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Nissan tells Renault it is 'not opposed' to Fiat Chrysler merger plan
Wed, May 29 2019TOKYO – Nissan on Wednesday told Renault it wasn't opposed to its partner's potential $35 billion merger with Fiat Chrysler, the Nikkei newspaper said, as the two met to hash out the future of their alliance amid a deal that could upend the auto industry. The leaders of Nissan Motor Co, France's Renault SA and junior partner Mitsubishi Motors Corp gathered at Nissan's headquarters in Yokohama for a scheduled alliance meeting - one overshadowed by Fiat Chrysler's proposal this week for a merger-of-equals with Renault. The plan, which would create the world's third-largest automaker, raises difficult questions about how Nissan would fit into a radically changed alliance. Renault Chairman Jean-Dominique Senard arrived in Japan on Tuesday to discuss the proposed tie-up with Nissan, 43.4% owned by the French automaker. "We are not opposed," the Nikkei quoted an unnamed Nissan source who had attended the meeting as saying. The person also said "many details need to be worked out" before the Japanese automaker solidifies its position on the issue, the Nikkei reported. In a statement, the alliance members confirmed that they had "an open and transparent discussion" on the proposal. The deal looks designed to tackle the costs of far-reaching technological and regulatory changes, including the drive toward electric vehicles. Nissan, which has rebuffed overtures by Renault for a merger of their own despite their 20-year alliance, was blindsided by the discussions, sources have told Reuters, stoking concerns that a deal with Fiat Chrysler could weaken Nissan's relations with Renault. The tie-up also poses an additional challenge for Nissan CEO Hiroto Saikawa, already grappling with poor financial performance and an uneasy relationship with Renault after Nissan led the ousting last year of long-standing alliance chairman Carlos Ghosn. There have long been tensions between Nissan and Renault over the imbalance of power in their alliance. Nissan, the bigger company, holds a 15% non-voting stake in the French automaker, while Renault owns 43.4% of Nissan. Ahead of Wednesday's meeting, Japanese media quoted Saikawa as telling reporters that he would look at the potential opportunities afforded by a Renault-FCA merger. Credit ratings agency Moody's said it was vital for Nissan to stabilize its partnership with Renault to expand operational synergies and improve margins.
Nissan files civil suit against Ghosn, seeking $91 million in damages
Wed, Feb 12 2020TOKYO — Nissan filed a civil suit Wednesday seeking 10 billion yen ($91 million) in damages from the Japanese automaker's former Chairman Carlos Ghosn. Nissan filed the case in Yokohama District Court to recoup some of the monetary damages suffered, it said, “as a result of years of misconduct and fraudulent activity" by Ghosn. The claim was calculated by adding the costs from what Nissan called Ghosn's “corrupt practices,” such as rent for overseas property, use of corporate jets and payments to Ghosn's sister, as well as costs for the internal investigation into Ghosn's alleged wrongdoings. Representatives of Ghosn said in a statement they couldn't comment as they had yet to see the legal documents. “Nissan's maneuvers continue,” they said, while noting Nissan had claimed larger damages before. Ghosn, who led Nissan for two decades and saved it from near-bankruptcy, was arrested in Japan in November 2018, and charged with underreporting his future compensation and breach of trust in diverting Nissan money for personal gain. He was awaiting trial but skipped bail and showed up in Lebanon late last year. Japan has no extradition treaty with Lebanon, and he's unlikely to be arrested. A date had not been set for his trial, and Ghosn has said he was worried his ordeal would never end and he would not get a fair hearing. The bail conditions also barred him from seeing his wife. He has repeatedly lashed out at Japan's judicial system, where the conviction rate is higher than 99%. Japanese authorities recently issued an arrest warrant for Ghosn and three Americans, accused of helping his escape. Separately, they issued an arrest warrant for Ghosn's wife on suspicion of perjury. Ghosn has repeatedly said he is innocent, saying that the promised compensation had never been decided, and all the payments were for legitimate services. Wednesday's lawsuit by Nissan comes on top of the civil case Nissan filed against Ghosn in the British Virgin Islands in August last year. It alleged unauthorized payments, sought to regain a luxury yacht and pursued other damages, according to Nissan. Yokohama-based Nissan, which makes the Z sportscar, Leaf electric car and Infiniti luxury models, is also facing trial in Japan as a company in relation to Ghosn's scandal. It has indicated it will agree to any penalties. Nissan's reputation has been sorely tarnished over the Ghosn fiasco, and its sales have dropped. Nissan reports financial results Thursday.
Nissan Leaf EVs slip through French village to make a quiet point
Thu, May 1 2014Bjork's 1995 freak-out hit It's Oh So Quiet may have reflected the singer's oddball Icelandic sensibilities, but Nissan is making the concept of relative silence a French thing. The Japanese automaker recently promoted its all-electric Leaf by staging a mini-rally through what it called "one of the quietest villages in Europe." And with the exception of a couple damaged trash bins and a destroyed rear-view mirror from an old-school archway, the race kept the drivers wide awake but everyone in the Southern French village in Provence Alpes Cote d'Azur sleeping. Nissan sent four vehicles on a five-kilometer jaunt through the village in the wee morning hours. Screeching tires and a couple booms notwithstanding, the company said everyone in town stayed snoozing. There was a broader purpose to this exercise, of course, which Nissan blatantly admits was a stunt. Nissan was helping celebrate 19th Annual International Noise Awareness Day (INAD), which took place on Wednesday and highlighted the emotional and health issues as well as high blood pressure and insomnia caused by excessive exposure to noise. Check out Nissan's press release below, where you'll also find the video. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. NISSAN LEAF CELEBRATES INTERNATIONAL NOISE AWARENESS DAY WITH A NIGHTTIME "SILENT RIDE" ROLLE, Switzerland – To mark the 19th annual International Noise Awareness Day (INAD), Nissan has taken to the streets of one of Europe's quietest villages during the middle of the night with a silent "ride" of its 100 percent electric Nissan LEAF. The activity, complete with a start and finish line in Provence Alpes Cote d'Azur, was designed to demonstrate the noise reduction levels of the Zero Emissions car compared to traditional combustion engines. The World Health Organization (WHO) states at least 13.5 percent of Europeans are exposed to road traffic noise at levels exceeding 55 dB, which is considered detrimental to human health*. The medical effects of noise levels include insomnia (50dB), obesity (50dB), psychic disorders (60dB) and reduction in life expectancy (50dB)*. As a result, Nissan has filmed a 'silent ride' to help support INAD in raising awareness about noise pollution levels across Europe.