Carlos Ghosn is stepping down from his role as CEO of Nissan as French rival Peugeot accelerates plans to buy the European operations of General Motors. Carlos Ghosn, perhaps the most powerful man in the global auto industry, is stepping down from his role as CEO of Nissan Motor Co.

A lopsided alliance between Renault SA and Nissan Motor Co. could be revised once France sells its stake, paving the way for the Japanese manufacturer to increase its involvement, according to the carmakers’ chief executive officer Carlos Ghosn.

South Korea banned the sale of 10 models built by Nissan Motor Co., BMW AG and Volkswagen AG’s Porsche after an investigation found the automakers fabricated documents related to emission tests. The three manufacturers were slapped with total fines of 7.17 billion won , which apply to 4,523 vehicles, and the certifications given for these models have been withdrawn, the Ministry of Environment said in a statement Monday.

South Korea banned the sale of 10 models built by Nissan Motor Co., BMW AG and Volkswagen AG’s Porsche after an investigation found the automakers fabricated documents related to emission tests. The three manufacturers were slapped with total fines of 7.17 billion won , which apply to 4,523 vehicles, and the certifications given for these models have been withdrawn, the Ministry of Environment said in a statement Monday.