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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.

Dodge shows off the electric Charger, and is the Wrangler 392 done? | Autoblog Podcast #815

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Road Test Editor Zac Palmer. They kick things off with a roundup of the week's news, and of course the first photos of a pre-production electric Dodge Charger Daytona are the first topic. After that, the pair chat about the possible demise of the Jeep Wrangler 392 via a Final Edition meant for 2025 and ruminate on if they'd be up for buying one of the many Teslas that Hertz is offing from its rental fleet for cheap. Once the news is wrapped, the two move along to what they've been driving, starting with the first drive of the 2024 Acura TLX Type S. Then, they welcome our new Subaru WRX long-term test car and review both the Nissan Altima SL AWD and Nissan Pathfinder Platinum. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #815 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown News Dodge shows the Charger Daytona EV for the first time Jeep Wrangler 392 reportedly getting a Final Edition next year Would you buy a used Tesla from Hertz? Cars we're driving 2024 Acura TLX Type S Subaru WRX long-term intro 2024 Nissan Altima SL AWD 2024 Nissan Pathfinder Platinum Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: Green Podcasts Acura Dodge Jeep Nissan Tesla Coupe Crossover SUV Electric Luxury Off-Road Vehicles Performance Sedan

New world record set with 507 EVs in parade [w/video] *UPDATE

Let's be honest, with more and more electric vehicles out in the world, it's getting easier to bring more and more of them together in one spot. Still, the work that goes into convincing over 500 EV owners to show up at one place at one time should be rewarded. And, in the case of the San Francisco Bay Leafs and Electric Auto Association Silicon Valley Chapter efforts yesterday as part of this year's National Drive Electric Week celebrations in in Cupertino, CA, the reward is a new Guinness World Record for the most electric vehicles in a parade. The number? 507 pure EVs gathered (sorry, plug-in hybrids). Recent similar records were set with now-small-looking events that had 305 cars or 431 EVs. The most recent target that the groups were trying to beat was a record originally set at the WAVE rally in Stuttgart, Germany earlier this year, where organizers also claimed to have 507 EVs. Plug In America (PIA) now says that the Stuttgart number was actually 481, giving California a 26-vehicle lead. The most unusual EV at the event was Stella, the solar-powered EV that is touring the world. PIA says that this four-person EV "can produce twice as much energy as it needs in a day," so it should feel right at home in the Golden State. *UPDATE: A previous version of this article said that the parade was organized directly by PIA. We have corrected the error. We've also added a video from Nissan about the parade below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. NEW GUINNESS WORLD RECORD FOR NUMBER OF EVS IN A PARADE SET TODAY DURING NATIONAL DRIVE ELECTRIC WEEK IN CUPERTINO World Record set with 507 EVs, beating previous record by 26 CUPERTINO, Calif., Sept. 20, 2014-Philip Robertson, a judge with GUINNESS WORLD RECORDS®, today pronounced a new world record for most electric vehicles in a parade: 507. The record-breaking EV procession took place at the National Drive Electric Week event in Cupertino, Calif. Every vehicle was zero-emission, all-electric. No hybrid-electrics were allowed. 399 Panoramic view taken by Bruce Southwick. Stuttgart, Germany held the previous world record for a 481-EV parade in May 2014. "Congratulations on helping to drive the future of automotive technology," Robertson said upon presenting the Guinness certificate to a cheering crowd of thousands.