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Nissan shareholders oust Carlos Ghosn from board of directors

TOKYO — Nissan's shareholders approved on Monday the ouster from the Japanese automaker's board of its former chairman, Carlos Ghosn, who is facing allegations of financial misconduct. The approval, which was expected, was indicated by applause from the more than 4,000 people gathered at a Tokyo hotel for a three-hour extraordinary shareholders' meeting. Other votes had been submitted in advance. Ahead of the vote, Nissan's top executive apologized to shareholders for the scandal at the Japanese automaker and asked them to approve Ghosn's dismissal. Chief Executive Hiroto Saikawa and other Nissan executives bowed deeply in apology to shareholders attending the extraordinary meeting at a Tokyo hotel. Shareholders also approved the appointment of French alliance partner Renault SA's Chairman Jean-Dominique Senard to replace Ghosn. Renault owns 43 percent of Nissan. Senard, introduced to shareholders at the meeting's end, thanked them and promised to do his best to keep the automaker's performance on track. "I will dedicate my energy to enhance the future of Nissan," said Senard. The shareholders also gave a green light to removing from the board a former executive direct, Greg Kelly, who has been charged with collaborating with Ghosn in the alleged misconduct. Angry shareholders demanded an explanation for how wrongdoing on an allegedly massive scale had gone unchecked for years. The meeting was closed except to stockholders but livestreamed. One shareholder said Nissan's entire management should resign immediately. Saikawa said he felt his responsibility lay in fixing the shoddy corporate governance at Nissan first, and continuing to lead its operations. Another shareholder asked if Nissan was prepared for a damage lawsuit from shareholders since its stock price has plunged. "I deeply, deeply apologize for all the worries and troubles we have caused," Saikawa said. "This is an unprecedented and unbelievable misconduct by a top executive." He outlined the findings of an internal investigation, such as payments of a consultation fee to Ghosn's sister for 13 years. The investigation has also found too much power had been focused in one person, he said. Ken Miyamoto, 65, a Nissan shareholder, said he was disappointed. "It is really such a pity as he was a brilliant manager," Miyamoto said of Ghosn before heading into the meeting.

DC fast charging not as damaging to EV batteries as expected

As convenient as DC fast charging is, there have been lots of warnings that repeated dumping of so many electrons into an electric vehicle's battery pack in such a short time would reduce the battery's life. While everyone agrees that DC fast charging does have some effect on battery life, it may not be as bad as previously expected. Over on SimanaitisSays, Dennis Simanaitis, writes about a recent presentation by Matt Shirk of the Idaho National Laboratory (INL) called DC Fast, Wireless, And Conductive Charging Evaluation Projects (PDF) that describes an ongoing test of four 2012 Nissan Leaf EVs that are being charged in two pairs of two. One pair only recharges from 50-kW DC fast chargers, which the other two sip from 3.3-kW Level 2 chargers exclusively. Otherwise, the cars are operated pretty much the same: climate is automatically set to 72 degrees, are driven on public roads around Phoenix, AZ and have the same set of dedicated drivers is rotated through the four cars. "Degradation depends more on the miles traveled than on the nature of recharging." What's most interesting are the charts on page seven of Shirk's presentation (click the image above to enlarge), which show the energy capacity of each of the four vehicles. When they were new, the four batteries were each tested to measure their energy capacity and given a 0 capacity loss baseline. They were then tested at 10,000, 20,000, 30,000 and 40,000 miles, and at each point, the DC-only EVs had roughly the same amount of battery loss as the Level 2 test subjects. The DC cars did lose a bit more at each test, but only around a 25-percent overall loss after 40k, compared to 23 percent for the Level 2 cars. Simanaitis' takeaway is that, "INL data suggest that the amount of degradation depends more on the miles traveled than on the nature of recharging." The tests are part of the INLs' Advanced Vehicle Testing Activity work and a final report is forthcoming. These initial numbers from IPL do mesh with other research into DC fast charging, though. Mitsubishi said daily fast charging wouldn't really hurt the battery in the i-MiEV and MIT tests of a Fisker Karma battery showed just 10-percent loss over 1,500 rapid charge-discharge cycles.

Japan may aid carmakers facing U.S. tariff threat

TOKYO — Japan is considering giving carmakers fiscal support including tax breaks to offset the impact from trade frictions with the United States and a sales-tax hike planned for next year, government sources told Reuters on Wednesday. Going into a second round of trade talks with the United States on Sept. 21, Japan is hoping to avert steep tariffs on its car exports and fend off U.S. demands for a bilateral free trade agreement that could put it under pressure to open politically sensitive markets, like agriculture. "If the trade talks pile pressure on Japan's car exports, we would need to consider measures to support the auto industry," a ruling party official said on condition of anonymity because of sensitivity of the matter. The auto industry accounts for about 20 percent of Japan's overall output and around 60-70 percent of the country's trade surplus with the United States, making it vulnerable to U.S. action against Japanese exports. Japan's biggest automakers and components suppliers fear they could take a significant hit if Washington follows through on proposals to hike tariffs on autos and auto parts to 25 percent. Policymakers also worry that an increase in the sales tax from 8 percent to 10 percent planned for October 2019, could cause a slump in sales of big-ticket items such as cars and home. Prime Minister Shinzo Abe has twice postponed the tax hike after the last increase from 5 percent in 2014 dealt a blow to private consumption, which accounts for about 60 percent of the economy. To prevent a pullback in demand after the tax hike, the government may consider large fiscal spending later when it draws up its budget for next year, government sources said. "One option may be to greatly reduce or abolish the automobile purchase tax," one of the government sources said. The government is also considering cuts in the automobile tax and automobile weight tax to help car buyers, the source added. Reporting by Izumi Nakagawa and Tetsushi KajimotoRelated Video: Image Credit: Getty Government/Legal Isuzu Mazda Mitsubishi Nissan Subaru Suzuki Toyota Trump Trump tariffs trade