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Nissan CEO admits to being overpaid; former UAW official pleads guilty to fraud

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Nissan CEO admits to being overpaid; former UAW official pleads guilty to fraud

TOP NEWS

* Nissan Motor Co. Ltd. President and CEO Hiroto Saikawa said he and other executives received more compensation than they should have under a stock appreciation rights scheme, Japanese media agency Jiji Press reported. Saikawa is suspected of improperly adding ¥47 million to his pay by adjusting the terms of a performance-based bonus but said he would "repay any money that needs to be repaid to the company." Saikawa said former Nissan director Greg Kelly, who alongside Carlos Ghosn was arrested in November 2018 for financial misconduct, handled the scheme.

* A former United Auto Workers official pleaded guilty to conspiracy charges as part of an ongoing bribery investigation linked to officials at the union. Michael Grimes, a former member of the UAW-GM Center for Human Resources, was charged Aug. 9 with conspiracy to commit honest services wire fraud and money laundering, according to court documents. General Motors Co. said it is cooperating with the investigation.

CARMAKERS

* Fiat Chrysler Automobiles NV will invest nearly €1 billion to produce the new Alfa Romeo Tonale compact SUV and a Panda hybrid minicar at its Pomigliano plant near the Italian city of Naples, Automotive News reported, citing labor unions.

* Ford Motor Co. canceled plans to combine all its sales ventures in China under one company after its local partners pushed back against the idea, Reuters reported, citing Ford China chief Anning Chen. The carmaker in June 2018 said it planned to combine its local ventures with Chongqing Changan Automobile Co. Ltd. and Jiangling Motors Corp. Ltd. to increase efficiency.

* The White House said President Donald Trump will meet with General Motors CEO Mary Barra on Sept. 5 but did not specify the agenda, Reuters reported. General Motors has been repeatedly attacked by Trump on Twitter for its decisions to close plants and move some operations to China.

* A senior Volkswagen AG official had an "extremely positive" meeting with Turkish President Tayyip Erdogan, and the carmaker is nearing a deal to build a plant in the country, Reuters reported, citing sources.

* Tata Motors Ltd.-owned Jaguar Land Rover plans to introduce 30 new vehicle models in China through 2021 amid recent boosts in local sales, Reuters reported, citing a statement.

ELECTRIC VEHICLES

* Tesla Inc. posted job listings for battery manufacturing technicians, seemingly confirming reports that it will produce its own batteries in a bid to decrease dependence on its sole supplier, Panasonic Corp.

* Volkswagen's Porsche brand unveiled specifications for its all-electric Taycan model, The Detroit News reported. The Taycan will come with a 450-kilometer range and a 93.4-kWh battery, nearly matching Tesla's 100-kWh battery on its Model S sedan.

* Chinese electric-vehicle battery-maker Contemporary Amperex Technology Co. Ltd. and auto parts supplier Bosch agreed to a deal for the former to provide batteries for Bosch's 48-volt hybrid powertrain systems.

* Tesla CEO Elon Musk said Smart Summon, a feature that puts vehicles on Autopilot to find their drivers, will be one of the biggest changes in the upcoming Tesla V10 software update.

AUTONOMOUS AND CONNECTED VEHICLES

* Japan will allow up to 100 self-driving cars to roam Tokyo during the week before the 2020 Summer Olympics to promote the technology, Bloomberg News reported, citing Japan's self-driving vehicle program director Seigo Kuzumaki.

MOBILITY SERVICES

* Mitsubishi said it invested an undisclosed amount in Finnish mobility company MaaS Global Ltd., which provides route-planning, booking, payment and ticketing services for railways, buses, rental cars and taxis.

POLICY, REGULATIONS AND SAFETY

* At least 14 women are suing ride-hailing company Lyft Inc. for its alleged inaction on reports of sexual assault that took place during trips. In a lawsuit filed at the Superior Court of San Francisco, the plaintiffs said Lyft has been aware of the alleged sexual misconduct of its drivers since 2015 but its response has been "appallingly inadequate." Lyft Head of Trust & Safety Mary Winfield said the company does not tolerate harassment or violence on its platform, and "such behavior can and does lead to bans from our service."

