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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.

Investigators say Mitsubishi mpg scandal was 'collective failure'

Investigators hired by Mitsubishi Motors to probe why the Japanese automaker engaged in falsifying fuel-economy figures for the past quarter-century faulted the company's "corporate culture." Specifically, there was a lack of unity between divisions, company-wide pressure to boost fuel-efficiency numbers, and an unwillingness to accept fuel-economy shortfalls, Automotive News says, citing comments made by consultants who hired by the company to investigate the problems. Challenging management authority even if it was proper to do so was also frowned upon. One of the investigators called the scandal "a collective failure." Among other suggestions, the consultants recommended that Mitsubishi's vehicle-mileage certification be independent from research and development, that there's greater transparency overall, and that there's a more thorough understanding of laws. New shareholder Nissan may also invest in retooling Mitsubishi's R&D operations, and is sending one of its former executives, Mitsuhiko Yamashita, to Mitsubishi to try to prevent any sort of repeat problems. Mitsubishi joined a list of automakers including Volkswagen, Hyundai/Kia, and Ford that have been found in recent years to either mislead with its published fuel-efficiency figures or emissions-testing procedures. A Nissan spokesman declined to comment on the Mitsubishi report, according to Automotive News. The recommendation comes less than three months after the announcement that Nissan would help rescue Mitsubishi from its fuel-economy scandal by acquiring part of the company. Nissan agreed in May to pay $2.2 billion for a 34-percent stake in Mitsubishi, and said at the time that Mitsubishi would join the Renault-Nissan Alliance. Nissan also owns 15 percent of France-based Renault. That announcement came right after Mitsubishi's admission that it may have falsified fuel-economy data for every one of its vehicles made in Japan dating back to 1991. Related Video: News Source: Automotive NewsImage Credit: Tomohiro Ohsumi/Getty Images Green Mitsubishi Nissan Fuel Efficiency scandal diesel scandal

Mitsubishi teams up with Amazon to unveil 2022 Outlander

We're all familiar with the phenomenon of the oversized Amazon package, where a box large enough for a chandelier arrives on your front step but contains nothing but nail clippers and a half-deflated string of packaging balloons. Well, the largest Amazon package we've seen is now the driveway-sized one said to enclose a 2022 Mitsubishi Outlander. On February 16, the Triple Diamond marque and Amazon are joining forces to debut the carmaker's next mid-sized SUV. The pair have released a teaser showing a massive cardboard box sitting on the driveway of a super swanky house that we're not 100% sure isn't computer-generated. In any case, the point is that it will be the first car to make its debut on Amazon Live, a streaming service that we did not know existed until now. From what we can tell after a cursory skim, it's a YouTube-esque platform but where streamers talk about items that are available for sale on Amazon. And just in case there was any doubt, the teaser video comes with the disclaimer, "Amazon does not deliver vehicles." That's probably a good thing, if you don't want your 2022 Outlander to arrive pre-dented. As part of the launch, Mitsubishi Motors is also giving away one 2022 Outlander to one lucky winner. You can throw your name in the hat at Mitsubishi's website or at Amazon.com/MitsubishiOutlander between February 16 and March 31, 2021. We already have a pretty good idea of what the 2022 Outlander will look like, thanks to leaked photos and Mitsubishi's own teaser video. Its sheetmetal is based on the Engelberg Tourer, named after the Swiss ski resort, and is quite a bold departure from the current Mitsubishi corporate face.  Underneath, we're expecting two drivetrains. One is a Nissan 181-horsepower, 2.5-liter inline-four mated to a CVT for entry-level models. The second is a Mitsubishi-built plug-in hybrid variant mated to a 2.4-liter engine. Early reports say that it could double the battery-only range from 22 to 43 miles. The unveiling will take place at 6:00 pm Eastern Time. Hopefully, no porch bandits steal the box before then. You can see the teaser video here. Related Video: