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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.

Mercedes, Nissan and VW slammed by China's CCTV

Several automakers in China, including joint ventures with Nissan, Volkswagen and Mercedes-Benz, are in hot water because their dealers are allegedly overcharging customers for repairs. China Central Television, the country's state broadcaster, leveled the claims during its annual Consumer Day expose. CCTV runs these reports each year on March 15 and often takes aim at foreign companies operating within China. This year the focus fell on automakers, according to the Financial Times, and no domestic car companies were targeted. The network also accused dealers of overselling parts, and it took aim at Jaguar Land Rover specifically for problems surrounding transmission repairs, according to Reuters. The yearly stories are often criticized for focusing on outside businesses. "It panders to a certain type of nationalism as it tends to target foreign companies and rarely touches large state groups or monopolies," Qiao Mu, a journalism professor at Beijing Foreign Studies University, said to the Financial Times. Foreign automakers seem to face tighter scrutiny when doing business in China than their domestic counterparts, in general. The government there investigated several luxury brands, including Audi and BMW, last year for how they supplied spare parts and whether the components were overpriced. Some incurred fines, and Lexus decided to lower its prices. Volkswagen also experienced protests when owners felt the company wasn't handling a recall properly. The CCTV report also comes as many auto dealers in China are feeling a pinch due to high mandated sales targets from automakers. The situation was so dire in early 2015 several brands cut back sales targets and in some cases even paid the sellers to offset poor profits. News Source: Financial Times - sub. req., ReutersImage Credit: Andy Wong / AP Photo Government/Legal Mercedes-Benz Nissan Volkswagen Car Dealers Auto Repair Maintenance jaguar land rover

2015 Nissan Leaf gets B mode standard, new MorningSky Blue color

The Nissan Leaf is getting a few updates for the 2015 model year, some functional, some purely aesthetic. The appearance options will be made available later than the rest, and include a new exterior color called MorningSky Blue, as well as standard 17-inch aluminum alloy wheels for the SV trim level. In terms of driving, the 2015 Leaf gets a dedicated B-mode for every trim level, including the base S car (it was formerly only available in the SV and SL levels). This provides more aggressive regenerative braking when the driver is not on the accelerator - perfect for making the most of those downhill grades. Now every Nissan Leaf includes Normal, Eco-Mode and B-Mode, regardless of trim level. SV and SL trim levels also get a couple new convenience features. For those who find it impossible to disconnect while driving, the Hands-Free Text Messaging Assistant allows them to communicate without taking their eyes off the road, taking their hands off the wheel or risking a distracted driving ticket (perhaps you might want to rethink using it, though). Additionally, SV and SL customers will Voice Destination Entry to make spontaneous rerouting to the theme park a little easier. Of course, a lot of other Nissan cars got some cool upgrades this year. The Quest, NV200 Compact Cargo and V6-powered Altima, for instance, eke out another mile per gallon highway and combined. See what's new in the Leaf and the rest of the Nissan lineup in the press release below. The 2015 Nissan Lineup: Charting the Changes Nissan's U.S. sales have significantly outperformed the industry in 2014, up 12.7 percent CYTD through June. Sales have been led by the recently redesigned Altima, Rogue and Sentra – along with other models such as LEAF (+29.4%), JUKE (+44.9%), Frontier (+22.6%) and NV200 (+439.3%), which have shown strong results month after month. This gives the Nissan lineup great momentum heading into the 2015 model year. Headlining the changes for 2015 is the upcoming launch of the all-new Nissan Murano (due in late 2014). As the halo vehicle for Nissan's expanding range of bold crossovers and SUVs, the dramatic 2015 Murano features a new V-motion front end, LED boomerang lights and a unique "floating" roof. Murano's breakthrough exterior design carries into the interior, which offers an engaging social lounge feel through features such as advanced NASA-inspired Zero Gravity front and outboard rear seating and oversized Power Panoramic Moonroof.