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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.

Nissan touts e-NV200 as electric VIP transport

While the big auto show may be in Paris next month, right now in Hannover, Germany, commercial vehicle manufacturers are peddling their wares to fleet operators. Among them is Nissan, which is not only upgrading its NV400 full-size van with new engines and technology, but also showcasing a rather unusual show car in the form of the e-NV200 VIP Concept. Nissan has outfitted this electric NV200 demonstrator to chauffeur passengers around town in comfort and under electric propulsion. It's decked out in a two-tone metallic blue paint job and an interior upholstered in white leather contrasting with black trim and carpets, although for some reason the Japanese automaker hasn't seen fit to release any interior images. In the back you'll find a 21.5-inch DSP monitor, LED lighting and a pair of "club class" seats (again, no pictures), moved aft-wards to maximize leg room to 26 inches with an extendable footrest, while still allowing for luggage space behind. The driver can even make use of Nissan's new Smart Rear-View mirror to help get passengers as close to the red carpet as possible. NISSAN SHOWCASES EV FOR VIPs Zero emission e-NV200 is transformed for ultimate comfort city transport -introducing the e-NV200 concept for VIPs. - Luxuriously appointed 100% electric for downtown VIP passenger shuttle - Two-tone metallic blue exterior and white leather seats - Limousine-like space and 21.5-inch monitor with digital device connectivity - Smart Rear-View mirror providing clear rearward visibility in all conditions Hannover, Germany (23rd September, 2014) Fresh from launching the game-changing 100% electric Nissan e-NV200 compact van, the world's leading electric vehicle manufacturer has created a new zero emission concept for VIP transportation - the Nissan e-NV200 VIP Concept. Designers have upgraded the all-electric e-NV200 Evalia people carrier into a zero emission van perfect as shuttle transport for VIPs. The benefit of being zero emission means that the van can access all current and future clean air zones, as well as drive inside buildings, for the ultimate in discreet convenience. Behind the spectacular two-tone exterior lies a sophisticated and luxurious interior. The seats are covered in premium quality white leather with blue accents, which contrast with the predominantly black lower portion of the cabin - the trim and carpets are black with a piano black finish on the control surfaces.

Recharge Wrap-up: Elon Musk talks autonomous cars, Renault to run ZOE in ZENN Monte-Carlo Rally

Elon Musk discussed the autonomous driving capabilities of the Tesla Model S with NVIDIA CEO Jen-Hsun Huang. He said the car is already equipped with the hardware needed for highway driving. "Even with the current sensor suite, we could make the car go fully autonomous, but not a level of reliability that would be safe in, say, a complex urban environment at 30 miles an hour," says Musk. That would require "a bigger sensor suite, and you need more computing power." Huang and Musk also discussed car hacking and artificial intelligence during the interview at the 2015 GPU Technology Conference. See the video above, and read more at Teslarati. Renault will send four of its ZOE electric cars to the ZENN (Zero Emission, No Noise) Monte-Carlo Rally. The rally, which travels through the principality beginning and ending at the Port of Monaco, is open to electric cars with ranges of less than 250 kilometers (about 155 miles). Visitors can also explore an "electric village," which includes vehicle test drives and information about the future of automobiles. The race takes place from March 20 through 22. Read more in the press release from Renault below. A Seattle-area Nissan dealership has opened a "charging depot" with six fast chargers. Bellevue Nissan now claims to have a larger group of fast chargers than any other dealership in the country. The chargers are part of the NRG eVgo network, and will be available to drivers around the clock every day of the week. They'll also be part of Nissan's "No Charge To Charge" program for Leaf customers. Washington Governor Jay Inslee was on hand at the dealership for the opening, where he called such fast charging stations, "the backbone of our future transportation infrastructure." Read more at Hybrid Cars. A coalition of environmental groups and renewable energy advocates want New York to require all heating oil sold in the state to include at least two percent biodiesel. The proposal passed the Assembly's Committee on Environmental Conservation Tuesday. Its sponsor is Assemblyman Steven Englebright, a Long Island Democrat who says a biodiesel standard would reduce carbon emissions while boosting the state's agricultural industry. Supporters of a biodiesel standard include the New York League of Conservation Voters, the New York Public Interest Research Group and the state's Corn and Soybean Growers Association. Conventional oil companies are opposed.