2006 Mitsubishi Lancer Evolution Se (special Edition) Sedan 4-door 2.0l on 2040-cars

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Geely and Renault joint venture will develop internal combustion and hybrid tech

China's Geely Automobile Holdings and French car maker Renault SA on Tuesday said they will invest up to 7 billion euros ($7.71 billion) in a new equally held joint venture to develop gasoline engines and hybrid technology for automobiles. The JV is aimed at manufacturing more efficient internal combustion engines and hybrid systems at a time when the focus of much of the automobile industry has been on the capital-intensive transition to purely electric vehicles. "We are pleased to be embarking on this journey to become a global leader in hybrid technologies, providing low-emission solutions for automakers around the world," said Eric Li, Geely Holding Group chairman. The new company will employ 19,000 people at 17 engine plants and five research and development hubs, Renault said. At launch, it is expected to supply to multiple industrial customers including Volvo, Proton, Nissan, Mitsubishi Motors, and PUNCH Torino. The JV aims to have an annual production capacity of up to five million internal combustion, hybrid and plug-in hybrid engines and transmissions, Renault added. Reuters reported in March that the new venture will see 15 billion euros ($16.53 billion) in annual revenue. Saudi Aramco, which signed a letter of intent with Renault and Geely in March, is evaluating a strategic investment in the new company, Renault said. The Saudi oil producer has been involved in advanced discussions to take a stake of up to 20% in the JV, sources said earlier this year. Big oil firms have worked with automakers to develop sustainable fuels and hydrogen engines in recent years. But a deal here would make Aramco the first major oil producer to invest in the car business. The joint venture is expected to be launched in the second half of 2023. Earnings/Financials Green Mitsubishi Nissan Volvo Renault

Junkyard Gem: 1993 Mitsubishi 3000GT

Mitsubishi is down to just three models in the United States now: the Eclipse Cross, Mirage and Outlander (and the Outlander is sibling to the Nissan Rogue). Back in its glory days of the 1990s, however, Mitsubishi offered American vehicle shoppers a comprehensive line that included minivans, wagons, sedans of all sizes, pickups, econoboxes, sport coupes, SUVs and an evil-looking sports car called the 3000GT. Today's Junkyard Gem is a first-generation 3000GT, found in a Northern California wrecking yard. Known as the Mitsubishi GTO in its homeland, the 3000GT was available in the United States from the 1991 through 1999 model years. For 1991 through 1996, a Dodge-badged version called the Stealth was sold in North America. There was a turbocharged all-wheel-drive VR4 version of the 3000GT, but this one is a naturally-aspirated front-wheel-drive base model. The engine is a 3.0-liter DOHC V6 rated at 222 horsepower and 205 pound-feet. The transmission is a five-speed manual. A four-speed automatic was available for an additional $840 ($1,807 in 2024 dollars). The MSRP for the base front-wheel-drive 3000GT for 1993 was $23,659, or about $50,893 after inflation. The much faster VR4 listed at $37,250 ($80,128 in today's money). This car has had an interesting life, evidence of which can be seen in the replacement VIN tag riveted on by the State of California. Home-market ads for Japanese cars from this period are more fun than their American counterparts. It appears that the FWD version didn't get much attention in TV commercials. Mitsubishi. The word is getting around.

Mitsubishi fuel economy scandal will result in $1.39 billion loss

The fuel economy scandal revealed a couple months ago will cost Mitsubishi Motors a pretty penny. According to The New York Times, the Japanese automaker predicted the fiscal year 2016 will result in a loss of 145 billion yen, or $1.39 billion. We won't know for sure until March rolls around. The prediction is even more striking when compared to Mitsubishi's performance during the last few years. It will be Mitsubishi's first reported loss in eight years. In 2014, Mitsubishi reported a global profit of $1.2 billion, which doubled the profits of the previous year, and in the spring of 2015 the US arm of the manufacturer reported its first profits in seven years – $4.18 million. For a little while there, it seemed like things were looking really good for Mitsubishi, but past flaws caught up with it. Some of the models built have had their fuel economy readings rounded by as much as 15 percent, due to the way running resistance is calculated in laboratory conditions. Nissan swept in to buy one third of Mitsubishi, and under the Renault-Nissan alliance it is likely Mitsubishi will be put on a crash course to clear its name and start turning a profit again. But the bad publicity caused by the scandal will probably mean it'll be far in the future. Related Video: