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Carlos Ghosn's jail time extended, as family says he was framed

TOKYO — Former Nissan chairman Carlos Ghosn will be detained at least through Jan. 11, the Tokyo District Court said Monday, as the once-revered auto industry figure faces allegations that have marked a stunning downfall. Ghosn, who led Nissan Motor Co. for two decades and helped save the Japanese automaker from near bankruptcy, was arrested Nov. 19 on suspicion of falsifying financial reports. He also faces a breach of trust allegation, for which his detention had been approved previously through Jan. 1. The Tokyo District Court said in a statement that it had approved prosecutors' request for a 10-day extension. Ghosn has been charged in the first set of allegations, about under-reporting Ghosn's pay by about 5 billion yen ($44 million) in 2011-2015. Related: Top 10 automotive stories of 2018 Those close to Ghosn and his family say he is asserting his innocence as the alleged underreported amount of money was never really decided or paid, and Nissan never suffered any monetary losses from the alleged breach of trust. It is unclear when Ghosn may be released on bail. Tokyo prosecutors consider Ghosn, a Brazilian-born Frenchman of Lebanese ancestry, a flight risk. In Japan, formal charges can mean a suspect will get detained for months, sometimes until the trial starts, because of fears of tampered evidence. Some experts are puzzled that the allegations against Kelly and Ghosn are about underreporting income from Nissan. Nissan is in charge of filing such financial reports, not individual executives. Over the weekend, The New York Times published an article, "The Rise and Fall of Carlos Ghosn," describing his arrest as well as his almost legendary ascendance as the outsider who saved Nissan: "He was a person who was above the clouds," said one Nissan employee. But it's clear from the article that his autocratic style has long rankled the Japanese. In a sidebar, the NYT also covered accusations from Ghosn's daughters that Nissan had set him up for a fall, part of a mutiny against his explorations of a merger between Nissan and Renault. They point out that Hiroto Saikawa, the chief executive of Nissan, complained about the nature of the alliance in the first news conference following Ghosn's arrest. "Wow," daughter Caroline Ghosn said. "He didn't even waste a breath. He didn't even try to cover up the fact that the merger had something to do with this." The NYT articles included Ghosn family photos showing a softer side to the stern auto executive.

Nissan, Renault in talks to merge as one company

Nissan and Renault have been tied together as an alliance for nearly 20 years, but now the Japanese and French automakers are discussing whether to merge. Bloomberg, citing unidentified sources familiar with the confidential talks, reports that the idea is to form a larger, single publicly traded company to better compete against giants like Toyota and Volkswagen. It would also mark the end of the alliance that first began in 1999 and also includes Mitsubishi, in which Nissan acquired a controlling interest in 2016. A full merger would help the companies pool resources to develop electric vehicles, autonomous vehicles and car-sharing services. It would involve Nissan giving Renault shareholders stock in the new company, with Nissan shareholders also gaining shares in the new company, Bloomberg reports. The new company would be run by Carlos Ghosn, the current chairman of both companies. But any such merger, as you might expect, would be complicated, in part by geopolitics. The French government owns a 15-percent stake in Renault, and both the French and Japanese governments might be reluctant to let go of their respective home-grown brands. Currently, Renault owns a 43-percent stake in Nissan, while Nissan owns 15 percent of its French partner. Reuters reported recently that Ghosn proposed buying most of the French government's stake in Renault as part of plans for a closer tie-up. The Renault-Nissan-Mitsubishi alliance already has been working to establish a $200 million mobility tech fund to invest in startups, a reflection of how seismic changes in the auto industry have left many legacy companies scrambling to stay current. Nissan in 2016 paid a reported $2.3 billion to acquire 34 percent of Mitsubishi in order to share platforms, technology, manufacturing and other resources. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Image Credit: Patrick T. Fallon/Bloomberg Earnings/Financials Government/Legal Green Mitsubishi Nissan Renault car sharing merger

Renault invests in sailing ships to reduce its carbon footprint

Renault is taking a page from the golden age of sailing as the company looks towards reducing its carbon footprint through the use of cargo sailing ships. The French automaker recently announced its partnership with Neoline, a start-up enterprise based in the west of France. The firm specializes in reducing the cost and emissions of typical cargo ships, by reintroducing sailing into the transportation equation. Renault's goal is to reduce its global carbon footprint by 25 percent in 2022, as compared to where they were in 2010. This plan also includes a separate target, to lower supply chain emissions - which includes shipping methods such as trucks, trains, and cargo ships - by 6 percent, compared to levels in 2016. Two prototype cargo vessels, complete with a full set of sails, will be introduced by 2021-22. These two ships will travel between the U.S. eastern seaboard (exact locations are TBD) and the French port cities of Saint-Nazaire and Saint-Pierre & Miquelon. Specifics about what exactly the ships will be carrying has not been released, though Renault is part of an extensive global auto alliance that includes Nissan and Mitsubishi. "For nearly 10 years, we have been working to identify the most environmentally sustainable solutions," said Jean-Francois Salles, Alliance global director, production control. "For example, optimizing the fill rates of the containers and trucks, producing eco-friendly packaging, and implementing a multi-modal system." The current demonstration vessel measures in at 446 feet in total length and has more than 45,000 square-feet of sail. For all you big ship fans out there, the Titanic was about double this size, stretching about 882-feet in length. When powered solely by the wind, Neoline CEO, Jean Zanuttini, says that total emissions drop by as much as 90 percent, versus the carbon footprint of a traditional cargo vessel. Related Video: Green Mitsubishi Nissan Renault Green Culture Technology renault-nissan greenhouse gases shipping ship cargo ship