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Nissan's Carlos Ghosn reportedly arrested, to be fired for financial misconduct

TOKYO — Nissan Motor Co said it was ousting Chairman Carlos Ghosn for alleged financial misconduct and Japanese media reported he been arrested, a shocking fate for a leader hailed for rescuing the company from close to bankruptcy. The Japanese automaker said Ghosn's alleged misconduct included personal use of company money and under-reporting how much he had been paid. Ghosn is also chairman and chief executive of Nissan's French partner Renault and one of the best-known figures in the global car industry, and his departure would raise question about the future of the alliance. Nissan said it launched an months-long investigation after a whistleblower tipped it off to wrongdoing by Ghosn and Representative Director Greg Kelly. "The investigation showed that over many years both Ghosn and Kelly have been reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount, in order to reduce the disclosed amount of Carlos Ghosn's compensation," Nissan said in a statement. It said CEO Hiroto Saikawa would propose that the Nissan board remove Ghosn and Kelly. Neither Ghosn nor Kelly could be reached for comment. Renault shares tumbled 11 percent in Paris to be among the worst performing stocks in Europe. Nissan's German-listed securities plunged 10 percent. French President Emmanuel Macron said the government, the French carmaker's top shareholder, will be vigilant about Renault and its alliance with Nissan. Cost cutter Known as "Le Cost Killer," Ghosn is credited for reviving the Japanese automaker and has remained popular despite the massive job cuts that he brought and recent controversy over his lucrative pay package. Japanese media reported that Ghosn had reported around 10 billion yen worth of compensation as around 5 billion yen. Ousting Ghosn, 64, is bound to raise questions about an alliance that he personally shaped and had pledged to consolidate with a deeper tie-up, before eventually stepping back from its operational leadership. "The initial share price reaction shows how pivotal he is," Citi analyst Raghav Gupta-Chaudhary said on Monday. The current alliance structure has long undervalued Nissan shares held indirectly by Renault investors, he added. "Ghosn is viewed as critical for value unlock." Renault owns 43.4 percent of Nissan, while Nissan owns 15 percent of Renault, with no voting rights in a partnership that began in 1999.

Recharge Wrap-up: Nissan 'No Charge' in Denver, A123 doubles

Nissan has introduced its "No Charge To Charge" program in Denver, Colorado. As of June 2, customers who buy their new Nissan Leaf from certified dealers in the metro Denver area will get two years of free charging. Denver is the 16th market to offer "No Charge To Charge," with a total of at least 25 US markets scheduled to offer the program by the end of the year. "EV charging infrastructure continues to grow in Denver," says Nissan EV Sales and Marketing Director Andrew Speaker, "and access to free public charging for new Leaf buyers helps make owning an all-electric vehicle even more cost-effective and convenient." Read more in the press release below. Wanxiang is investing $200 million in A123 Systems in order to double its lithium-ion battery production. The combined capacity of its three production facilities in Michigan, Hangzhou, China and Changzhou, China will increase from 750 megawatt-hours to 1.5 gigawatt-hours in the next three years. The increased capacity will help support customers building hybrids, passenger EVs, and commercial vehicles. Included in the expansion is the capacity to build 12-volt starter batteries and 48-volt microhybrid systems. "It's been a tremendous turnaround," says A123 CEO Jason Forcier, referring to the company's 2012 bankruptcy. Forcier also says the company is already planning another expansion when this one is complete. Read more at Automotive News, and in the press release from A123. The Royal Hashemite Court of Jordan is ordering 150 Zoe EVs from Renault. King Abdullah II of Jordan signed an agreement with Renault, who will deliver the cars by the end of the year. The cars will be powered completely by solar energy generated on royal property. The order of the 150 Zoes is the largest since 2013, and makes Renault the largest provider for Jordan's royal EV fleet. Renault says that further EV orders are already being discussed. Read more in the press release from Renault-Nissan. Beijing, China will exempt electric vehicles from its limits to vehicles on roads during rush hour. Current policy, designed to help alleviate traffic and air pollution, restricts cars with even and odd license plates from rush hour traffic on alternating days. The exemption for EVs runs from June 1, 2015 until April 10, 2016. It is the newest in the list of perks meant to encourage EV adoption, despite the troublesome lack of charging infrastructure. Read more at Green Car Reports.

Trucks, SUVs — and Camry — shine in mixed U.S. January vehicle sales

DETROIT — Automakers posted mixed U.S. new vehicle sales data for January, with American consumers continuing to abandon passenger cars for the larger pickup trucks, SUVs and crossover models that manufacturers also love because they are far more profitable. Total industry auto sales for the month rose 1 percent versus January 2016. According to Autodata Corp, which tracks industry sales, the seasonally adjusted annualized rate (SAAR) of U.S. car and light truck sales in January fell to 17.12 million units from 17.44 million a year earlier. Analysts polled by Reuters had expected a January SAAR of 17.2 million units. U.S. auto industry sales fell 2 percent in 2017 to 17.23 million vehicles after hitting a record high in 2016 and are expected to drop further in 2018 despite a solid economy. Interest rates are rising and around 4 million late-model used cars will return to dealer lots this year to compete with more expensive new ones. Automakers have used consumer discounts to boost sales, a growing concern for observers who say this undermines resale values and profits. Discounts declined in January, but remained above 10 percent of manufacturers' recommended prices. ""I think the industry has accepted that (sales) volumes will fall somewhat in 2018 ... and I don't think the industry is going to go over the cliff with insane incentives," Mike Jackson, chief executive officer of AutoNation Inc, told Reuters after his company, the largest U.S. auto retail chain, posted a higher quarterly net profit. Mark Wakefield, head of the North American automotive practice for consultancy AlixPartners, had a gloomier perspective. The industry's less-than-stellar sales performance for January showed "we are now past the peak," he said. "Automakers are now selling the deal instead of the vehicle," he said. "That's a tough spot to be in because that treadmill is hard to get off once you're on it." General Motors January sales rose 1.3 percent, driven by a 16 percent rise in fleet sales. Sales to consumers fell 2.4 percent. GM posted strong gains for models such as the Silverado pickup truck and Equinox crossover model, while its passenger cars continued to struggle. Ford The Blue Oval posted a 6.6 percent sales decline for January, with retail sales down 4.3 percent. Sales of Ford's F-Series pickup trucks - America's best-selling vehicle brand for decades — rose 1.6 percent. Passenger cars were down more than 23 percent.