Special edition Nissan GT-R50 sports car looks like a million bucks…literally

The current Nissan GT-R has been on sale for a decade now, but is still one of the quickest and best handling cars in the world. That’s why it has a starting price of $99,990, with top of the line models going for $1.1 million. That second number isn’t a misprint, although it is a … Continue reading “Special edition Nissan GT-R50 sports car looks like a million bucks…literally”

The current Nissan GT-R has been on sale for a decade now, but is still one of the quickest and best handling cars in the world.

That’s why it has a starting price of $99,990, with top of the line models going for $1.1 million.

That second number isn’t a misprint, although it is a little misleading. Nissan has teamed up with Italian styling house Italdesign to build 50 special-edition cars to celebrate the GT-R’s 50th anniversary.

(Nissan)

The cars are based on a special 710 hp version of the highest performance GT-R NISMO that also gets a retuned suspension and longer, wider custom bodywork with a dramatic grille surround, swept-back headlights and an adjustable rear wing.

(The aging Nissan GT-R can still hang with supercars for a starting price of $99,990.)

Inside, the standard GT-R interior is trimmed with carbon fiber and Alcantara upholstery, but otherwise remains largely stock.

YOKOHAMA, Japan (Dec. 7, 2018) – Nissan has confirmed the production design of the Nissan GT-R50 by Italdesign – the ultimate expression of the GT-R – and has opened the official order books for the 50-vehicle limited run.

The GT-R has always been an acquired taste, but it has a rabid fan base among high-end performance car collectors and this edition is meant to tide them over until a true all-new GT-R debuts.

One is still a few years away. It will likely be electrified, but to what extent has not been determined. However, Nissan chief designer Alfonso Albaisa told Autocar earlier this year that it will retain the GT-R’s signature “brick” style “the fastest super sports car in the world,” likely referring to its time around a road-racing track rather than top speed.

Gary Gastelu is FoxNews.com’s Automotive Editor.

Nissan CEO Carlos Ghosn’s detention extended by 10 days, reports say

Nissan Motor Co. chairman Carlos Ghosn will be detained for another 10 days following his arrest on suspicion of falsifying income reports by millions of dollars and misusing company assets for personal gain, Japanese media reported Wednesday.

The board of Nissan Motor Co. is set to decide this week whether to dismiss Ghosn and the company's representative director Greg Kelly, who was also arrested Monday on suspicion of collaborating in the wrongdoing.

Their detention was extended Wednesday for another 10 days, Kyodo News service reported. The Tokyo District Court, cited in the report, declined to comment.

Under Japanese law, suspects can be held for 20 days per possible charge without getting an official indictment. Additional charges can be tagged on, resulting in longer detentions. Neither Ghosn nor Kelly has been charged so far.

Ghosn is being suspected of falsifying securities statements and underreporting $44.6 million in income from 2011 to 2015, and Kelly was suspected of collaborating with him, according to Tokyo prosecutors.

The maximum penalty, upon conviction for violating the financial laws, the suspected allegation, is 10 years in prison, a 10 million yen ($89,000) fine, or both.

Despite the high-profile arrests, analysts said the impact on Nissan auto sales was expected to be minimal.

"I'd be surprised if it impacts car sales very much," said Christopher Richter, auto analyst for CLSA Securities Japan Co. "Consumers are discerning enough to say: This car, the wheels might fall off so I'm not going to buy it. This car company, the executive might have done something kind of dodgy, but do I like the car or not."

Richter noted sales dips that hit after previous Nissan scandals had been temporary. The deviations the automaker acknowledged in those scandals were more directly related to product quality, such as mileage, emissions and plant inspections.

Whatever executives might, or might not, have been doing were apt to influence a car purchase less, Richter said.

Renault SA of France, a partner since the late 1990s, now with a 43 percent stake in Nissan, retained Ghosn as chief executive in an emergency board meeting Tuesday, while naming an interim in his place. Renault's board also is requesting Nissan pass along details of its investigation.

From the start, Nissan has sought to distance itself from the arrests.

Chief Executive Hiroto Saikawa denounced Ghosn and Kelly as "the masterminds," and made clear he thought they should be removed at Thursday's board meeting.

Ghosn, 64, was sent in to Nissan by Renault in 1999, and served as Nissan's chief executive from 2001 until last year. He became chief executive of Renault in 2005, leading the two major automakers simultaneously. In 2016, he became Mitsubishi Motors' chairman.

Ghosn is credited for turning around Nissan from near-bankruptcy.

Kelly, 62, joined Nissan in the U.S. in 1988, and became a board member from 2012. His background over the years has been in human resources and alliance management. He has a law degree from Loyola University School of Law and a bachelor's degree in public administration from Augustana College.

