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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.

Plug In America asks Georgia to not reverse EV incentives

Like Ray Charles, Plug In America's Michael Thwaite has Georgia on his mind. Thwaite is putting out the call on behalf of the electric-vehicle advocacy group to get people to stop the state's plug-in vehicle incentives from going the way of Atlanta Flames. And he's using math that may or may not be funny. Thwaite's public enemy Number One is Chuck Martin (R-Alpharetta), who's pushing legislation (specifically, House Bill 122) to wipe out the $5,000 tax credit (one of the highest among US states). Martin is also said to have more than 60 state legislators backing him up. Thwaite says that the money is well spent, since each electric vehicle keeps more than $2,200 from being spent outside the state by getting folks to charge up through local utilities instead of paying for gas imported from those darned oil-rich nations. Last year, Martin proposed a bill (HB 257) that would cap incentive-generating EVs in the state at about 2,000 units a year, but state legislators ran out of time before taking a vote on it, so the issue got tabled for another year. And that year is almost up. The issue is far from academic, since Atlanta remains a city that generates some of the highest Nissan Leaf sales in the country – largely because of those state incentives. Check out Mr. Thwaite's note below. Don't Let Georgia State Incentives for Electric Vehicles Disappear The state of Georgia has enjoyed tremendous support for electric vehicle adoption from its legislators, but that is at risk. Georgia legislators need to hear your voice in favor of electric car incentives. Chuck Martin (R-Alpharetta) is introducing legislation (House Bill 122) to eliminate the state electric vehicle tax credits of $5,000. He has already amassed more that 60 legislators to support the bill. We need you to let them know that the public supports EVs! Georgia has become a beacon for electric vehicle sales. The tax credit has helped make Georgia the national leader in Nissan LEAF sales, an electric car built here in the US. Please take a moment to complete the action below to ensure that your representative hears your voice to maintain the EV incentives and defeat this bill. Georgia's Public Service Commission member Tim Echols argued passionately for keeping the credits. Aside from the environmental benefits and the positive message sent to millennials about the importance of moving away from polluting fossil fuels, he makes a powerful economic argument.

Nissan Leaf hits 3,000 sales in July, Chevy Volt climbs over 2,000

It was a good sales month for both the Nissan Leaf and the Chevy Volt, with the two 'elder statesman' plug-in vehicles reaching numerical milestones in July. The Leaf sold 3,019 units and the Volt crossed the 2,000 sales level for the first time in 2014, hitting 2,020 sales. With Tesla also announcing it is delivering around 2,500 Model S EVs a month (but that's globally, compared to the US-only numbers for the Volt and Leaf we're talking about here) and Ford's plug-in vehicles selling well, we are certainly in a golden moment for EV sales. The Volt was a bright spot for the Bowtie brand last month. For the Volt, the 2,020 units sold represents a 13 percent increase from July of 2013 even thought year-to-date sales are down 8.7 percent this year compared to last year. Overall, total Chevrolet deliveries for July 2014 were up eight percent compared to 2013, so the Volt was a bright spot for the Bowtie brand last month. On the Leaf front, this is only the second time that the EV has sold more than 3,000 units in a month (the other being in May of this year). The year-over-year increase for the Leaf was 62 percent in July and represents the 17th straight month of record sales, as Nissan is more than happy to report each month. Overall, Leaf sales are up 34.6 percent, year-to-date, and Nissan's director of Leaf sales and infrastructure, Brendan Jones, said in a statement that a free public charging incentive was responsible. "Since we launched the No Charge to Charge promotion in the first 10 markets, we've seen a surge in Leaf sales in those areas. Leaf sales in the northeastern US are also picking up with new tax incentives for Massachusetts and Maryland residents." With No Charge To Charge set to expand to 25 markets over the next year, we expect Leaf sales to continue to grow. We will have our monthly look at all green car sales available soon, so stay tuned. Green Chevrolet Nissan Electric PHEV ev sales