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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.

Infiniti QX60 Monograph previews a handsome next-gen three-row crossover

Infiniti has pulled the sheet off its QX60 Monograph — a styling exercise meant to preview the forthcoming production replacement for its three-row crossover. Infiniti insists that while this is not the production QX60 replacement, it is close enough to not merely be labeled a "concept." Whatever Infiniti wants to call it, it's impressive. This slick design blends elements of the original Infiniti FX line with some of the luxury brand's more recent artistic direction (see: the big, fat grille) and perhaps a little dose of European flavor; we'd be lying if we said there wasn't some Jaguar F-Pace evident in that profile.  "More than a design study or concept, a 'Monograph' provides a tangible insight into how Infiniti plans to transform a future model. The QX60 Monograph previews some of the proportions and design elements that will adorn the brandÂ’s future three-row SUV, " Infiniti said in the QX60's official announcement. "We commenced the design of the Monograph knowing this was an opportune time to start a discussion about where we are planning to take the QX60 in the future," said Alfonso Albaisa, senior vice president, Global Design, Nissan Motor Co. Ltd.  "In crafting this Monograph, we wanted to change the tonality of the QX60 and transform the nameplate from a sculptural and architectural point of view. We raised the visual center of gravity, giving it a strong, straight shoulder line that carries through to the hood, with a higher, more prominent grille, and longer-looking cabin to deliver a sense of muscularity and a commanding presence," Albaisa said. Every element of the QX60 Monograph's exterior was designed deliberately to convey that image, from the heat-sink-inspired shape of the headlamps to the slick, well-integrated segments of the rear lighting signature, which blends into a single wrap-around element when not illuminated.  As close to production-ready as this QX60 Monograph might be, there are some obvious signs that there's still work yet to be done. As you'll note, there's not a single shot of this crossover's interior, and that's because it doesn't have one yet. Infiniti knows it can't afford to fumble a new launch, especially of a crossover, so we have fairly high expectations for its cabin, especially since Infiniti has been known to produce some top-notch interiors when it tries. Look for the real-deal next-generation QX60 to be shown sometime in 2021. 

Nissan sees its EV sales surging to 1 million annually by 2022

YOKOHAMA, Japan — Nissan announced plans to sell 1 million electric vehicles (EVs) annually by 2022, a six-fold jump from what it sold last year, and said it had no plans to stop testing its self-driving cars on public roads, calling them safe. Japan's No. 2 automaker and its rivals are planning to crank up development and production of electric cars in response to tightening emissions regulations around the world, even as demand for such vehicles remains limited due to their high cost and limited charging infrastructure. Launched as the world's first mass-market all-battery EV in 2010, Nissan's Leaf compact hatchback is the world's best-selling EV, though sales have been just around 300,000 units in its lifetime. The company now plans to focus its lower-emissions lineup on all-battery and gasoline-hybrid EVs rather than costlier technologies including plug-in hybrids. Nissan said on Friday it would develop eight new all-battery EVs over the next five years, including four models for China. Its luxury Infiniti brand would begin carrying new electric models from 2021, it added. Through 2022, vehicles powered by its "e-Power" gasoline-hybrid technology would likely comprise the majority of Nissan's electric line-up, it said. Such vehicles use gasoline to power the car's motor, requiring a much smaller battery than EVs and therefore are less expensive to produce. "The heart of our strategy in terms of electrification is battery EVs and e-Power technology," Nissan Chief Planning Officer Philippe Klein told reporters at a briefing. Concerns about EV battery costs and components have prompted many automakers to develop a variety of lower emissions technologies, but Klein said that Nissan would largely forego plug-in hybrids and hydrogen fuel cell technologies, given their low cost-performance at the moment. In 2017, Nissan sold 163,000 electric vehicles globally. Nissan and its automaking partners, Renault and Mitsubishi, together plan to launch 17 electric models as part of their strategy to achieve annual vehicle sales totaling 14 million units by 2022, compared with 10.6 million units in 2017. Self-driving tests to continue Automakers and technology companies are facing mounting pressure to prove that their automated driving functions under development are safe to use on public roads following a fatal accident involving a self-driving car operated by Uber Technologies [UBER.UL] in the United States earlier this week.