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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 wants to bring a plug-in hybrid Montero to the US

As Mitsubishi's turnaround takes hold, we can talk less about the company's survival in the US market and more about what kinds of products we might see in the future: there's a hybrid Evo on the way and its joint venture with Renault-Nissan will deliver a C-segment sedan. Furthermore, it might even deliver a dividend to its shareholders next year.
In addition to Mitsubishi announcing its intent to focus on SUVs, pickup trucks and crossovers, company president Osamu Masuko gave an interview to Automotive News saying that the plan is for model lines to have two or three power train options: gas, plug-in hybrid, diesel. Believing that fuel economy standards will force the expansion of the plug-in hybrid market, Masuko wants to bring a PHEV Pajero to the US (the Montero in our market) because it will restore the brand's place in the full-size SUV segment with a well known nameplate, and help the company reach its goal of making PHEVs 20 percent of its product offering.
We love the idea of a new Montero - and we hope there's a traditional gas model that would come with the PHEV - the question is what would it look like? The Concept GC-PHEV we saw at the 2013 Tokyo Motor Show could offer clues, but with Masuko listing the SUV as the company's second most popular model behind pickups, how daring could designers get with it? On the other hand, if you compare the Concept PX-MiEV shown at Tokyo in 2011, the similarity to the production Outlander is more than one might expect for a crossover that's become a major seller for the brand. With an introduction due in 2015 or 2016, we shouldn't have to wait long to find out. Regrettably, there's still no word on the return of a Mitsubishi pickup truck.

Mitsubishi Evolution nameplate evolves into an electric SUV

Let's imagine a Mitsubishi enthusiast awakens after having slept a decade. At first he isn't alarmed at all, since the Lancer he last saw before taking a long nap still looks the same. The Galant is long gone, but that doesn't bother him much. The first shock he experiences is when he realizes the Eclipse name has been reserved for a 2018 crossover — so would it be best not to tell him the vaunted Evolution nameplate will be used in an electric SUV? That's the plan according to Mitsubishi, as the carmaker announced it will show its e-Evolution Concept at the 45 th Tokyo Motor Show next month. Mitsubishi speaks of a watershed moment taking place at the show, as it "will wave the flag under new circumstances to usher a new era of longterm growth and sustainable development, returning to where it belongs to better embrace the future." In short, electric SUVs. According to Mitsubishi, the e-Evolution is a preview for a "low-slung aerodynamic SUV Coupe," and it will be a high-performance, all-wheel-drive vehicle with electric power. Of course, the very name Evolution stands for continuously evolving vehicles, so a change of approach from turbocharging winged Lancers isn't that ill-advised. The included photo was distributed under the file name "1st Teaser," so perhaps we will see more photos as the showtime gets nearer. Related Video: