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Mitsubishi Motors to relocate North America HQ to Tennessee

NASHVILLE, Tenn. — Mitsubishi Motors announced on Tuesday that it is relocating its North America headquarters from California to Tennessee, a move that will bring the Japanese automaker closer to its sister company Nissan and strengthen Tennessee's growing reputation as an epicenter of the automotive sector. Tennessee Gov. Bill Lee and Department of Economic and Community Development Commissioner Bob Rolfe — who made the announcement with Mitsubishi Motors North America — say the headquarters move from Cypress, California, to Franklin, Tennessee, will result in an $18.25 million investment in the region and approximately 200 jobs. Lee and Rolfe added that they met with Mitsubishi's global executives last week to convince them to move to Tennessee while in Japan during the Republican governor's first trade mission. It is unclear what financial incentives state officials offered Mitsubishi to move to Tennessee. "As we drive toward the future, this is the perfect time for us to move to a new home. While we say farewell to the Golden State with a heavy heart, we're excited to say hello to Music City," Fred Diaz, Mitsubishi Motors North America's president and CEO, said in a statement. Franklin is located just south of Nashville, also known as "Music City," and is home to the state's most powerful Republicans, ranging from Gov. Lee, U.S. Sen. Marsha Blackburn and House Speaker Glen Casada. "Over the years, Tennessee has become the epicenter of the Southeast's thriving automotive sector, and I'm proud Mitsubishi Motors will call Franklin its U.S. home and bring 200 high-quality jobs to Middle Tennessee," Lee, who took over the office this year, said in a statement. Mitsubishi Motors' North America headquarters has been located in California since 1988. The company expects the relocation will begin in August and will be completed by the end of the year. Initially, a temporary office will handle operations to allow the company time to identify a permanent office. Company officials say the move is part an ongoing effort to "reinvent every aspect of Mitsubishi Motors in the U.S.," as well as strengthen the Renault-Nissan-Mitsubishi Alliance. Nissan has a production plant in Smyrna, Tennessee, and owns a 34% stake in Mitsubishi Motors. Last week, Mitsubishi Motors Corp.

Renault to alert prosecutors about Carlos Ghosn's wedding costs

PARIS — Renault has found evidence that it paid part of Carlos Ghosn's wedding costs and is preparing to turn the investigation over to prosecutors, two weeks after the French carmaker's scandal-hit chairman and chief executive was forced out. An internal probe established that a 2016 sponsorship deal with the Chateau de Versailles included a 50,000 euro ($57,000) personal benefit to Ghosn, the carmaker said on Thursday, confirming a report in Le Figaro. The carmaker replaced Ghosn on Jan. 24, more than two months after his arrest in Japan over allegations of financial misconduct uncovered by Renault's Japanese affiliate Nissan, which he also chaired. Renault began its own examination of payments to Ghosn within days of his detention but had not flagged any irregularities until now. Renault has discovered that "Mr Ghosn was accorded a personal benefit valued at 50,000 euros under the terms of a sponsorship contract with the Chateau de Versailles," the company said in a statement on Thursday. "Renault has decided to bring these findings to the attention of the judicial authorities." The office of Ghosn's Japanese lawyer Motonari Otsuru did not immediately respond to a request for comment. Ghosn remains in detention in Tokyo with limited opportunity to respond publicly to allegations against him. Renault had agreed before the wedding to sponsor 2.3 million euros of Versailles renovations in return for a credit granting the carmaker services from the chateau worth 25 percent of that amount, or 575,000 euros, a person with knowledge of the matter told Reuters. Le Figaro reported that the chateau allowed Ghosn to host his wedding reception on its grounds in exchange for Renault's donations to the Versailles estate, resplendent home to France's last kings. The rental fee was deducted from Renault's credit for use of the Grand Trianon at Versailles on Oct. 8, 2016, when Ghosn and his second wife Carole hosted their wedding reception at the 17th-century palace, the source said. The event had already attracted public attention for its opulence and Marie Antoinette-themed costumes. The Renault board was informed about the discovery on Wednesday, as reported by Le Figaro, the source added. Earnings/Financials Government/Legal Mitsubishi Nissan Renault renault-nissan

i-MiEV doesn't survive Mitsubishi's updated EV plan

Mitsubishi will increase the number of electrified models in its lineup through the end of the decade, but the company's focus on crossovers will mean the axe for the aging i-MiEV. The flurry of new or updated models will begin arriving as soon as next year, and the automaker will offer nearly all of them in plug-in hybrid or electric versions, according to Automotive News. Rather than dedicated EVs like the i-MiEV, Mitsubishi will instead offer gasoline and electrified variants of a future lineup with three sizes of crossovers. The company will follow the current trend of coupe-like CUVs with its own version, including a plug-in hybrid option, between the Outlander Sport and Outlander sometime after the autumn of 2017, Automotive News reports. A new Outlander with a PHEV model will come after 2017, and a next-gen Outlander Sport with an EV trim will arrive around 2019. There won't be a Lancer replacement. "We are strong in SUVs and four-wheel drives. And that is what we would like to focus on as core models in the US market," Mitsubishi CEO Osamu Masuko said to Automotive News. Mitsubishi already offered a preview of its next-gen CUV design language with the eX Concept at the Tokyo Motor Show. The compact crossover evolved the styling of the refreshed Outlander's X-shape grille, and it featured a floating roof that created the appearance of a wraparound greenhouse. Power came from an electric motor at the front and rear axle and a 45-kWh lithium-ion battery. In the nearer term, the wait for the Outlander PHEV will finally end because the long-delayed plug-in crossover will launch in the US around the middle of next year. Earlier rumors suggested a possible arrival around April 2016, but the vehicle was previously reported to come here as early as the fall of 2014.