2011 Mitsubishi Lancer Ralliart Sedan 4-door 2.0l on 2040-cars

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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.

Renault's ambitious EV strategy relies on historic nameplates

PARIS — Renault unveiled a more ambitious strategy for electric vehicles (EVs) on Wednesday, betting on new, affordable versions of its iconic small cars of the past to catch up with Volkswagen in the fast-growing sector. The French carmaker's Chief Executive Luca de Meo said it would launch 10 new EVs by 2025 and that all-electric vehicles would account for up to 90% of its models by 2030, dropping its reliance on hybrids to hit the target under a previous plan. Renault is betting that an electric version of its classic Renault 5 compact car, which was discontinued in the 1990s, will capture the imagination of today's drivers when it goes on sale in the first half of 2024. At a live-streamed presentation on Wednesday, the company also offered a fleeting glimpse of its new electric "4ever." model. Two sources close to the company said it was a revival of the Renault 4 hatchback which went out of production last century. "Today is an historic acceleration of Renault Group's EV strategy," de Meo said in a statement. De Meo said that new, purpose-built electric car platforms and a cluster of production sites in northern France would allow Renault to deliver EVs at a lower cost. The first of its new EVs will be the MeganE hatchback which is due to go on sale in the first half of 2022. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. By 2030, Renault and its alliance partners, Nissan and Mitsubishi, will be producing 1 million EVs globally a year, up from the 200,000 they made in 2020, the French carmaker said. Tesla, the world's most valuable carmaker, is already close to hitting that target, with sales of between 840,000 and 1 million EVs projected for this year. Shrinking share Renault's Zoe model, the biggest-selling battery electric car in its segment in Europe for years, is losing ground to models such as Volkswagen's ID.3 compact electric car. Figures from database EV-Volumes.com showed Volkswagen's share of the EV market in Europe soared to 25% last year from 14% in 2019, overtaking the Renault-Nissan-Mitsubishi alliance, whose share shrank to 19% from 23% in 2019. In the first quarter of 2021, Renault's share fell further to 15%, tying with Tesla for third place behind Volkswagen on 21% and Stellantis on 17%, EV-Volumes.com data showed.

Junkyard Gem: 1986 Mitsubishi Cordia L

New Mitsubishi cars first showed up in the United States with Dodge Colt badging in the 1971 model year, and a broad range of Dodge- and Plymouth-badged Mitsubishis followed them across the Pacific in subsequent years. For the 1983 model year, cars bearing Mitsubishi badges finally appeared here, and there were four models available to start with: the Starion, Mighty Max, Tredia and Cordia. The sporty Starion and the sibling-to-the-Ram-50 Mighty Max pickup remain well-known to this day, but the Tredia and its Cordia platform-mate have all but disappeared from streets, junkyards and — for most of us — memories. I thought I'd never see another discarded Cordia again after spotting a first-year example nearly a decade ago, but then this '86 showed up in a San Francisco Bay Area self-service car graveyard recently. The Cordia and Tredia were the same car, mechanically speaking. The Tredia was a subcompact sedan priced to compete with the Toyota Corolla and Honda Civic, while the Cordia was a slick-looking liftback coupe that sought to lure potential buyers away from the likes of the Datsun 200SX, Toyota Celica and Isuzu Impulse. Both the Cordia and Tredia sold very well in Australia and New Zealand, but North Americans mostly ignored the Cordia and laughed at the Tredia. The last model year for both models in America was 1988. The Cordia was a cousin to the Galant and had the same front-wheel-drive layout. In 1986, Cordia engine choices were a naturally-aspirated 2.0-liter 4G63 straight-four rated at 88 horsepower and 108 pound feet and a turbocharged 1.8-liter 4G62T straight-four with 116 horsepower and 129 pound-feet. This car has the 2.0. A five-speed manual transmission was base Cordia equipment, but the original purchaser of this car opted for the 380-buck automatic (that's 1,067 of today's bucks). The emissions sticker tells us that this is a California-market car rather than a "49-state" version. Surprisingly for a car like this in the middle 1980s, an AM/FM stereo radio was base equipment. That worked out well for those who enjoyed the great music of the era. However, if you wanted to play cassettes you had to pay extra. This setup with separate cassette deck was fairly common during the decade; the cost for the 1986 Cordia was $133 (about $374 in 2023 dollars). The paint is faded but the interior doesn't look terribly thrashed.