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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.

Submit your questions for Autoblog Podcast #357 LIVE!

We're set to record Autoblog Podcast #357 tonight, joined by Jeff Glucker of the Hooniverse Podcast. You can check out the topics below, drop us your questions and comments via our Q&A module, and don't forget to subscribe to the Autoblog Podcast in iTunes if you haven't already done so. To take it all in live, tune in to our UStream (audio only) channel at 10:00 PM Eastern tonight.
Discussion Topics for Autoblog Podcast Episode #357
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Mitsubishi Lancer Evolution recalled over clutch woes

Mitsubishi will be recalling over 10,000 Lancer Evolutions built between December 12, 2007 and March 5, 2013, covering model years 2008 to 2013. The recall only affects cars with manual transmissions, though, so if you opted for a Lancer Evo with a quick-shifting SST, this recall doesn't apply to you.
If you're one of the 10,474 people that has a Lancer Evo X GSR, which is the only way into a manual-trans Evo X, you need to plan a trip to your local dealer. The recall relates to a failure in the clutch master cylinder, making shifting in and out of gear difficult. Consequently, the National Highway Traffic Safety Administration reports that this could increase the odds of crashing.
Mitsu will notify owners of the affected cars, and these Evo models will be repaired, free of charge, at dealerships. The recall is slated to begin around November 11. Scroll down for the full bulletin from the NHTSA.