2010 Lancer Evolution Mr Clean Carfax Upgraded Wheels Leather Seats Xenon Fl on 2040-cars

Auto blog

Nissan to pull out of venture fund with Renault in cost-cutting drive, insiders say

TOKYO — Nissan is likely to pull out from a venture capital fund it runs with alliance partners Renault and Mitsubishi Motors, as part of the Japanese automaker's drive to cut costs and conserve cash, two sources said. Nissan will formally take a decision on whether to leave the fund, Alliance Ventures, by the end of this month, the two Nissan insiders told Reuters, declining to be identified because the information has not been made public. The likely move comes after Nissan's junior partner, Mitsubishi Motors Corp, told an alliance meeting last week that it would no longer continue to inject money into the fund, one of the sources said. The decision to leave the Amsterdam-based fund was all but a done deal, the other source said, adding: "Of course we're out. The house is on fire." A Nissan spokeswoman said it was speculation and declined to comment. A Mitsubishi spokesman said no decision had been made. The move comes as Nissan — which has seen its earnings slump — is now facing a downturn in China, its biggest market, due to the impact of the coronavirus outbreak. China sales plunged 80% last month. It also highlights the extent of the automaker's cost-cutting under new CEO Makoto Uchida, who is under pressure for a quick turnaround. Alliance Ventures is aimed at finding "learning opportunities" for the alliance through investing in startups, and is supposed get up to $200 million (153.3 million pounds) a year from the three alliance partners, although it never achieves that full amount, the first source said. It was set up under former alliance head Carlos Ghosn, whose dramatic arrest in Japan culminated in an escape to his childhood home of Lebanon in December. Ghosn faces multiple charges in Japan, including of under-reporting earnings and misappropriation of company funds, all of which he denies. According to its website, the fund was set up with a $200 million initial investment and aims for up to $1 billion by 2023. Portfolio companies include WeRide, a Chinese robo-taxi startup and Tekion Corp, a cloud-based retail platform for cars. "It wasn't established by Ghosn as a way to make money. It was for those learning opportunities we get from investing in smart startups," the first source said. "But given the tough financial situation we are facing, we are looking at investment return." Reporting by Norihiko Shirouzu; Editing by David Dolan/Louise Heavens/Susan Fenton.

Mitsubishi reveals Delica D:5 off-road van and 'concept' crossovers ahead of Tokyo Auto Salon

It's easy to forget Mitsubishi still makes some cool vehicles. If you look past the mirage however, you'll find vehicles like the Delica D:5 van. Mitsubishi is on its way to the Tokyo Auto Salon with a concept version of this Delica, alongside an Outlander PHEV and Eclipse Cross, with both SUVs claiming the name "Street Sport." We're all weird, so it stands to reason that the off-road-looking Delica D:5 excites us the most. While the normal Delica D:5 is now more of a van with SUV ride height, this one comes with a full suite of plastic body cladding for protection around the front and rear of the van. A heavy-duty roof rack and row of LED lights up top give it the roof of a true overlander. Some bars on the sides and bright red mud flaps hint even further that this should be taken off the pavement. What Mitsu doesn't talk about is an upgraded suspension. Granted, the Delica D:5 already looks lifted and ready for some moderate trail work, but a full-on rock crawler van would have been epic. The standard all-wheel drive system with four-wheel drive lock will have to do for now. For cars sold in the states, Mitsubishi brought some tarted-up versions of the Outlander PHEV and Eclipse Cross. Both SUVs feature similar design language, as they try to look sportier than their powertrains give away. Yellow accents along with blacked-out everything and some stickers are really the selling points here. Meaning, there isn't much, if anything, to get excited about with these "concepts." They're more sticker packages than anything, and don't give us much hope for anything fun coming stateside. For now, all we have are the individual pictures of each car. More will come once they officially break cover at the Tokyo Auto Salon in January. Related video:

Recharge Wrap-up: vehicle electrification future, Indonesia biodiesel growth

Navigant Research expects electrified vehicles (including hybrids, plug-in hybrids and battery electric vehicles) to reach 6 million sales in 2024. That's up from 2.6 million sales in 2015. About half of those sales will be plug-in vehicles in 2024, up from 19 percent in 2015. To make its predictions, Navigant took into account automaker strategies, concept vehicles, regulations and incentives, electricity and oil prices, and charging infrastructure expectations over the 10-year timetable. Navigant also says that despite the massive changes in the last five years, the next five years will be "even more impactful to the global automotive and energy industries." Read more from Navigant Research, or at Green Car Congress. Indonesia's biodiesel consumption is expected to rise dramatically over the next year. While the nation used 291 to 317 million gallons in 2015, consumption levels for 2016 could surpass 2 billion gallons, depending on blending regulation enforcement. Indonesia raised the minimum biodiesel content in diesel fuel from 10 to 15 percent in 2015 while increasing biofuel subsidies. It will raise the blend minimum to 20 percent for 2016, and plans to increase it to 30 percent in 2020. Read more at Business Recorder. Scotland's national newspaper, The Scotsman, has awarded the title of Plug-In Vehicle of the Year to the Mitsubishi Outlander PHEV. The paper praised the car for its ability to live up to its "ecocredentials," as well as its all-around practicality. During its long-term test, Scotsman staff enjoyed using the 32.5 miles of electric driving range to commute to and from work. The Scotsman's Steven Chisholm called the Mitsubishi Outlander PHEV, "an exciting prospect for anyone looking for an SUV that's easy on the wallet as well as the environment." Read more at Inside EVs. Featured Gallery Mitsubishi Outlander PHEV Concept-S: Paris 2014 View 12 Photos News Source: Navigant Research, Green Car Congress, Business Recorder, Inside EVsImage Credit: Copyright 2015 Drew Phillips / AOL Government/Legal Green Mitsubishi Alternative Fuels Biodiesel Electric recharge wrapup