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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.

Nissan Sentra gets mean with 240-hp Nismo concept

Nissan's Sentra Nismo Concept made its world debut at the LA Auto Show today as part of the Japanese automaker's intitiative to expand its performance line of factory performance models, and it's packing a turbocharged inline four-cylinder engine with 240 horsepower and 240 pound-feet of torque - that's 110 hp more than the regular Sentra.
Of course, no high-performance version of any car would be complete without the suspension upgrades to handle the power, and Nissan has fitted Nismo-tuned suspension and a limited-slip differential to the little front-wheel-drive sedan. With such an increase in power, Nissan wisely chose to swap out the stock brakes for the Brembo calipers and discs from the 370Z. Larger 225-millimeter-wide tires are wrapped around 19-inch Rays wheels and contained within wider fender flares. The steering and six-speed manual transmission also were tuned by Nismo.
The exterior gets new aerodynamic bits, such as a revised front fascia, a chin spoiler and a new rear spoiler, while the interior gets a nice set of Recaro seats and a leather-and-Alcantara steering wheel. For more information on the Sentra Nismo Concept, check out the press release below, and feel free to head over to the auto show photo gallery to see the car up close.

Meet the man who took a year sabbatical to drive his 1967 Datsun Fairlady Roadster

A quiet drive in the country can be the most relaxing thing in the world. What if it didn't have to end, and you could keep driving for a week, a month or even a whole year? That's what Scott Fisher is doing by taking a one-year sabbatical from work and driving his 1967 Datsun Fairlady Roadster around North America.
"I had owned a manufacturing business in Las Vegas for 16 years. I knew I needed to kinda' get out, and unwind, and get my mojo back," said Fisher.
Fisher's trip has covered over 30,000 miles through 44 states and 7 Canadian Provinces, and it is not over yet. He left from his home in Las Vegas, NV, last spring and drove to the Pacific. From there, he drove up the coast to the Canadian border and aimed the car for the Atlantic. He just posted on his blog about visiting the Nissan headquarters and museum in Franklin, TN, and his next stops are Mississippi and New Orleans, LA.