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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.

Mitsubishi Ground Tourer Concept will show next-gen PHEV ideas in Paris

Mitsubishi still hasn't released the Outlander PHEV here in the US, but we're already going to get a potential preview of the company's next large plug-in hybrid at the Paris Motor Show this fall. Mitsubishi has released a side-profile teaser image of the Ground Tourer Concept, which the company says "further expresses" Mitsubishi's flagship PHEV technology. It's got a floating red roof with sharp angles on the back and a cool silver body. It's certainly early for a Paris tease, but we'll take what we can get when it comes to more large plug-in vehicles. Related Video: Mitsubishi Ground Tourer Concept To Be Unveiled At Paris Motor Show / June 27, 2016 — CYPRESS, CALIF. Mitsubishi Motors Corporation (MMC) today announced the debut of the all-new "Ground Tourer Concept" at the 2016 Paris Motor Show this fall. An up-market SUV, the Ground Tourer Concept is aimed to be the latest expression of Mitsubishi Motors' design ambitions, expressed through four powerful elements: Augmented Possibilities, Functional Beauty, Solid Thrust and Japanese Craftsmanship. The newest concept further expresses Mitsubishi Motors' plug-in hybrid electric (PHEV) flagship technology. The combination of advanced driving technologies packaged using the latest Japanese design trends and quality will propel the Ground Tourer Concept for effortless cruising in all driving conditions on and off road; all while accommodating passengers in a quiet, comfortable and luxuriously crafted interior. The Ground Tourer concept is a continuance of MMC's design philosophy and showcases the commitment to its role in the SUV/CUV segment. About Mitsubishi Motors North America, Inc. Mitsubishi Motors North America, Inc., (MMNA) is responsible for all research & development, manufacturing, marketing, sales and financial services for Mitsubishi Motors in the United States. MMNA sells sedans and crossovers/SUVs through a network of approximately 380 dealers. MMNA is a leading the way in development of highly-efficient, affordably priced new gasoline-powered automobiles while using its industry-leading knowledge in battery electric vehicles to develop future EV and PHEV models. For more information, contact the Mitsubishi Motors News Bureau at (888) 560-6672 or visit media.mitsubishicars.com.

Renault-Nissan-Mitsubishi adopts Android infotainment in coup for Google

PARIS — The Renault-Nissan-Mitsubishi carmaking alliance said on Tuesday it will adopt Alphabet's Google Android operating system, handing a victory to the U.S. tech giant as it pushes for a bigger share of the infotainment market. Renault, Nissan and Mitsubishi, with combined sales of 10.6 million vehicles last year, said future models will "integrate Google applications and services" including Maps and the voice-commanded Google Assistant. The move, first reported by the Wall Street Journal, leans more heavily on Big Tech than large or luxury rival carmakers have hitherto been willing to do. Many fear losing control of customer relationships, data and potentially significant future revenue from connected services. Some smaller manufacturers such as Volvo Cars have decided to embed Android Auto in their vehicles. But the scale of the shift by Renault-Nissan-Mitsubishi may cause a broader rethink of costly standalone tech strategies. "Major carmakers earlier were reluctant to do business with Google, but this has now changed," said Jauke de Jong, a research analyst at AFS Group in Amsterdam. "More carmakers could follow suit and partner with Google." Until now, carmakers have largely chosen Linux, Microsoft or QNX software to power infotainment. That yields clunkier platforms they can control, but which offer little scope to add new apps or functionality. Far more than just hooking up a phone The news may spell trouble for certain existing auto-tech suppliers such as mapping specialist TomTom, which counts Renault among its customers. Shares in the Dutch group fell by more than quarter after the announcement. In return for handing Google the infotainment keys, the alliance will bring the full clout of Android's thousands of apps to its brands' lineups — which include a strong contingent of affordably priced, no-frills models for emerging markets. The partnership promises "rich user experiences that are currently available only outside the vehicle or, to a limited extent, by connecting an Android device to supported vehicles," alliance development chief Hadi Zablit said. While many volume carmakers offer infotainment "mirroring" to pair with Apple iPhones or Android smartphones, premium rivals such as BMW and Daimler's Mercedes-Benz are investing heavily in their own operating systems, vocal assistants and connected services.