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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 Pajero successor still years away, but plug-in hybrid tech likely

You might not know it from looking at today's Mitsubishi showrooms, but the struggling Japanese automaker has a pretty enviable reputation for producing robust off-roaders. Its Pajero SUV built a solid reputation worldwide on the back of its durability in harsh climates, earning it consideration alongside the likes of venerable explorers like the Toyota Land Cruiser and Land Rover Range Rover. Unfortunately, the Pajero eventually succumbed to one particularly harsh climate - the North American truck market. After enjoying a long run, Mitsubishi finally pulled the plug on the SUV's Montero twin after the 2006 model year. Blame evolving consumer tastes, low brand visibility, a lackluster marketing budget, or the need for updated product - in fact, go ahead and blame all of the above.
Despite its age, the current fourth-generation Pajero (itself arguably an extensive rework of the previous model) has been carrying a lot of water for the brand in other parts of the world since its debut in 2006. So it's pretty well time for a new one. Problem is, its replacement is still a ways off. That's according to Australia's Go Auto, which has learned that the next-generation Pajero could still be three years away, if not longer.
According to Go Auto, the next model will be a much-changed beast, with design targets including a major weight loss and increased efficiency to go along with more luxurious appointments. In order to make gains in fuel economy, the plug-in hybrid technology that the company has already introduced for its new Outlander crossover will likely be a part of the SUV's development program.

F1 champ Nigel Mansell is selling Mitsubishis in Jersey

Formula One drivers have a pretty short shelf life, so when they're done racing in grands prix, retired pilots can have a whole second career ahead of them. Jody Scheckter, for example, runs an organic farm. Niki Lauda started an airline. Most move on to other racing series, provide television commentary during race broadcasts, or start their own racing teams. But not Nigel Mansell: he's got a Mitsubishi dealership. Situated on Jersey – not New Jersey, but the British channel island – Mansell Mitsubishi is run by Nigel and his son Leo. It grew out of the service station the Mansells opened fourteen years ago, and out of the Mansell Collection, a used car dealership based in an old Art Deco movie theater, but recently expanded into selling new cars recently with the acquisition of a franchise. The Japanese brand may seem a bit of an odd choice, especially now that it's getting away from performance models and putting more emphasis on plug-in electrics. After all, Nigel won his 1992 Formula One World Championship in a Renault-powered Williams, before that raced for the likes of Ferrari and Lotus, and won the CART title on his debut season in a Lola-Ford. But the Mansells are adamant that they wanted a volume brand, not to deal with the high-priced exotics with which the name might be more readily associated. After all, there are only 100,000 or so people residing on the isle of Jersey, which wouldn't make for a very big customer base for high-end machinery. He and Leo (with whom he raced at Le Mans a few years back) even participated in a two-day training session for new franchisees, where few initially recognized the former champ. And they've got plans to expand as well. But the biggest draw may very well be the star factor, and the Mansells haven't shied away from playing it up, displaying memorabilia from Nigel's racing career around the showroom. After all, the prospect of being taken on a test drive by a former F1 champion may be enough to bring new customers into the showroom who might not have otherwise.