When Saikawa was asked how such actions could have gone undetected for five years, perhaps longer, he blamed a murky system of checks and balances at Nissan and stressed that power had been too focused with Ghosn.

Nissan's overall performance won't be hurt by the absence of Ghosn, "as long as the executive team pulls together," said Janet Lewis, an analyst at Macquarie Research.

The fact the case was initially brought to attention by a whistleblower underlined how the system was working, she said.

Nissan shares tanked Tuesday after the scandal surfaced, falling more than 5 percent. The stock recovered moderately in Wednesday's trading on the Tokyo Stock Exchange, closing up 0.4 percent.

Masahiro Akita, auto analyst with Credit Suisse, said he was stunned by the news of Ghosn's arrest.

But he believes much of the operations at Nissan will remain business as usual, while uncertainties about brand image remain.

"It's not realistic to think the alliance will suddenly change as it is now already operating," he said, noting the automakers share platforms, or the basic parts on which vehicles are built, as well as parts purchasing.

"You can't go back on it that easily."

Nissan CEO Carlos Ghosn’s detention extended by 10 days, reports say

Nissan Motor Co. chairman Carlos Ghosn will be detained for another 10 days following his arrest on suspicion of falsifying income reports by millions of dollars and misusing company assets for personal gain, Japanese media reported Wednesday.

The board of Nissan Motor Co. is set to decide this week whether to dismiss Ghosn and the company's representative director Greg Kelly, who was also arrested Monday on suspicion of collaborating in the wrongdoing.

Their detention was extended Wednesday for another 10 days, Kyodo News service reported. The Tokyo District Court, cited in the report, declined to comment.

Under Japanese law, suspects can be held for 20 days per possible charge without getting an official indictment. Additional charges can be tagged on, resulting in longer detentions. Neither Ghosn nor Kelly has been charged so far.

Ghosn is being suspected of falsifying securities statements and underreporting $44.6 million in income from 2011 to 2015, and Kelly was suspected of collaborating with him, according to Tokyo prosecutors.

The maximum penalty, upon conviction for violating the financial laws, the suspected allegation, is 10 years in prison, a 10 million yen ($89,000) fine, or both.

Despite the high-profile arrests, analysts said the impact on Nissan auto sales was expected to be minimal.

"I'd be surprised if it impacts car sales very much," said Christopher Richter, auto analyst for CLSA Securities Japan Co. "Consumers are discerning enough to say: This car, the wheels might fall off so I'm not going to buy it. This car company, the executive might have done something kind of dodgy, but do I like the car or not."

Richter noted sales dips that hit after previous Nissan scandals had been temporary. The deviations the automaker acknowledged in those scandals were more directly related to product quality, such as mileage, emissions and plant inspections.

Whatever executives might, or might not, have been doing were apt to influence a car purchase less, Richter said.

Renault SA of France, a partner since the late 1990s, now with a 43 percent stake in Nissan, retained Ghosn as chief executive in an emergency board meeting Tuesday, while naming an interim in his place. Renault's board also is requesting Nissan pass along details of its investigation.

From the start, Nissan has sought to distance itself from the arrests.

Chief Executive Hiroto Saikawa denounced Ghosn and Kelly as "the masterminds," and made clear he thought they should be removed at Thursday's board meeting.

Ghosn, 64, was sent in to Nissan by Renault in 1999, and served as Nissan's chief executive from 2001 until last year. He became chief executive of Renault in 2005, leading the two major automakers simultaneously. In 2016, he became Mitsubishi Motors' chairman.

Ghosn is credited for turning around Nissan from near-bankruptcy.

Kelly, 62, joined Nissan in the U.S. in 1988, and became a board member from 2012. His background over the years has been in human resources and alliance management. He has a law degree from Loyola University School of Law and a bachelor's degree in public administration from Augustana College.

When Saikawa was asked how such actions could have gone undetected for five years, perhaps longer, he blamed a murky system of checks and balances at Nissan and stressed that power had been too focused with Ghosn.

Nissan's overall performance won't be hurt by the absence of Ghosn, "as long as the executive team pulls together," said Janet Lewis, an analyst at Macquarie Research.

The fact the case was initially brought to attention by a whistleblower underlined how the system was working, she said.

Nissan shares tanked Tuesday after the scandal surfaced, falling more than 5 percent. The stock recovered moderately in Wednesday's trading on the Tokyo Stock Exchange, closing up 0.4 percent.

Masahiro Akita, auto analyst with Credit Suisse, said he was stunned by the news of Ghosn's arrest.

But he believes much of the operations at Nissan will remain business as usual, while uncertainties about brand image remain.

