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Mitsubishi and NTT to buy 30% stake in HERE digital mapping company

Digital mapping company HERE Technologies sold a 30% stake to Mitsubishi and Nippon Telegraph and Telephone Corp (NTT), diluting German carmakers’ stake to 54% amid uncertainty about the profit potential from autonomous cars. Mitsubishi and NTT will co-invest in the Amsterdam-headquartered company through their newly established, jointly owned holding firm COCO Tech Holding B.V. in the Netherlands, HERE said on Friday. “Their investment also means we are further diversifying our shareholder base beyond automotive, which is important given the appeal and necessity of location technology across geographies and industries,” HEREÂ’s Chief Executive Edzard Overbeek said. The Japanese companies said they would collaborate with HERE to develop services such as ways to tackle road congestion and improve supply chain efficiencies. High definition maps can also be used in fleet management, asset tracking, last-mile delivery, long-distance package delivery by drones and indoor mapping applications, Overbeek told Reuters. Financial details of the transaction, which they said would close next year, were not disclosed. German carmakers BMW, Audi and Daimler saw high definition mapping as a strategic asset and bought HERE from Finnish telecoms group Nokia for around 2.5 billion euros ($2.8 billion) in 2015 to avoid becoming dependent on AlphabetÂ’s Google. FridayÂ’s deal dilutes the stake held by each German carmaker from 25% to just under 18%, HERE said. REALITY CHECK Tech companies and automakers raced to develop self-driving vehicles after Google presented a prototype car in 2012, leading German manufacturers to develop robotaxis as a way to enter the ride-hailing business to take on Uber. However, the technology costs and regulatory hurdles have spiraled, and ride-hailing businesses have struggled to reach sustainable profitability, leading to a reassessment of the business potential of robotaxis and ride hailing. “There has been a reality check setting in here,” Daimler Chief Executive Ola Kaellenius said last month, adding that spending on robotaxis would be “rightsized.” The move comes as BMW and Daimler this week announced they will exit the North American car-sharing market, halting operations in Montreal, New York, Seattle, Washington D.C., and Vancouver, as they focus on the European market. Last year, GermanyÂ’s Continental and Bosch, the worldÂ’s largest automotive suppliers, bought a 5% stake in HERE.

Mitsubishi CA-MiEV and GR-HEV concepts peek out before debut

We're getting a look at the two star Mitsubishi concept cars from this year's Geneva soiree, just ahead of the official debut for both. As suits Mitsubishi's ever-deepening interest in electrified vehicles, the brace of concepts both make use of electric drive: the CA-MiEV being a pure electric vehicle and the GR-HEV using a diesel-electric powertrain.
The CA-MiEV concept car may look a bit like a photoshopped Toyota Prius, but in fact the car employs a new electric motor and battery system from Mitsu. We're told that the EV has a theoretical range of 186 miles, which is nearly double the range of most EVs on the market today and approaches Tesla territory. The vehicle is larger than the company's current i-MiEV, and would seem to point the way forward for a more mainstream production EV from Mitsu.
The second concept, a rather odd-looking pickup truck called the GR-HEV, has a diesel engine, electric motor, all-wheel drive, and Mitsubishi's Super All Wheel Control. The front fascia bears a version of the grille we've seen on the new Outlander PHEV, with more radically raked (sort of "smiling") lighting elements.

Mitsubishi considering a small pickup for the United States

Mitsubishi hasn’t sold a pickup truck in the United States since the Mighty Max in the late 1990s, but there is mounting evidence that the brandÂ’s dry spell may end. At a recent vehicle launch, Carson Grover, the brandÂ’s director for product planning, said the company is considering a new pickup for the U.S. market but acknowledged the challenges involved with doing so. Reported by The Drive, Grover said pickup trucks were “another one of those things we want to try to figure out.” The problem with those ambitions is the Chicken Tax, a heavy 25% tariff on imported trucks. That insane percentage is why Toyota and Nissan build trucks here, and itÂ’s why we donÂ’t see cool foreign-market trucks like the Volkswagen Amarok. Mitsubishi will need a partner if it plans to bring a truck here, which it conveniently has in its Alliance partner, Nissan. The Frontier could form the basis for a Mitsu pickup, but GroverÂ’s comments suggest the automaker could have other plans. “The Ford Ranger, the old ranger, that was much smaller, had so much volume and was around so long.” He went to namedrop the Ford Maverick as well, which he said fills the small, affordable gap that the Ranger used to occupy. As The Drive pointed out, it might be possible for Mitsubishi to repurpose the existing Rogue platform for a small pickup, but Grover was careful to note that the company isnÂ’t making any announcements on the subject. As is the case with the vast majority of requests for comment on future product, Grover declined to elaborate but did say the company has taken notice of other trucksÂ’ popularity. A new American-market truck could further revitalize the Mitsubishi brand in North America. The automaker recently revived another of its iconic nameplates in late 2022 with Ralliart versions of all its vehicles. MitsubishiÂ’s motorsports arm made a name for itself in the World Rally Championship starting in the late 1980s, and some of the coolest cars to wear the brandÂ’s badge have also been stamped with the Ralliart name. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.