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Geely and Renault joint venture will develop internal combustion and hybrid tech

China's Geely Automobile Holdings and French car maker Renault SA on Tuesday said they will invest up to 7 billion euros ($7.71 billion) in a new equally held joint venture to develop gasoline engines and hybrid technology for automobiles. The JV is aimed at manufacturing more efficient internal combustion engines and hybrid systems at a time when the focus of much of the automobile industry has been on the capital-intensive transition to purely electric vehicles. "We are pleased to be embarking on this journey to become a global leader in hybrid technologies, providing low-emission solutions for automakers around the world," said Eric Li, Geely Holding Group chairman. The new company will employ 19,000 people at 17 engine plants and five research and development hubs, Renault said. At launch, it is expected to supply to multiple industrial customers including Volvo, Proton, Nissan, Mitsubishi Motors, and PUNCH Torino. The JV aims to have an annual production capacity of up to five million internal combustion, hybrid and plug-in hybrid engines and transmissions, Renault added. Reuters reported in March that the new venture will see 15 billion euros ($16.53 billion) in annual revenue. Saudi Aramco, which signed a letter of intent with Renault and Geely in March, is evaluating a strategic investment in the new company, Renault said. The Saudi oil producer has been involved in advanced discussions to take a stake of up to 20% in the JV, sources said earlier this year. Big oil firms have worked with automakers to develop sustainable fuels and hydrogen engines in recent years. But a deal here would make Aramco the first major oil producer to invest in the car business. The joint venture is expected to be launched in the second half of 2023. Earnings/Financials Green Mitsubishi Nissan Volvo Renault

Nissan's quarterly profit fell 68% in the last quarter

TOKYO — NissanÂ’s profit fell 68% in the last quarter as a shortage of computer chips hindered the Japanese automakerÂ’s ability to deliver vehicles to its customers. Nissan Motor Co. reported Wednesday that its profit was 17.4 billion yen ($119 million) in the July-September, down from 54 billion yen the same period a year earlier. Quarterly sales jumped to 2.5 trillion yen ($17 billion) from 1.9 trillion yen a year ago. The company's chief executive, Makoto Uchida, acknowledged the company faces various headwinds, including a chips supply crunch that has slammed the global auto industry amid lockdowns and other restrictions related to the pandemic. “But I can say our operations are definitely improving,” he told reporters. Officials apologized to all those who had to wait for their Nissan cars to be delivered because of the semiconductor shortage. On the plus side, a weak yen has helped Japanese exporters, including Nissan, by boosting the value of overseas earnings when translated into yen. But Uchida said a volatile exchange rate was more of a risk because of NissanÂ’s widespread global operations. The U.S. dollar, at about 110 yen a year ago, is now trading at nearly 150 yen. “We find a stable currency as most desirable,” said Uchida. The rising cost of raw materials, as inflation pressures spread around the world, is another challenge, according to Nissan, based in the port city of Yokohama. Uchida and other company officials declined comment on NissanÂ’s talks with alliance partner Renault SA of France. He said any decision on reshaping the alliance will be announced. NissanÂ’s brand power has been tarnished by a scandal centered around its former chairman, Carlos Ghosn, who was sent in by Renault to lead Nissan for more than two decades. Ghosn was arrested on various financial misconduct charges in 2018, including under-reporting his compensation. He jumped bail and fled in late 2019 to Lebanon, which has no extradition treaty with Japan. He says he is innocent. Nissan lowered its vehicle sales outlook for the fiscal year through March to 3.7 million vehicles from an earlier projected 4 million vehicles. Nissan sold 3.8 million vehicles in the fiscal year that ended in March. Nissan raised its annual profit forecast to 155 billion yen ($1.1 billion) from an earlier 150 billion yen ($1 billion). Nissan, which makes the Z sportscar and X-Trail sport utility vehicles, earned 215 billion yen in the last fiscal year.

2021 Infiniti Q50 Red Sport 400 Road Test | Z engine preview

There isn’t much reason to take another look at the 2021 Infiniti Q50 Red Sport 400 on the surface. ItÂ’s largely the same sedan as it was when we drove it in 2016: powerful and stylish, but lacking in tech and polish. However, whatÂ’s under the hood is of far more interest to us today than it was just a year ago. ThatÂ’s because the 3.0-liter twin-turbo V6 powering this Infiniti is migrating over to the next Nissan Z car. Nissan announced that the production Z would get a 3.0-liter twin-turbo V6 not long after it revealed the Z Proto. There are no other twin-turbo V6s in NissanÂ’s arsenal but this one, meaning that the VR30DDTT engine in this Infiniti is destined for the Z — plus, there's photo confirmation. The big question remaining is: How new or different will it be? Its most potent state of tune is rated at 400 horsepower and 350 pound-feet of torque. ThatÂ’s a high number versus most other boosted six-cylinders, and perhaps most importantly, itÂ’s more potent than the 382-horsepower 2021 Toyota GR Supra 3.0. As weÂ’ll soon explain, though, numbers only tell part of the story. Transplanting the InfinitiÂ’s V6 into the next Z surely wonÂ’t be without challenges, either. Nissan is promising a six-speed manual in the Z. Meanwhile, this engine is exclusively paired with a traditional seven-speed automatic transmission in the Q50 and Q60. Nissan hitched this engine up with a manual in a 370Z SEMA show car years ago, but now it must devise a production car solution. ThereÂ’s also the question of whether Nissan will use the same seven-speed as the automatic option in the Z, or come up with something a bit more aggressive. The cost-efficient (and likely) solution would be reusing the seven-speed, not unlike the Supra's eight-speed traditional automatic.  Having all of this in mind, we set out to see how this engine sits today as a preview to the Z.  Going from the big, naturally aspirated VQ series V6 to a smaller twin-turbo V6 will bring about the obvious changes. The rabid and uncouth personality of the outgoing VQ is nowhere to be found in the sweet and smooth new engine. ItÂ’s not quite the silky, effortless BMW inline-six found in the Supra, but it brings an air of refinement and maturity that's simply not there in the current Z. And then thereÂ’s the torque. All 350 pounds of twist are available at 1,600 rpm in the Q50 Red Sport 400, which means the shove in the back would theoretically start just off idle.