Blow for Carlos Ghosn as Renault votes unanimously for pay cut | Business – Business Article

Renault’s board of directors has voted unanimously to strip former boss Carlos Ghosn of up to €30m (£26m) in pay and severance. Renault issued a statement on Wednesday saying its board had agreed to waive Ghosn’s non-compete clause and as a result the company would not be paying the compensation linked to this agreement. The move has the backing of the French government. This amounted to two years pay, worth €4-5m, plus about 460,000 performance shares worth up to €26m…

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UK carmakers allotted £150m in state aid in attempt to save jobs | Business – Business Article

Government pledges of £80m in support to Nissan were part of a package of almost £150m in state aid promised to leading carmakers since the EU referendum in 2016, as ministers tried to prevent an exodus of jobs from the UK. Support offered since October that year has totalled at least £64.1m, according to Guardian analysis of EU data on state aid. The business secretary, Greg Clark, was on Monday forced to admit that Nissan had been offered £84.2m since…

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Nissan was offered secret state aid to cope with Brexit, minister concedes | Business – Business Article

The business secretary has been forced to admit the existence of a previously secret package of state aid to Nissan that could have been worth up to £80m had the carmaker gone ahead with plans to manufacture a new model X-Trail in Sunderland after Brexit. Greg Clark released a letter dated October 2016 in which he pledged tens of millions of taxpayer support and promised the Japanese company it would not be “adversely affected” after the UK left the EU.…

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Falling diesel sales more than Brexit behind Nissan’s X-Trail decision | Business – Business Article

When Nissan announced its intention to build the new X-Trail in Sunderland in October 2016, it was hailed by the government as a vote of confidence in Britain, so soon after the referendum result that had shocked Japanese carmakers. Theresa May was personally involved in lobbying the company, giving assurances to Nissan’s ousted chief executive, Carlos Ghosn, shortly before the decision. The government’s promises that Nissan would not be harmed by Brexit included pledges to ensure supply chains were not…

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Nissan warns of Brexit concerns as Sunderland U-turn confirmed | Business – Business Article

Nissan has confirmed it is abandoning plans to build a new model of one of its flagship vehicles at its Sunderland plant, as it warned that uncertainty over Brexit was affecting businesses. The Japanese car manufacturer announced in 2016 it would be making the new version of the X-Trail SUV at the factory in north-east England after receiving unspecified assurances about Brexit from the government, but on Sunday it said it would be produced in Japan. Nissan said it had…

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