"It's not realistic to think the alliance will suddenly change as it is now already operating," he said, noting the automakers share platforms, or the basic parts on which vehicles are built, as well as parts purchasing.

"You can't go back on it that easily."

Nissan chairman Carlos Ghosn to be dismissed for financial misconduct

Nissan Motor Co.'s high-flying chairman Carlos Ghosn is to be dismissed after the company said an internal investigation found he under-reported his income by millions of dollars and engaged in other "significant misconduct."

The Japanese broadcaster NHK said Ghosn was arrested Monday after he voluntarily submitted to questioning by Tokyo prosecutors. The prosecutors' office did not confirm that.

The Yokohama-based company, one of the world's largest automakers, said the violations were discovered during an investigation over several months that was instigated by a whistleblower. Ghosn, 64, also allegedly engaged in personal use of company assets, it said.

Nissan said it was providing information to the prosecutors and cooperating with their investigation. The allegations also concern a Nissan representative director, Greg Kelly, it said.

Together, the two under-reported their income by a combined 5 billion yen ($44 million) from 2011-2015, Japan's Kyodo News service reported.

Nissan's CEO Hiroto Saikawa planned to propose to its board that Ghosn and Kelly both be removed from their posts, the company said in a statement.

"Nissan deeply apologizes for causing great concern to our shareholders and stakeholders. We will continue our work to identify our governance and compliance issues, and to take appropriate measures," it said.

The Nissan-Renault-Mitsubishi group is among the biggest auto alliances in the world, selling about 10 million vehicles a year. Before joining Renault, Ghosn worked for Michelin North America.

Shares in Renault SA of France plunged 14 percent early Monday. The news of Ghosn's troubles broke after Japanese markets had closed for the day.

The allegations are a serious blow at a time when Nissan and Mitsubishi Motor Co. are still overcoming scandals over their quality testing reporting.

Ghosn is credited with helping engineer a remarkable turnaround at Nissan over the past two decades, resuscitating the Japanese automaker from near bankruptcy after he was sent in by Renault.

Initially Ghosn, his nickname was "Le Cost Cutter," inspired fears of social and economic upheaval amid plant closings, mass layoffs and the potential damage his reforms might inflict on Nissan's ties with its suppliers. However, his triumph in turning the company around made him something of a national hero.

At one point years ago, his name popped up on lists of people Japanese voters wanted to become prime minister even though his nationality made him ineligible.

Ghosn served as Nissan's chief executive from 2001 until April 2017, becoming chief executive of Renault in 2005, leading the two major automakers simultaneously. In 2016, Ghosn became Mitsubishi Motors' chairman.

For the past two decades, he has maintained an unusually high profile in a nation where foreign chief executives of major Japanese companies are still relatively rare.

Ghosn has appeared on magazine covers dressed in kimono, vowing to renew the Nissan brand. He was widely praised in Japanese industry circles for delivering sorely needed cost cuts and introducing greater efficiency at a time when Nissan needed a fresh start.

Nissan CEO Carlos Ghosn’s detention extended by 10 days, reports say

Nissan Motor Co. chairman Carlos Ghosn will be detained for another 10 days following his arrest on suspicion of falsifying income reports by millions of dollars and misusing company assets for personal gain, Japanese media reported Wednesday.

The board of Nissan Motor Co. is set to decide this week whether to dismiss Ghosn and the company's representative director Greg Kelly, who was also arrested Monday on suspicion of collaborating in the wrongdoing.

Their detention was extended Wednesday for another 10 days, Kyodo News service reported. The Tokyo District Court, cited in the report, declined to comment.

Under Japanese law, suspects can be held for 20 days per possible charge without getting an official indictment. Additional charges can be tagged on, resulting in longer detentions. Neither Ghosn nor Kelly has been charged so far.

Ghosn is being suspected of falsifying securities statements and underreporting $44.6 million in income from 2011 to 2015, and Kelly was suspected of collaborating with him, according to Tokyo prosecutors.

The maximum penalty, upon conviction for violating the financial laws, the suspected allegation, is 10 years in prison, a 10 million yen ($89,000) fine, or both.

Despite the high-profile arrests, analysts said the impact on Nissan auto sales was expected to be minimal.

"I'd be surprised if it impacts car sales very much," said Christopher Richter, auto analyst for CLSA Securities Japan Co. "Consumers are discerning enough to say: This car, the wheels might fall off so I'm not going to buy it. This car company, the executive might have done something kind of dodgy, but do I like the car or not."

Richter noted sales dips that hit after previous Nissan scandals had been temporary. The deviations the automaker acknowledged in those scandals were more directly related to product quality, such as mileage, emissions and plant inspections.

