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Renault-Nissan-Mitsubishi pool $200 million to invest in tech startups

PARIS — The Renault-Nissan-Mitsubishi alliance is setting up a $200 million mobility tech fund, three sources said, in the latest move by major carmakers to adapt to rapid industry change by investing in startups through their own venture capital arms. The fund, due to be unveiled by Chief Executive Carlos Ghosn at the CES tech industry show in Las Vegas next Tuesday, will be 40 percent financed by Renault, 40 percent by Nissan and 20 percent by Mitsubishi. "It will allow us to move faster on acquisitions ahead of our competition," one of the alliance sources told Reuters. Frederique Le Greves, a spokeswoman for the Renault-Nissan-Mitsubishi alliance, declined to comment. The traditional auto industry model based on individual ownership is threatened by pay-per-use services such as Uber, as well as ride- and car-sharing platforms, a challenge heightened by parallel shifts towards electrified and self-driving cars. Wary carmakers are struggling to embrace changes and technologies that some of their executives are only beginning to grasp. To accelerate the process, many are investing directly in the new services — and gaining access to intellectual property — via their own corporate venture capital (CVC) funds. BMW has purchased stakes in a plethora of ride-sharing, smart-charging and autonomous vehicle software firms through its 500 million euro ($600 million) iVentures fund, the biggest such in-house facility belonging to a carmaker. Among others that have been increasingly active are General Motors' GM Ventures, with $240 million, and Peugeot-maker PSA Group's 100 million-euro investment arm. CVC funds, a familiar feature of innovative sectors such as tech and pharmaceuticals, have become more commonplace among carmakers since the 2008-9 financial crisis. They let companies skip some of the formalities otherwise required for new investments, and pounce more swiftly on promising startups. The Renault-Nissan-Mitsubishi venture will also obviate the current need to thrash out the ownership split for each new alliance acquisition. It represents a further step in the integration of the carmakers as they pursue 10 billion euros in annual synergies by 2022. France's Renault holds a 43.4 percent stake in Nissan, which in turn controls Mitsubishi. Ghosn heads Renault and chairs all three.

Renault-Nissan reportedly partnering with Waymo on self-driving cars

The Renault-Nissan-Mitsubishi alliance will tie up with Alphabet Inc's Waymo to develop autonomous taxis and other services using self-driving vehicles, the Nikkei reported on Tuesday. Google's self-driving car company Waymo will work with the carmakers and announce a plan for the arrangement as early as this spring, the business daily reported. The partners are considering the joint development of unmanned taxis using Nissan vehicles and a system that handles reservation and payments, Nikkei said. A spokesman at the Renault-Nissan-Mitsubishi alliance, Nick Twork, said, "This (Nikkei) story is based on rumors and speculation. We have nothing to announce." Waymo did not immediately reply to a request for comment. Last month, Nissan Motor Corp said its board remained committed to the carmaker's alliance with Renault SA and Mitsubishi Motors Corp, after directors met to discuss the ongoing investigation into former chairman Carlos Ghosn and ways to bolster governance. Among the companies developing autonomous driving technology, Waymo is considered to be far in the lead in terms of test-fleet miles driven. It operates hundreds of vehicles in 25 U.S. locations, and is already operating a taxi service with paying customers in Chandler, Ariz. Related Video:

Mitsubishi previews new Attrage global sedan

It's been about a month since we first saw the Mitsubishi Concept G4 at the Shanghai Motor Show, but now the automaker has revealed the first images for the sedan in production trim. Wearing the Mitsubishi Attrage nameplate, this sedan will go on sale this summer in Thailand and could eventually makes its way to the US. Despite being essentially a sedan version of its subcompact Mirage, Mitsubishi refers to the Attrage as its next-generation global compact sedan, suggesting it's a fair bit larger than its hatchback counterpart.
We only have this single image to go on, but the new Attrage obviously has the same overall look as the Concept G4. As expected, it does lose some of the more conceptual bits, including the fancy headlights, grills and wheels. While the styling has us thinking back to the late 1990s, the true advantage of the Attrage is likely to be its fuel consumption. US fuel economy for the Attrage hasn't been released, but the closely related 2014 Mirage is expected to return 37 miles per gallon in the city and 44 mpg on the highway using the same 1.2-liter inline four-cylinder engine paired with either a five-speed manual or a continuously variable transmission. Scroll down for the brief press release for the Thai-built Attrage.