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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.

Recharge Wrap-up: drifting Nissan Leaf video, BMW i sponsors Formula E Berlin ePrix

Watch a Nissan Leaf drift. The folks at Autocar got their hands on Nissan's otherwise tame electric vehicle with a set of plastic rear tires, and got it sideways at the British Drift Championship. If that sounds ridiculous, well, it is, but it's also enormously entertaining. If it sounds particularly tricky to pull off in the front-drive EV, yeah, it's that, too. Check it out the drifting Leaf in the video above, and read more commentary at Hybrid Cars. BMW's i division is the title sponsor of the 2016 Formula E Berlin ePrix. The German automaker, which has already put the i8 and i3 to work as safety and medical cars for the electric racing series, is "delighted to be prominently represented with BMW i at the race weekend in the German capital," according to Joerg Reimann, BMW's Vice President of Brand Experience. The 2016 FIA Formula E BMW i Berlin ePrix - as it is now officially titled - takes place on May 21. Read more from Formula E. A Hawaiian biodiesel plant is the first in the US to be certified as sustainable. Pacific Biodiesel's Big Island Biodiesel plant gets its certification from the Sustainable Biodiesel Alliance, covering both the plant's production and distribution of the alternative fuel. The facility uses waste oil, including used cooking oil, to produce its fuel. The certification system is designed to help worthy biofuel producers show that their processes and products are more than just greenwashing. Read more at Utility Dive, or from The New York Times. India's KPIT Technologies has earned the Promising Innovation in Transport Award at the 2016 Summit of the International Transport Forum in Leipzig, Germany. KPIT earned the special recognition for its system to convert diesel buses to all-electric power. The company's retrofits can be applied to a wide variety of bus platforms. Read more at Green Car Congress.

US-built Infiniti Q50 engines to go into Euro-only cars

Back in March, Infiniti announced that it would be adding a 2.0-liter, turbocharged four-cylinder to its Q50 line for European and Chinese buyers. Now, we know where that engine will be built.
Nissan's Decherd, TN facility will receive the $319-million investment, which will see a separate, dedicated line for the Infiniti engines. According to Automotive News, this is more than a line running alongside the Nissan operations - the Infiniti facility will sport its own unique architecture and interior lighting, in a bid to distinguish the premium line from its mass-market parent company.
The logistics of all this do seem, on the surface, quite screwy. Building a new engine on one continent for a car built on another that will eventually go on sale on a third doesn't seem too bright, although there is a catch here. The new engine will also find its way into the Mercedes-Benz C-Class, which will kick off production in Vance, AL later this year.