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Mitsubishi Mirage will launch in US with three-cylinder engine [w/video]

We have a date with Mitsubishi Mirage (again). The Japanese subcompact is slated to arrive on our shores in September 2013, and it's one of the product offerings meant to help Mitsubishi's US arm raise sales in its next financial year from 55,000 to 80,000. If next year were 1989, we'd say there's no reason that couldn't happen, but from what we've seen, the Mirage is so magnificently meek (have you seen the interior?) that we aren't sure how it will manage that kind of US sales aggression in the 21st century.
Continuing that theme, Car and Driver reports that the Mitsu will launch here with a 1.2-liter, three-cylinder engine. Make no mistake, this is a very popular engine in the Mirage and responsible for its excellent fuel economy. The hatch is doing so well in other markets with its two naturally aspirated tri-cylinders that the Thailand facility that builds the Mirage will have its capacity increased by 33 percent to try and meet demand. In European spec, the 845-kilogram (1,859 pounds) subcompact with the more powerful engine offering 79 horsepower and 78 pound-feet of torque gets 57.3 miles per US gallon and takes 11.7 seconds to get from zero to 62 miles per hour. The question is whether Mitsubishi will boost the output of that engine for our market. If not, only the 70-hp Smart ForTwo will have less horsepower - but the Mirage, interestingly enough, weighs about the same as the microcar.
On its UK site, Mitsubishi said the reveal of the Mirage in back 2011 meant "redefining the standards by which to judge a compact passenger car." We can't wait to find out if that's still true and what that means when it gets here. To prepare yourself, there's video of the Mirage in action below.

Mitsubishi Outlander PHEV arrives in UK with 'no' price premium

For UK buyers who are interested in a plug-in hybrid SUV, the Mitsubishi Outlander PHEV just got a little bit sweeter. The reason is that the base model of the vehicle will be available with or without a plug for the same price at the base diesel model. "If it's not going to save people money, they won't buy it" - Mitsubishi UK's Lance Bradley According to Cars UK, the price for the Outlander PHEV will be GBP28,249 (about $47,000 US) after a government grant of GBP5,000. In other words, the plug-in SUV actually costs GBP33,249 ($55,000) but thanks to pro-EV regulations, buyers can choose the powertrain they want, not the one they can afford. The managing director of Mitsubishi UK, Lance Bradley, told BusinessCar that it just makes sense to price the two vehicles at the same level. "There are some clever cars in the market but they're all too expensive," he said. "There should be a clear cost benefit because if it's not going to save people money, they won't buy it. The Outlander PHEV has an all-electric range of 32 miles, a top speed of 75 miles per hour in EV mode and a towing capacity of over 3,000 pounds. The SUV invades Britain in May and is scheduled to arrive in the US in 2015. Mitsubishi Motors North America's Melvin Bautista told AutoblogGreen that the UK price equivalence doesn't mean anything for the US, and that the company hasn't even begun the pricing for the vehicle in the US. The way the vehicles are packaged in the UK is also be different than how things work in the US, so we can't read anything into the UK price. Another factor is that, at the time when the PHEV launches in the US, the standard gasoline version will be undergoing a light facelift, which will also be applied to the PHEV model. This isn't the first time an alternative-fuel powertrain vehicle has cost the same as the old-fashioned gas model. The 2013 Lincoln MKZ could be had with a 2.0-liter hybrid or a 2.0-liter turbocharged EcoBoost four-cylinder for the same price.

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.