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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 to join alliance with Honda and Nissan, Nikkei reports

TOKYO — Japan's Mitsubishi Motors is set to join an alliance between Honda Motor and Nissan Motor, creating a tie-up between automakers with combined sales of more than 8 million vehicles, the Nikkei newspaper said on Sunday. Mitsubishi Motors, which is 34% owned by Nissan, will work with Honda and Nissan to finalize the details of their strategic partnership, Nikkei said, adding the three firms intend to standardize in-vehicle software that controls cars. Mitsubishi Motors declined to comment on the report, while a Nissan spokesperson would only say the report was not based on something either of the companies had announced. Spokespeople for Honda did not respond to a request for comment. The push comes as Nissan, Japan's third biggest automaker, has been steadily losing market share in its two largest markets, the United States and China, which together accounted for half of its global sales in the year to March. On Thursday, the company slashed its annual outlook after heavy discounting in the U.S. almost completely wiped out its first-quarter profit. Nissan and Honda said in March they were considering a strategic partnership to collaborate on producing electric vehicle components and artificial intelligence in automotive software platforms. Mitsubishi Motors is already part of a long-standing alliance with Nissan and France's Renault that the three automakers last year agreed to restructure, aiming for a downsized but more pragmatic and agile partnership. Separate collaboration between Nissan, Honda and Mitsubishi Motors could help Japan's automakers cut costs and beef up to battle tough competition in EVs, dominated by companies like China's BYD and Tesla. In China, the world's largest auto market, Japanese brands previously were strong but are now up against domestic automakers that have rapidly increased production and won over consumers with low-priced vehicles loaded with software.

Mitsubishi Outlander PHEV gets major powertrain updates, Geneva reveal

Mitsubishi will put seven of its wares on display during press days at the Geneva Motor Show, the headliner being an updated 2019 Outlander PHEV. Engineers have upgraded the entire hybrid powertrain, starting with the switch from a 2.0-liter Otto cycle gas engine to a 2.4-liter Atkinson cycle gas engine. Mitsubishi hasn't revealed output numbers, but the carmaker promises "higher torque, smoother operation, and overall higher efficiency." Generator output, rear motor output, and lithium-ion drive battery output all go up by 10 percent, and battery capacity gets a 15 percent boost. Going off the specs on the Mitsubishi Cars site, that would take the rear motor up to 66 kWh and the battery capacity from 12 kWh to 13.8 kWh. Along with the extra battery output, the 2019 Outlander PHEV should be expected to switch into EV mode more often, and stay there longer. Two drive modes join the current programming, Sport and Snow sidling up with Normal and 4WD Lock. One must look closely to note the exterior revisions, almost all of which are up front: a new graphic on the front grille, new LED headlights, rectangular foglight bezels, and a more prominent front skid plate. A "more elaborate" two-tone, 18-inch wheel shakes things up along the flanks, a larger rear spoiler holds things down out back. We probably won't get a look at the interior until Geneva, but "new quilted fine leather upholstery, all-new hip-hugging front seats, revised switchgear, a new instrument panel, new trimming, rear A/C outlets, and more" await us. The new Outlander PHEV gets to Europe in late 2018, likely greeted with the same fever that's seen the SUV move 100,000 units there in three years. Related Video: