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Nissan to pull out of venture fund with Renault in cost-cutting drive, insiders say

TOKYO — Nissan is likely to pull out from a venture capital fund it runs with alliance partners Renault and Mitsubishi Motors, as part of the Japanese automaker's drive to cut costs and conserve cash, two sources said. Nissan will formally take a decision on whether to leave the fund, Alliance Ventures, by the end of this month, the two Nissan insiders told Reuters, declining to be identified because the information has not been made public. The likely move comes after Nissan's junior partner, Mitsubishi Motors Corp, told an alliance meeting last week that it would no longer continue to inject money into the fund, one of the sources said. The decision to leave the Amsterdam-based fund was all but a done deal, the other source said, adding: "Of course we're out. The house is on fire." A Nissan spokeswoman said it was speculation and declined to comment. A Mitsubishi spokesman said no decision had been made. The move comes as Nissan — which has seen its earnings slump — is now facing a downturn in China, its biggest market, due to the impact of the coronavirus outbreak. China sales plunged 80% last month. It also highlights the extent of the automaker's cost-cutting under new CEO Makoto Uchida, who is under pressure for a quick turnaround. Alliance Ventures is aimed at finding "learning opportunities" for the alliance through investing in startups, and is supposed get up to $200 million (153.3 million pounds) a year from the three alliance partners, although it never achieves that full amount, the first source said. It was set up under former alliance head Carlos Ghosn, whose dramatic arrest in Japan culminated in an escape to his childhood home of Lebanon in December. Ghosn faces multiple charges in Japan, including of under-reporting earnings and misappropriation of company funds, all of which he denies. According to its website, the fund was set up with a $200 million initial investment and aims for up to $1 billion by 2023. Portfolio companies include WeRide, a Chinese robo-taxi startup and Tekion Corp, a cloud-based retail platform for cars. "It wasn't established by Ghosn as a way to make money. It was for those learning opportunities we get from investing in smart startups," the first source said. "But given the tough financial situation we are facing, we are looking at investment return." Reporting by Norihiko Shirouzu; Editing by David Dolan/Louise Heavens/Susan Fenton.

Mitsubishi refreshes the Triton truck for 2019

In September, Mitsubishi showed a teaser image of the new, redesigned Triton/L200 truck that refreshes the model originally introduced in 2014. Now, the new truck is here, except not here in the sense of being sold in the United States. Alas, we can hope. The new Triton/L200 is a global truck in the sense that it'll be sold in some 150 countries around the world, from Europe to Africa and Oceania, the Middle East and Latin America, but North America isn't part of the plan. Sales start Nov. 17 in Thailand, where the truck is built. Some 180,000 global yearly sales are planned. Looking at the photos released by Mitsubishi, the truck's nose has gained the new corporate styling direction that can also be seen on the Outlander, the Eclipse Cross, and even the re-facelifted Lancer that is sold in some countries. The front design is called "Dynamic Shield" in corporate Mitsubishi language, pointing to the more pronounced grille-intake combo with chrome effect. Otherwise, the basics of the Triton remain as before, with the truck likely to keep the time-honored 4G64 2.4-liter gasoline engine and two inline four diesel options. There are two 4WD systems on offer, either Super Select or Easy Select. Like we said in September, the small truck segment is hotly contested in the U.S. right now, and the Triton, were it sold in the States, would compete against the Tacoma, the Colorado and the Canyon, the Ford Ranger, and a possible Ram truck that would slot underneath the 1500. But the 25 percent Chicken Tax it's subjected to as a foreign-built truck makes it impossible to compete. The currently sold Ranger T6 is originally of Australian design, and as well as being made in Michigan it is also produced in Thailand like the Triton. Related Video:

Mitsubishi to offer new Galant, Montero in US?

We admit it - we've been skeptical about Mitsubishi's fortunes here in the US for a long time now, and this month's reveal of the 2014 Mirage subcompact at the New York Auto Show didn't do much to quell our consternation. Yes, the Mirage should attract a certain portion of the buying population based on what will likely be the best fuel economy figures in its segment and a low price, but the profitability of basic small cars is limited even under the best of circumstances. Mitsubishi is clearly going to need something meatier in its portfolio if it wants to get back on track financially.
Help appears to be on the way. According to The Detroit Free Press, Masatoshi Hasegawa, the company's executive vice president here in North America, has confirmed that at least two more models are destined for the company's US dealerships, and it looks like they're going to be entries into higher-volume, higher-margin segments. Hasegawa pledges that the company will overhaul its lineup over the next two to three years, and one of them will be a successor to the often-ignored Galant, a midsize sedan we last saw for the 2012 model year.
And what of the other model? Apparently it will be an unnamed "bigger brother" for the new 2014 Outlander, an acknowledgment that suggests Mitsubishi is considering bringing its Montero/Pajero SUV back to the States. Earlier this month, we heard a report that a next-generation model for the venerable off-roader remains a few years out, but it's possible Mitsubishi might import the current aging model before the new one is produced. A big shift is said to be in the works for the fifth-generation model, with a massive weight loss and possible plug-in hybrid variant tipped as top goals for the program.