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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 readying Outlander refresh

Mitsubishi has a big secret to keep under wraps when it comes to the looks of its refreshed Outlander crossover. Our spy shooters recently caught it testing in Germany, and the CUV had enough buckles, straps and snaps covering up the front end for the vehicle to fit in at an S&M party for cars. The rear was hidden just as thoroughly, too.
Given the areas that Mitsubishi's engineers are obscuring, it seems safe to assume that the Outlander is getting a heavily revised front end with redesigns for the grille, front bumper and possibly hood. The lights might be reshaped too, judging from these photos. The changes are just as hard to spot at the rear, but you can make out the shape of the taillights. They appear more rectangular than the current model, and the bumper looks more angular, as well.
This is likely our first glimpse of the of the major restyle for the Outlander that Mitsubishi execs told Autoblog about in July. The interior is also getting an update to improve interior material quality, we were told. The revisions are supposed to coincide with the launch of the PHEV model in the US at roughly the same time.

Mitsubishi Outlander PHEV faces longer delays, might not arrive until 2016

It seems every time the Mitsubishi Outlander PHEV makes the news the information concerns a delay, and the reason always centers on its batteries. Four months ago the culprit was restricted battery supply from Lithium Energy Japan, pushing the arrival to 2015. This time it's no different, with Automotive News reporting that a battery-related request made by California state regulators will push the Outlander PHEV arrival back to "late 2015 or early 2016."
CA authorities want all plug-in hybrids to be fitted with a monitor for the lithium-ion batteries that will be on the lookout for degradation, the concern being that diminished batteries could change the vehicle's emissions. Getting the technology fitted and tested means something like a 16- to 22-month delay.
The extra time, however, should let Mitsubishi figure out what it's going to do about its battery supply since the current level of 4,000 per month isn't enough to support a US launch; the Automotive News article says Mitsubishi expects a volume of 63,000 plug-ins for 2016. The company hasn't said how it plans to make up the balance.