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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.

Nissan sees old Leaf batteries working for stationary energy

Nissan will start working with a Silicon Valley-based company to further explore creating a market in which old Leaf electric-vehicle batteries can be reused for stationary energy storage. In fact, the Japanese automaker will deploy its first network of old Leaf batteries for electricity storage at one lucky Nissan facility this summer. No, we don't know where that facility is either. The Santa Clara, CA-based Green Charge Networks will be a partner in the project. The concept of the "second-life" lithium-ion battery program involves finding ways to reuse batteries that have outserved their usefulness providing power to Leaf EVs. In this project's case, "multiple" Leaf batteries will be linked to provide power during mid-day peak energy demand, when electricity is at its most expensive. Nissan's done these kind of things before, although, as is the case here, they've always been pilot projects. In fact, the Nissan 4R ("Reuse, Resell, Refabricate and Recycle") team that's working with Green Charge Network is actually a joint-venture Nissan formed with Sumitomo Corp. in 2010. Since then, Nissan has sold more than 178,000 Leaf EVs, giving the company a solid inventory of older lithium-ion batteries to work with in the coming years. Take a look at Nissan's press release below. Nissan and 4R Energy partner with Green Charge Networks for commercial energy storage featuring second-life electric vehicle batteries Partnership enables commercial use of second-life lithium-ion vehicle batteries SANTA CLARA, Calif. – Nissan Motor Company and Green Charge Networks, the largest provider of commercial energy storage, have joined forces to deploy second-life lithium-ion vehicle batteries for stationary commercial energy storage in the U.S. and international markets. With more than 178,000 sales since its launch in late 2010, Nissan LEAF is the world's top-selling electric vehicle. As part of the company's commitment to sustainability and reducing greenhouse gas emissions, Nissan has conducted multiple research projects in Japan, the U.S. and Europe to use LEAF batteries outside the vehicle through 4R Energy, a joint-venture with Sumitomo Corp. formed in 2010. In a new stationary storage application powered by Green Charge's intelligent software and Power Efficiency Agreement™, the second-life energy storage unit has a cost advantage over traditional units, opening up new markets where incentive programs are currently not offered.

Nissan ex-chief Carlos Ghosn cancels hastily arranged Tokyo press conference

TOKYO — Former Nissan boss Carlos Ghosn on Friday abruptly canceled plans for what would have been his first press conference since his arrest in November, after journalists had been notified about a briefing just two hours earlier. Ghosn's lawyers called to cancel the event that was to be held at the Foreign Correspondents' Club of Japan (FCCJ), but did not immediately give a reason for the abrupt change, an official at the FCCJ told Reuters.Automotive News cited a source as saying his family and media team staged a "last-minute intervention" to get him to call off plans to make his case at the press conference, fearing he would be faced with questions he couldn't answer without tipping his legal team's strategy, or that Japanese prosecutors would take a dim view of him publicly criticizing their actions and attempt to revoke his bail. A spokesman for the Ghosn family in Tokyo did not answer his mobile phone and did not immediately respond to an emailed request for comment. If the conference had not been canceled, Ghosn would have spoken as Japanese Prime Minister Shinzo Abe hosts national leaders at the G20 leaders gathering in Osaka, including U.S. President Donald Trump and French President Emmanuel Macron, who Ghosn's wife Carole have called on to raise the issue of her husband's treatment by Japan's courts. In May a Japanese court dismissed an appeal by Ghosn to ease a bail restriction that bans him from contacting his wife and rejected a subsequent request to allow him a one-off monitored meeting with Carole. His lawyers have argued that that condition violates Japan's constitution and international law on family separations. Ghosn's movements are also monitored and he is only allowed internet access from a computer at his lawyer's office that records the activity for the court. Once among the world's most feted auto executives, Ghosn is awaiting trial in Japan over charges including enriching himself at a cost of $5 million to Nissan, in a scandal which has rocked the industry and exposed tensions in the automaking partnership between Nissan and Renault SA. Since his initial arrest in November last year, Ghosn has been charged four times for crimes which also include underreporting his Nissan salary and temporarily transferring personal financial losses to his employer's books during his time at the helm of Japan's No. 2 automaker.