Whatever executives might, or might not, have been doing were apt to influence a car purchase less, Richter said.

Renault SA of France, a partner since the late 1990s, now with a 43 percent stake in Nissan, retained Ghosn as chief executive in an emergency board meeting Tuesday, while naming an interim in his place. Renault's board also is requesting Nissan pass along details of its investigation.

From the start, Nissan has sought to distance itself from the arrests.

Chief Executive Hiroto Saikawa denounced Ghosn and Kelly as "the masterminds," and made clear he thought they should be removed at Thursday's board meeting.

Ghosn, 64, was sent in to Nissan by Renault in 1999, and served as Nissan's chief executive from 2001 until last year. He became chief executive of Renault in 2005, leading the two major automakers simultaneously. In 2016, he became Mitsubishi Motors' chairman.

Ghosn is credited for turning around Nissan from near-bankruptcy.

Kelly, 62, joined Nissan in the U.S. in 1988, and became a board member from 2012. His background over the years has been in human resources and alliance management. He has a law degree from Loyola University School of Law and a bachelor's degree in public administration from Augustana College.

When Saikawa was asked how such actions could have gone undetected for five years, perhaps longer, he blamed a murky system of checks and balances at Nissan and stressed that power had been too focused with Ghosn.

Nissan's overall performance won't be hurt by the absence of Ghosn, "as long as the executive team pulls together," said Janet Lewis, an analyst at Macquarie Research.

The fact the case was initially brought to attention by a whistleblower underlined how the system was working, she said.

Nissan shares tanked Tuesday after the scandal surfaced, falling more than 5 percent. The stock recovered moderately in Wednesday's trading on the Tokyo Stock Exchange, closing up 0.4 percent.

Masahiro Akita, auto analyst with Credit Suisse, said he was stunned by the news of Ghosn's arrest.

But he believes much of the operations at Nissan will remain business as usual, while uncertainties about brand image remain.

"It's not realistic to think the alliance will suddenly change as it is now already operating," he said, noting the automakers share platforms, or the basic parts on which vehicles are built, as well as parts purchasing.

"You can't go back on it that easily."

Nissan chairman Carlos Ghosn to be removed over ‘significant misconduct,’ arrested

Nissan Motor Co. chairman Carlos Ghosn is expected to be removed after an internal investigation revealed he under-reported his income by millions of dollars and engaged in other “significant misconduct, the company said Monday.

Ghosn was also arrested Monday after he voluntarily submitted to questioning by Tokyo prosecutors, Japanese broadcaster NHK reported, though prosecutors did not confirm the move.

The company began investigating the chairman after a whistleblower came forward with information that sparked a monthslong investigation. Along with under-reporting his pay, the 64-year-old also engaged in "numerous other significant acts of misconduct" including "personal use of company assets,” the Japanese car giant said.

Greg Kelly, a Nissan representative director, is also accused of under-reporting his income and was “deeply involved” in the misconduct. Together, the two under-reported their income by a combined $44 million, Japan's Kyodo News service reported.

Nissan said it was providing information to the prosecutors and cooperating with their investigation. The company added CEO Hiroto Saikawa plans to recommend the board remove Ghosn and Kelly from their positions during a special meeting on Thursday.

"Nissan deeply apologizes for causing great concern to our shareholders and stakeholders. We will continue our work to identify our governance and compliance issues, and to take appropriate measures," the company said in a statement.

Saikawa said at a press conference that the company could not yet release details on its investigation, but that he was feeling despair and resentment and the public would share that sentiment when the full story comes out.

The Nissan-Renault-Mitsubishi group is among the biggest auto alliances in the world, selling about 10 million vehicles a year. Before joining Renault, Ghosn worked for Michelin North America. Ghosn is credited with helping engineer a remarkable turnaround at Nissan over the past two decades, resuscitating the Japanese automaker from near bankruptcy after he was sent in by Renault.

He served as Nissan's chief executive from 2001 until April 2017, becoming chief executive of Renault in 2005, leading the two major automakers simultaneously. In 2016, Ghosn became Mitsubishi Motors' chairman.

Saikawa said that the misconduct was "the negative aspect of the long regime of Mr. Ghosn, but that he did not think the partnership would suffer and that "in the future, we will make sure we do not rely on a specific individual. Rather, we will look for a more sustainable structure."

Renault has yet to comment on the accusations against Ghosn.

This is a developing story, check back for updates…

Fox News Autos editor Gary Gastelu and The Associated Press contributed to this report.

Katherine Lam is a breaking and trending news digital producer for Fox News. Follow her on Twitter at @bykatherinelam