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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.

This new Renault would make a great Nissan Maxima wagon

A new Renault station wagon wouldn't ordinarily show up on our radar. But this one gets us thinking. It's the new Talisman Estate, and we can't help but wonder if it wouldn't make a good addition to Nissan's North American lineup. If you recognize the name, you may recall that Renault launched the Talisman sedan on the other side of the pond last summer. At the time, we noticed some striking similarities to the Maxima sedan we get here, though Nissan told us the two were unrelated. But that wouldn't necessarily stop the wagon from sporting a different badge on the nose and making the transatlantic journey to American showrooms. The long-roofed version of the Talisman measures 191 inches long making it only a little longer than the BMW 3 Series Sports Wagon we get here, while riding on the same 110-inch wheelbase. But where the Bimmer offers up to 53 cubic feet of cargo space, the Renault can fit nearly 60. It also boasts electronic dampers and four-wheel steering to keep it light on its toes, and offers a selection of four-cylinder gasoline and diesel engines ranging from 110 horsepower up to 200. Related Video: Featured Gallery Renault Talisman Estate View 31 Photos News Source: Renault Nissan Renault nissan maxima

Recharge Wrap-Up: Georgia lawyers love the Nissan Leaf, 2B vehicles by 2035

Loads of lawyers at a firm in Georgia are taking advantage of the state's EV tax credit. Georgia offers a tax credit on leases and purchases of electric vehicles for 20 percent of the car's value, up to $5,000. This has created a trend among lawyers at Arnall Golden Gregory, who one after another have been switching from gas-powered cars to the all-electric Nissan Leaf. They appreciate the environmental benefits, as well as toll exemption and access to HOV lanes, but the tax credit seems to be the biggest motivation to switch. Says lawyer Scott Wandstrat, "Everybody is signing up, now that all the cool kids are doing it." Read more at Daily Report. (Thanks to Kevin D. for the tip!) There's an easy way to see what kind of battery pack a Tesla Model S is using. Underneath the car on the passenger side, just behind the front wheel is a sticker on the outside of the battery pack. At the top is the battery size, 60 kWh or 85 kWh. Below that is a part number, followed by a letter. According to this Tesla Motors Club wiki, those numbers denote new or refurbished battery packs. The A, B or D following that number refers to the generation of battery, which also corresponds to charging capabilities. Knowing how to decode a Tesla pack could be useful if you ever need to replace your battery. Get more details at Teslarati. There will be 2 billion vehicles in use by 2035, according to a forecast by Navigant Research. The group who brought you the fuel consumption figures we shared with you previously estimates that there are currently almost 1.2 billion light-duty vehicles in use today. Navigant expects stop-start technology to grow, with 45 percent of vehicles on the road being equipped with it by 2035. Read more at Green Car Reports. The Hybrid Shop, which specializes in reconditioning batteries, is now an AskPatty Certified Female Friendly Auto Repair Facility. AskPatty, an automotive website which offers advice for women, credits The Hybrid Shop for providing a safe and comfortable environment for women, as well as offering valuable automotive services. The Hybrid Shop has launched its own corresponding microsite, which offers the resources most requested by women. Learn more in the press release below.