Renault-Nissan has turn out to be ‘small and fragile,’ Ghosn says

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PARIS — Renault-Nissan, as soon as a contender for the world’s No. 1 automaker, has turn out to be a “small and fragile” producer, former Nissan and Renault Chairman Carlos Ghosn informed a French newspaper in an interview.

Ghosn gave the interview to Le Parisien as his co-defendant Greg Kelly, an American former Nissan director, awaits his destiny in a Japanese court docket. Kelly was arrested together with Ghosn in November 2018 in Tokyo on costs that they conspired to cover hundreds of thousands in compensation for Ghosn. 

Whereas awaiting trial in December 2019 underneath home arrest, Ghosn fled Japan hid in a field with assistance from two Americans, who at the moment are underneath detention in Japan.

A verdict in Kelly’s case is anticipated on March 3. If convicted he might withstand 10 years in jail. 

Click here for all Automotive News coverage of the Carlos Ghosn scandal.

“With out hesitation,” Ghosn stated, he made the proper determination to flee Japanese justice. He has been in his ancestral dwelling nation of Lebanon since then, but when he returns to France – the place he has citizenship — he faces investigations there into his funds, though France typically doesn’t permit extradition of its residents.

Ghosn stated it was “laughable” accountable him for Renault and Nissan’s struggles since his arrest.

The case uncovered deep fissures within the two-decade-old alliance, with Nissan executives aiding Japanese prosecutors earlier than the arrest. Ghosn had pressed for nearer ties between the 2 corporations, one thing Nissan had resisted.  

Renault holds a 43 p.c stake in Nissan, which it acquired in 1999; in flip, Nissan holds 15 p.c of Renault.

“The reality is, the world No.1 producer has turn out to be a small and fragile producer,” Ghosn stated. “It saddens me to see that Renault is barely a shadow of its former self.”

He stated efforts by present Renault administration and the French state, a significant shareholder, accountable the automaker’s difficulties on a “race for volumes” have been “indecent.”

In 2018 the Renault-Nissan Alliance, together with Mitsubishi, was simply forward of Volkswagen Group for the global sales title, relying on standards.

“They might have provide you with one thing a little bit extra delicate,” Ghosn stated.

Renault misplaced a document 7.29 billion euros within the first half of 2020 and secured a French government-backed mortgage of 5 billion euros that 12 months.

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