2006 Nissan 350z on 2040-cars

Auto blog

Carlos Ghosn: What misconduct is he accused of?

TOKYO — Japan was shocked by news that Nissan Motor Co. Chairman Carlos Ghosn, who was widely respected for rescuing the carmaker from near bankruptcy, was arrested on Monday for alleged financial misconduct. Nissan said that Ghosn, who is also chairman and CEO of Renault and chairman of Mitsubishi Motors, would be fired from his post as Nissan chairman on Thursday. What is Carlos Ghosn accused of? Nissan CEO Hiroto Saikawa told a packed press conference on Monday night that the company had found that Ghosn had been using corporate money for personal purposes and under-reporting his income for years in official company filings to the Tokyo Stock Exchange. Another board member, Greg Kelly, was also deeply involved in the misconduct, Nissan said. Saikawa said he couldn't elaborate as the cases are being investigated by prosecutors, who have declined to comment. Prosecutors said that Ghosn and Kelly conspired to understate Ghosn's compensation over five years starting in fiscal 2010 as being about half of the actual 9.998 billion yen ($88.9 million). Public broadcaster NHK said Nissan paid billions of yen to buy and renovate homes for Ghosn in Rio, Beirut, Paris and Amsterdam, citing unnamed sources. The properties had no business purpose and were not listed as benefits in TSE filings, NHK said. Ghosn, 64, has not been formally charged. The Asahi newspaper reported that he and Kelly had submitted to prosecutors' questions after getting off a plane on Monday afternoon at Tokyo's Haneda Airport. Saikawa confirmed they had been arrested. Ghosn and Kelly have not been seen since, and their exact whereabouts are not known. Suspects are typically taken to the Tokyo Detention Center, which is linked to the Tokyo District Public Prosecutors Office. How did this come to light? Nissan's Saikawa said Ghosn's alleged improprieties came to light through a whistleblower, after which the company began an internal investigation and informed prosecutors. Japanese media reports say the informant is a member of Nissan's legal department. The Asahi reported, without citing sources, that the informant gave the prosecutors information in a plea bargain, implying the person may have provided evidence in exchange for a lighter sentence. How much control did Carlos Ghosn have? After becoming CEO of struggling Nissan in 2001, Ghosn was hailed as the automaker's savior by implementing an aggressive cost-cutting plan.

Nissan, Toyota offering payment deferments to people affected by government shutdown

Two weeks into the budget-related government shutdown and it sounds like some progress is finally being made, but that doesn't really help furloughed government employees pay their bills. To help out a little, Nissan and Toyota are joining Hyundai with offering payment deferments to current owners and lessees.
In a release, a Nissan spokesperson said the company is "sympathetic to any of our customers who find themselves in difficult financial circumstances - many times outside of their control."
Both Japanese automakers are allowing payment extensions of up to 90 days without penalties or fees. Unlike the Hyundai Assurance Plan, though, it doesn't seem like the Nissan or Toyota assistance will be extended to those who are still in the buying process. Scroll down for press releases from both companies about their respective payment deferment programs.

Datsun reveals new On-Do budget sedan in Russia [w/video]

When Nissan revived the Datsun brand name, it essentially hit the "undo" button on the rebranding it undertook decades ago. But this time, the Datsun name is being used solely as a budget brand for developing markets. The reborn marque launched in India this past July with its Go hatchback, returned in September with the Go+ minivan and revealed the Redi-Go concept just last month. And now it's back again with the new On-Do sedan.
Launched in Moscow by CEO Carlos Ghosn, the On-Do was designed and engineered in Japan specifically for the Russian market - Nissan's fifth largest worldwide - where it will be built at the AvtoVaz plant in Togliatti. Decidedly budget-oriented, the Datsun On-Do is a four-door, five-seat econo-box measuring 172 inches long, 67 inches wide and 60 inches tall with an 18.7 cubic-foot trunk which Datsun describes as class-leading. Punctuating an otherwise bland shape is a large front grille and lighting front and rear that looks (and very well might be) bigger than the wheels.
Not that the Datsun On-Do needs a big contact patch to transfer power to the road: motivation is provided by a 1.6-liter engine with a grand total of - wait for it... wait a little longer - 87 horsepower. Which might strike you as a reasonable amount of muscle, considering the 400,000 rubles Datsun is getting for the On-Do (but consider that translates to about $11,300). That's a couple grand more than what Nissan gets for the Micra in that other giant northern country, or about the same amount it gets for the Versa in the US (which sells in Russia for 499k in rubles) - both of which are powered by what is in all likelihood the same 1.6-liter four but producing 109 hp. Of course Russia has different tax rates than the United States or Canada, but with such little power, the Datsun would fall into Russia's lowest tax bracket.