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European new car sales drop nearly 8% in first half of 2019

PARIS — European car sales dropped 7.9% in June, led by bigger declines for Nissan, Volvo and Fiat Chrysler (FCA), according to industry data published on Wednesday. Registrations fell to 1.49 million cars last month from 1.62 million a year earlier across the European Union and EFTA countries, the Brussels-based Association of European Carmakers said in a statement. Calendar effects resulted in two fewer sales days in most markets, accentuating the decline. Registrations for the first half closed 3.1% lower, ACEA said. For European carmakers, weakening demand at home compounds the pressure from a sharper contraction in China and emerging markets that may yet bring more profit warnings. NissanÂ’s aging model lineup contributed to a 26.6% June sales slump while Volvo Cars, owned by ChinaÂ’s Geely, saw deliveries tumble 21.7%. Registrations also fell 13.5% last month at FCA, 10.1% at BMW, 9.6% at Volkswagen Group and 8.2% for both Mercedes parent Daimler and FranceÂ’s PSA Group. The Peugeot makerÂ’s domestic rival Renault suffered less, posting a 3.9% decline. By the Numbers BMW Chrysler Fiat Nissan Volkswagen Volvo Peugeot Renault

Preserving automotive history costs big bucks

$1.8 million is spent each year to maintain GM's fleet of 600 production and concept cars.
When at least two of the Detroit Three were on the verge of death a few years back, one of the tough questions that was asked of Ford, General Motors and Chrysler execs - outside of why execs were still taking private planes to meetings - was why each company maintained huge archives of old production and concept vehicles. GM, for example, had an 1,100-vehicle collection when talk of a federal bailout began.

Nissan CEO Saikawa admits he was overpaid, in policy violation

TOKYO — Nissan Motor Co was embroiled in another scandal over executive pay on Thursday after Chief Executive Hiroto Saikawa admitted to being overpaid in violation of internal procedures under a scheme designed by ousted Chairman Carlos Ghosn. An internal investigation found that Saikawa and other executives had received improper compensation, a source with knowledge of the matter told Reuters, raising doubts about Saikawa's pledge to improve governance in the wake of Ghosn's arrest last year for alleged financial misconduct. Saikawa apologized and vowed to return any improperly paid money as he admitted to Japanese reporters earlier on Thursday that he had wrongly received stock-related compensation under "a scheme of the Ghosn era." "I am deeply sorry for causing concern," Saikawa said, according to Jiji Press. In other comments reported by Kyodo news, Saikawa denied any direct role in the execution of a stock appreciation rights (SAR) scheme and said he thought "proper procedures" had been taken. The improper payments, including tens of millions of yen Saikawa received through the SAR scheme, were disclosed on Wednesday at a meeting of Nissan's audit committee, said the source who declined to be identified because the information is not public. Disciplinary action regarding the issue would be discussed at an upcoming board meeting, the source added. Nissan said in a statement that the findings from its probe including issues related to the share appreciation rights would be submitted to its board on Sept. 9. The company has been trying to strengthen governance, slash costs and boost flagging profitability amid persistent allegations of financial misconduct stemming from Ghosn's 20-year reign at Japan's second-biggest automaker. Ghosn is awaiting trial in Japan over charges including enriching himself at a cost of $5 million to Nissan. Kyodo reported that proceedings could start as early as March. He denies any wrongdoing and says he is the victim of a boardroom coup. Confidence in Saikawa had already been shaken by accusations he was too close to Ghosn, whose arrest in November rocked the global auto industry and exposed tensions in the automaking partnership between Nissan and Renault SA.