Mitsubishi

Kobe Steel, Nissan scandals tarnish image of Japan Inc

Tokyo - Muslimchronicle

Embarrassing scandals at Kobe Steel and Nissan have tarnished the reputation of Japan Inc. for quality, as once-mighty industrial world-beaters battle fierce global competition and shrinking profit margins. Once again, the image of a corporate boss bowing deeply in apology before the cameras has been splashed across Japan’s newspapers and sparked a fresh bout of national soul-searching. Kobe Steel’s chiefRead more

Renault plans China growth, more electric vehicles

Beijing - Muslimchronicle

French automaker Renault, a leader in electric vehicles, announced Friday plans to launch five new emissions-free models by 2022 and make a major push into China. Renault CEO Carlos Ghosn said he aimed for annual sales of 5 million vehicles by 2022 -- a 44-percent increase on the 3.47 million units sold in 2016 -- and revenues of over 70Read more

Renault-Nissan to launch

Paris - Muslimchronicle

Carmaker Renault-Nissan said Friday it will launch 12 all-electric cars over the next six years and equip dozens more with driverless technology. Presenting the alliance's new strategic plan to 2022, chairman Carlos Ghosn said Renault-Nissan is targeting car sales of 14 million units by that year, a rise of nearly 40 percent from current levels. "Electrified cars will representRead more

Mitsubishi, Assystem take stakes in France's nuclear reactors firm

Paris - AFP

Japanese conglomerate Mitsubishi and French engineering consulting firm Assystem have taken stakes in French nuclear reactor business New NP, created from Areva, electricity firm EDF said Monday. The operation will value New NP at 2.5 billion euros, it said. EDF had obtained the green light in May from EU anti-trust regulators to buy out the troubled Areva Group's nuclear reactorsRead more

Toshiba crisis shines light on Japan corporate culture

Tokyo - AFP

The troubles at crisis-hit Toshiba are the latest in a string of business scandals that highlight how the backbone of Japan's corporate culture -- unwavering employee loyalty -- can sometimes lead to disaster, analysts say. The venerable firm's stock has been sliced in half since late December when it first flagged multi-billion-dollar losses at US nuclear unit Westinghouse Electric, andRead more

Nissan CEO Carlos Ghosn to step down, to stay as Chairman

Tokyo - Arab Today

Nissan boss Carlos Ghosn will step down as chief executive at the Japanese automaker but will remain chairman as he focuses on its alliance with Renault and Mitsubishi, the company said Thursday. Ghosn, who is widely credited with turning around a near-bankrupt Nissan in the late nineties, will be replaced by Hiroto Saikawa, who is the current co-chief executive, onRead more

Mitsubishi joins EDF in bid to save reactor builder Areva

Paris - AFP

France may have found a long-awaited Asian partner to help rescue its nuclear industry as its energy giant EDF signed a partnership deal with Japan's Mitsubishi Heavy Industries (MHI). Under the memorandum of understanding, MHI said it could take a minority stake alongside EDF in Areva NP, the reactor unit which is to be split off from other parts ofRead more

Mitsubishi Motors to post $480m loss over fuel-cheat scandal

Tokyo - AFP

Mitsubishi Motors said Friday it will post a $480 million special loss for the current fiscal year to pay compensation to customers over years of cheating on fuel-economy tests. Mitsubishi first admitted in April it had been falsifying the tests, manipulating data to make cars seem more efficient than they were. Since the scandal emerged, its sales in Japan haveRead more

Japan economy returns to growth, avoids recession

Tokyo - Arab Today

Japan sidestepped a recession after its economy grew in the first quarter, , preliminary data showed Wednesday, but efforts to cement recovery in the world's number three economy were gaining little traction. Gross domestic product expanded by 0.4 percent between January and March -- or 1.7 percent at an annualised rate -- after a contraction in the last three monthsRead more

Mitsubishi Motors president to quit over fuel-cheating scandal

Tokyo - AFP

Mitsubishi Motors said Wednesday that its president would resign over a fuel economy cheating scandal that has left the Japanese automaker's reputation in tatters. Mitsubishi president "Tetsuro Aikawa... has offered to resign from the post of president as of June 24 because the company caused serious problems for customers and stakeholders," it said in a statement. Read more