* Tesla's head of insurance Matthew Edmonds said it will comply with state rules on consumer data usage when it comes to assessing claims, Reuters reported. Tesla can access data gathered by vehicle sensors, cameras and other data points but will defer to local data use laws and process claims differently by state, Edmonds said.

* The European Automobile Manufacturers' Association, or ACEA, and lobbyists Eurelectric and Transport & Environment called for "a rapid roll-out" of smart-charging infrastructure across the EU in order to meet the continent's climate objectives. The ACEA also published its 2019-2024 manifesto, which urges policymakers to focus on clean and safe mobility, smart road transport, affordable mobility and pro-competition laws.

AUTO PARTS AND EQUIPMENT

* Japanese tire-maker Bridgestone Corp. said it won a patent design infringement case against Chinese rivals Shengtai Group and Shandong Shengshi Tailai Rubber, which it accused of copying Bridgestone's tread patterns for its BLIZZAK VRX tire.

* Schaeffler AG unveiled a new version of its UniAir valve train system, which can cut fuel consumption by up to 15% and is 30% more lightweight than its previous versions.

* Bridgestone said it will collaborate with the Graduate School of Frontier Sciences at the University of Tokyo and electronics company NSK to develop wireless charging systems for electric vehicles.

AUTOMOTIVE RETAIL

* Toyota reported an 11.3% year-over-year increase in U.S. sales for August on a volume basis. Toyota Motor North America sold 248,334 units during the month, compared with 223,055 units sold in the same month a year ago. Nissan posted a 13.2% year-over-year increase in August U.S. sales, with 127,230 vehicles sold, while Honda Motor Co. Ltd. sold 173,993 vehicles, up 17.6% year over year. Subaru Corp.'s U.S. sales in the month jumped 9.3% year over year to 70,039 automobiles.

* Most luxury automakers saw U.S. sales rise in August, with Toyota Motor Corp.'s Lexus brand at 29,931 vehicles, up 4.6% year over year on a volume basis. Bayerische Motoren Werke AG and Daimler AG's Mercedes-Benz sold 25,505 and 24,771 vehicles during the month, up 7.2% and 21.8%, respectively, though Nissan's Infiniti brand bucked the trend with a 14.9% year-over-year drop in sales at 9,185 automobiles.

* The U.K. saw new car sales drop 1.6% year over year in August to 92,573 automobiles, though battery-electric vehicles sales surged 377.5% to 3,147 units, data from the Society of Motor Manufacturers and Traders showed. Light commercial vehicle registrations jumped 41% year over year in August to 23,120 vehicles.

* Geely Automobile Holdings Ltd.'s Volvo Cars brand sold 47,796 automobiles worldwide in August, up 10.2% year over year.

* Japanese carmaker Mazda Motor Corp.'s China sales dropped 20.74% year over year in August to 17,729 vehicles, Gasgoo reported, citing a statement. Mazda's ventures with Changan and Faw Car Co. Ltd. saw sales drop 24.81% and 14.76% year over year to 10,013 vehicles and 7,716 vehicles, respectively.

COMMERCIAL VEHICLES

* Volkswagen's truck unit Traton SE will join the SDAX index of small and medium-sized German companies from Sept. 23.

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The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng fell 0.03% to 26,515.53, and the Nikkei 225 rose 2.12% to 21,085.94.

In Europe, around midday, the FTSE 100 dropped 0.65% to 7,263.46, and the Euronext 100 was up 0.67% to 1,080.80.

On the macro front

The motor vehicle sales report, ADP employment report, jobless claims report, the productivity and costs report, PMI services index, factory orders report, ISM non-manufacturing index, EIA petroleum status report, Fed balance sheet, and the money supply report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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