered nationwide a little later. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.