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Geely and Renault joint venture will develop internal combustion and hybrid tech

China's Geely Automobile Holdings and French car maker Renault SA on Tuesday said they will invest up to 7 billion euros ($7.71 billion) in a new equally held joint venture to develop gasoline engines and hybrid technology for automobiles. The JV is aimed at manufacturing more efficient internal combustion engines and hybrid systems at a time when the focus of much of the automobile industry has been on the capital-intensive transition to purely electric vehicles. "We are pleased to be embarking on this journey to become a global leader in hybrid technologies, providing low-emission solutions for automakers around the world," said Eric Li, Geely Holding Group chairman. The new company will employ 19,000 people at 17 engine plants and five research and development hubs, Renault said. At launch, it is expected to supply to multiple industrial customers including Volvo, Proton, Nissan, Mitsubishi Motors, and PUNCH Torino. The JV aims to have an annual production capacity of up to five million internal combustion, hybrid and plug-in hybrid engines and transmissions, Renault added. Reuters reported in March that the new venture will see 15 billion euros ($16.53 billion) in annual revenue. Saudi Aramco, which signed a letter of intent with Renault and Geely in March, is evaluating a strategic investment in the new company, Renault said. The Saudi oil producer has been involved in advanced discussions to take a stake of up to 20% in the JV, sources said earlier this year. Big oil firms have worked with automakers to develop sustainable fuels and hydrogen engines in recent years. But a deal here would make Aramco the first major oil producer to invest in the car business. The joint venture is expected to be launched in the second half of 2023. Earnings/Financials Green Mitsubishi Nissan Volvo Renault

2022 Mitsubishi Eclipse Cross refresh gives the crossover an Aztek-ectomy

As expected from spy shots, the 2022 Mitsubishi Eclipse Cross has received a styling refresh, and it changes the somewhat controversial rear end. It also brings some tweaks to the infotainment, and for markets outside the U.S. a plug-in hybrid. The big exterior changes are at the back. The Aztek-style split rear window is gone for a conventional single one. The taillights no longer bridge across the middle of the hatch. They do still extend up the rear pillars. The shape of the hatch looks a little different, too, and it helps reduce the stubby look of the Eclipse Cross's tail. From the front and sides, the new Eclipse Cross doesn't seem particularly different. But looking closer, you may notice that the upper lamps are slimmed down and given a steeper angle. They also appear to simply be daytime running lights, while the now larger lower lamps take over actual illumination duty. The main grille is also thinner. On the inside, the main change is to the infotainment system. The screen has grown to 8 inches over the old 7-inch system, and now features a new graphic interface and physical volume and tuning knobs. Not only that, it ditches the touch pad in the center console, opting instead for touchscreen interactions exclusively. To aid this, the screen also sits closer to the front occupants. Mechanically, U.S.-spec Eclipse Cross models are unchanged. They continue to get the turbocharged 1.5-liter four-cylinder making 152 horsepower and 184 pound-feet of torque. It's paired with a CVT and front- or all-wheel-drive. For other markets, Mitsubishi will introduce a plug-in hybrid variant. Details for that will come later, but won't be especially relevant for the U.S., as the company said it has no plans to bring it here. Considering the availability of the Outlander PHEV in America, this seems like an odd decision, but perhaps Outlander PHEV sales haven't been strong enough to merit another PHEV model. The redesigned Eclipse Cross will go on sale in the first quarter of 2021. Pricing has not been announced, but expect it to stay close to the current car's base price of $24,190. Related Video:

Facts point to legal violations by Carlos Ghosn, says Nissan external review

YOKOHAMA, Japan — An external committee reviewing governance at Nissan Motor Co said on Wednesday there were enough facts to suspect violations of laws and the private use of company funds by ousted chairman Carlos Ghosn. Following a three-month audit of Nissan's governance after a scandal that shook the global auto industry, the committee put the blame squarely on what it called Ghosn's concentration of power. It also acknowledged Nissan CEO Hiroto Saikawa's role in Ghosn's salary arrangement at the heart of the scandal. Twenty years to the day since French automaker Renault SA agreed to rescue Nissan, the committee described a corporate culture at Nissan "in which no one can make any objections to Mr. Ghosn," who was "in a way deified within Nissan as a savior who had redeemed Nissan from collapse." A representative for Ghosn replied in a statement that the allegations made against the former Nissan chairman "will be revealed for what they are: part of an unsubstantiated smear campaign against Carlos Ghosn to prevent the integration of the Alliance and conceal Nissan's deteriorating performance." The group issued 38 recommendations to bolster Nissan's governance, including that top executive positions at the Japanese car maker should not be held by people serving in executive positions at Renault or junior partner Mitsubishi Motors. It also proposed that the majority of directors, including the chairman of the board, be independent, outside directors and that the role of company chairman be abolished. Responding to the committee's comments, Saikawa told reporters on Thursday that Nissan would seriously consider the committee's recommendations, which he characterized as "tough." Saikawa, who was speaking outside his home, did not specifically address his responsibility in the scandal but has previously said that top management, including himself, were responsible for weak governance which led to the misconduct. The recommendations from the external, seven-member committee came weeks after Nissan and Renault said they would retool their alliance, one of the world's biggest automaking groupings, to break up the all-powerful chairmanship previously held by Ghosn. "There are facts sufficient to suspect violations of laws and regulations, violation of internal rules and private use of company funds and expenses ... by Mr. Ghosn," the committee said in its report.