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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.

Mitsubishi Mirage fuel economy challenge winner duct tapes his way to 74.1 MPG

There's a lesson to be learned from the Mitsubishi Motors' Extreme MPG Hypermiling Challenge: if you want to get your 2014 Mirage to get over 74 miles per gallon, apply duct tape. During the recent event, which ran from Las Vegas, NV to Cypress, CA (where Mitsubishi has its North American HQ), a number of journalists were "allowed to make very minor modifications to their cars from production form." Their solution was to put some colored duct tape over some of the gaps in the front fascia sheetmetal as a way to try and reduce aerodynamic drag. A combination of expertly applied sky blue tape on a Kiwi Green Mirage and careful driving allowed About.com's Aaron Gold to reach 74.1 mpg in the contest. That beat out Popular Mechanics' Mike Austin (driving a Plasma Purple Mirage) and Autobytel's Joni Gray (Sapphire Blue) who tied for second with an average mpg rating of 68.5. The $12,995 car's official EPA fuel economy ratings are 37 city/44 highway/40 combined (continuously-variable transmission model). You can read the Autoblog review of the '14 Mirage here, check out the press release below and keep an eye out for a 30-minute video version of the event on Cars.TV soon. About.com's Aaron Gold Crowned the Winner in Mitsubishi Motors' Extreme MPG Hypermiling Challenge by Achieving an Amazing 74.1 MPG in his 2014 Mitsubishi Mirage Cypress, California, March 13, 2014 – Aaron Gold of About.com, with an astounding fuel efficiency of 74.1 mpg driving his Kiwi Green 2014 Mitsubishi Mirage, finished today with the highest MPG in the Mitsubishi Motors Extreme MPG Hypermiling Challenge. Following Aaron in the 275-mile trek from Las Vegas, Nevada to the Mitsubishi Motors North America, Inc. (MMNA) headquarters in Cypress, California was Mike Austin from Popular Mechanics in his Plasma Purple Mirage and Joni Gray of Autobytel in her Sapphire Blue Mirage. Amazingly, both Mike and Joni tied with an average fuel economy rating of 68.5 mpg. "This was such an exciting event, to have such knowledgeable colleagues in our industry to push the limit to see how high of an MPG can be achieved in our 2014 Mirage," stated Don Swearingen, Executive Vice President of MMNA. "I never figured I'd come in over 70 MPG!" said winner Aaron Gold of About.com. "All three of us kept our speeds down; I think keeping my eyes way down the road, planning ahead and avoiding sudden changes of speed was what gave me the edge.

Mitsubishi to showcase eX crossover concept in Tokyo

The Tokyo Motor Show is coming up at the end of the month, and Mitsubishi isn't about to sit it out. That's where the Diamond Star automaker will unveil the eX Concept pictured here. The electric crossover concept packs what the company terms as a "next-generation EV system" into what looks at first blush like a rather dramatic design. Mitsubishi is telling us next to nothing about the eX and its specifications. However, it indicates that the concept incorporates an all-electric powertrain, all-wheel drive, an automated driving system, vehicle connectivity, and active safety systems. The automaker has also only revealed the one rendering above, but it bears all the hallmarks of a modern Mitsubishi concept like the ones we've seen in recent years. That includes the company's signature Diamond Shield front grille, flanked by narrow, angular headlights and oversized running lamps. Naturally, this concept rides on oversized wheels and boasts spindly little mirrors, all in an effort to tell us this is a bonafide show car and not a pre-production prototype. We'll look forward to seeing more in the near future, but in the meantime you can delve into what little Mitsubishi is telling us at this point in the press release below. Related Video: MITSUBISHI MOTORS LINEUP AT 44TH TOKYO MOTOR SHOW – ANOTHER STEP FORWARD WITH SUVS AND ELECTRIC POWER 08/10/15 from Mitsubishi Motors in the UK Print this page Add this release to Your Downloads TOKYO — Mitsubishi Motors Corporation (MMC) will unveil the Mitsubishi eX1 Concept, a compact SUV concept car, with a next-generation EV system at the 44th Tokyo Motor Show 20152. The concept car showcases MMC's next-generation electric vehicle (EV) technologies, a new take on the Dynamic Shield front design concept, and a vast range of other technologies for superior driving pleasure in a compact crossover package. MMC's display reflects the main theme of "Driving Beyond" – another step forward with SUVs and electric power. ELEGANCE & SUV & 100% ELECTRIC The Mitsubishi eX Concept is a vision for a unique all electric powered compact SUV aimed at the fast growing compact SUV market. It uses MMC's state-of-the art EV and all-wheel control technologies combined with automated driving, connected car, and active safety systems. Both exterior and interior design indicate the direction MMC Design is taking.