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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

Mitsubishi i-MiEV reportedly reaches the end of the road this year

It looks like the Mitsubishi i-MiEV is completely out of juice. News outlet Nikkei reports that Mitsubishi will completely end production of its tiny electric car this year. While the i-MiEV had been discontinued in the U.S. for a few years already, it was apparently still on sale elsewhere. That didn't mean it was doing well, as Nikkei notes that global sales were only a little over 30,000 units over its lifetime. It's not hard to see why the i-MiEV struggled. While its kei-car size and funky styling made it a unique city car, it was compromised in other ways. It only made 66 horsepower and had an official range of 62 miles. While the limited range was augmented somewhat by DC fast charging capability, but it didn't take long for competitors to launch larger, more powerful, longer-range cars for not a whole lot more money. And the gulf between the i-MiEV only expanded over the years. According to Nikkei, the reason the i-MiEV went so long unchanged was a lack of funding and resources. But now that Mitsubishi is part of the Renault-Nissan Alliance, the news outlet reports that there will be a successor to the bubbly EV co-developed with Nissan to be launched in 2023. Whether this next small electric Mitsubishi appears in the U.S. seems like a toss-up. We wouldn't have expected the kei-car based i-MiEV to have been brought here originally, simply because of the cost of making such a tiny car pass safety regulations, let alone appeal to American buyers that like size. Those issues haven't changed, and if anything, American buyers are even more keen on trucks and SUVs than before. But maybe if fuel economy and emissions regulations get stiff enough, Mitsubishi might see a benefit to offering a full EV here, even if it's an odd size. Related Video:

Recharge Wrap-up: Japan supports hydrogen, Fools against fuel cells, BlueIndy controversy

Japan hopes to expand the use of hydrogen energy by subsidizing fuel cell vehicles, according to The Japan News. The trade ministry plans to include the subsidies in its 2015 budget to coincide with the expected launch of Toyota's Fuel Cell Vehicle and the Honda FCEV hydrogen car. By jump-starting purchases of hydrogen cars, Japan hopes that innovation and mass-production will get a boost and the cost of fuel cell vehicles will be competitive with gasoline-powered models by the year 2025. Japan plans to have 100 hydrogen fueling locations operating by March 2016, and wants to halve the cost of building those stations by 2020. The amount of the subsidies has not yet been set. Investing website The Motley Fool isn't quite as optimistic as Japan about hydrogen cars, and is instead bullish about Tesla Motors. The Fool points to Tesla's strong stock performance, and predicts future growth will come from more car models in the future - starting with the Model X - as well as the company's proposed Gigafactory for manufacturing batteries. If Tesla's charging technology continues to catch on, that only improves its financial prospects. The article has some harsh words, however, for hydrogen: "Fuel cells are an inferior automotive technology and for fundamental efficiency, cost, and infrastructure reasons always will be mere compliance gimmicks." Yeesh. As part of a program to build charging stations for the Indianapolis EV carsharing service BlueIndy, utility company Indianapolis Power & Light (IPL) wants to raise its electricity rates an average of 44 cents a month per residential customer to help pay for its share of the project. State consumer advocacy agency Indiana Office of Utility Consumer Counselor and consumer watchdog group Citizens Action Coalition oppose the plan, according to Greenfield, Indiana's Daily Reporter. The BlueIndy program, which is a partnership between the city of Indianapolis and battery manufacturer Bollore Group, will provide up to 500 cars for rent at 25 charging sites around the city. Those who oppose the rate hike call IPL a monopoly and say the amount of the increase is not allowed under state law and that the program wouldn't benefit working class and low-income citizens. A hearing regarding IPL's proposal is scheduled for July 23. A Mitsubishi Outlander PHEV will run the 2014 Asia Cross Country Rally, Hybrid Cars reports. The rally covers 1,367 miles of woods, swamps and mountains from Thailand to Cambodia.