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Nissan itself will be indicted alongside Ghosn, report says

Prosecutors in Tokyo are expected to file charges against Nissan itself alongside an expected indictment against former Chairman Carlos Ghosn as part of the ongoing financial misconduct case. That's according to a report from Japan's Nikkei business daily, which does not identify its sources. Charges are also likely against Greg Kelly, a member of Nissan's board of directors who was taken into custody with Ghosn Nov. 19 after Japanese authorities questioned the former chairman aboard a corporate jet at the Tokyo Haneda airport. Monday is the deadline when prosecutors must either indict the two executives, release them or arrest them on new allegations. Both men are accused of under-reporting salaries in five annual reports that stretch through the fiscal year that ended in March 2015. The Nikkei says they'll also be arrested on new allegations of misstating financial information for the subsequent three business years. Nissan would be charged for not preventing the alleged crime. Both men have reportedly denied the allegations. In response to the Nikkei report, a spokesman for Nissan told Automotive News the company had "identified serious misconduct related to the reporting of Mr. Ghosn's compensation" and was cooperating with investors. The turmoil over Ghosn prompted the automaker to scrap plans to unveil a long-awaited longer-range Leaf electric car at the L.A. Auto Show last week. Ghosn is accused of conspiring to understate his income by about half the 10 billion yen (about $88 million) over the period. Reports say the issue relates to deferred compensation that Nissan CEO Hiroto Saikawa reportedly signed off on but may not have understood. The company didn't report the deferred compensation in Japanese securities filings as it is required, since the money is considered a future liability against the company. Automotive News cites an unnamed source who says Nissan has identified some $80 million in unreported deferred compensation promised to Ghosn. Nissan's board voted Nov. 22 to oust him as chairman, and Mitsubishi followed suit days later. Ghosn remains the CEO and chairman of Renault, however. Under Ghosn's guidance, Nissan and Renault joined forces in 1999 when Nissan was teetering toward bankruptcy. Mitsubishi joined on in 2016, with all three members able to jointly develop products and control costs. He had reportedly been pushing for deeper ties, including a possible merger between Nissan and Renault at the urging of the French government.

Infiniti is pulling out of Western Europe, cutting models

BEIJING — Nissan's premium brand Infiniti has announced it will exit Western Europe early next year, as it restructures its global operations and focuses on the world's top two auto markets. Infiniti said it will discontinue the Q30 sedan and the QX30 sport-utility vehicle and cease their production by the middle of 2019 at Nissan's manufacturing factory in Sunderland, England. Both models are sold globally but produced only in Britain. The QX30 is sold in the United States. The move comes as Infiniti seeks to divert its resources to markets with bigger opportunities, such as China and the United States, from a region where non-European premium brands are struggling to compete against local players such as Audi, BMW and Mercedes-Benz. Nissan also recently scrapped plans to build its new X-Trail SUV in Britain amid the uncertainty surrounding Brexit, saying it had taken the decision to optimize its investments by building the next generation model in Japan. "Western Europe remains the most challenging and competitive region for premium cars," Infiniti's chief spokesman, Trevor Hale, told Reuters. Infiniti's sales in western Europe almost halved last year to 5,800 vehicles. In addition to the tough competition, the Japanese premium brand, headquartered in Hong Kong since 2012, has struggled to effectively meet emissions and other regulatory requirements in the region, Hale said, referring to stringent Euro 6 emissions requirements and other regulatory challenges. "The commercial reality for Infiniti in Western Europe is that there is simply no visibility of a viable and sustainable business, especially given the regulatory challenges," he said. Infiniti said an exit from Western Europe will allow it to focus on its initiative to electrify a good portion of its product portfolio from 2021 and discontinue diesel offerings. The brand plans to focus more on its SUV lineup in North America, bring five new or significantly-redesigned vehicles to China over the next five years, improve quality of sales and residual value and realize more synergies with Nissan. "This is all part of Infiniti's vision to become a top challenger brand in the premium segment," it said. As it prepares to withdraw from Western Europe, Infiniti said it is working to find alternative opportunities for employees who would be affected, consulting with employee representatives where necessary and identifying opportunities for transition and training support where appropriate.

Trump declaration they're a security threat stuns Japanese automakers

TOKYO — Japan's automakers' lobby said on Tuesday it was dismayed by President Donald Trump's declaration that some imported vehicles and parts posed a threat to U.S. national security, as the industry braces for a possible rise in U.S. tariffs. Trump made the unprecedented designation of foreign vehicles on Friday but delayed for up to six months a decision on whether to impose tariffs to allow for more time for trade talks with Japan and the European Union. "We are dismayed to hear a message suggesting that our long-time contributions of investment and employment in the United States are not welcomed," said Akio Toyoda, chairman of the Japan Automobile Manufacturers Association. "As chairman, I am deeply saddened by this decision," Toyoda, president of Toyota, said in a statement. Trump has threatened to impose tariffs of up to 25% on imported cars made by foreign automakers, a move which automakers have argued would ramp up car prices, curb the global competitiveness of U.S.-made vehicles and limit investment in the country, the world's No. 2 auto market. The United States is a vital market for Toyota, Nissan, Honda and other Japanese car makers. Autos and components are among the Asian country's biggest export products. Most of Japan's major automakers operate plants in the United States. The Japan Automobile Manufacturers Association notes that its automakers build about 4 million vehicles a year in North America, or 75 percent of what it sells here. Many are built for export, helping lessen the U.S. trade deficit Trump is concerned about. Major automakers have announced a slew of investments in the United States since Trump took office in January 2017 and put pressure on the industry to create more U.S. jobs. For its part, Toyota has pledged to invest almost $13 billion in the United States between 2017 and 2021 to boost manufacturing capacity and jobs. This includes $1.6 billion for a vehicle assembly plant in Alabama jointly run with Mazda. Government/Legal Honda Mazda Mitsubishi Nissan Toyota Trump