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Renault-Nissan-Mitsubishi pool $200 million to invest in tech startups

PARIS — The Renault-Nissan-Mitsubishi alliance is setting up a $200 million mobility tech fund, three sources said, in the latest move by major carmakers to adapt to rapid industry change by investing in startups through their own venture capital arms. The fund, due to be unveiled by Chief Executive Carlos Ghosn at the CES tech industry show in Las Vegas next Tuesday, will be 40 percent financed by Renault, 40 percent by Nissan and 20 percent by Mitsubishi. "It will allow us to move faster on acquisitions ahead of our competition," one of the alliance sources told Reuters. Frederique Le Greves, a spokeswoman for the Renault-Nissan-Mitsubishi alliance, declined to comment. The traditional auto industry model based on individual ownership is threatened by pay-per-use services such as Uber, as well as ride- and car-sharing platforms, a challenge heightened by parallel shifts towards electrified and self-driving cars. Wary carmakers are struggling to embrace changes and technologies that some of their executives are only beginning to grasp. To accelerate the process, many are investing directly in the new services — and gaining access to intellectual property — via their own corporate venture capital (CVC) funds. BMW has purchased stakes in a plethora of ride-sharing, smart-charging and autonomous vehicle software firms through its 500 million euro ($600 million) iVentures fund, the biggest such in-house facility belonging to a carmaker. Among others that have been increasingly active are General Motors' GM Ventures, with $240 million, and Peugeot-maker PSA Group's 100 million-euro investment arm. CVC funds, a familiar feature of innovative sectors such as tech and pharmaceuticals, have become more commonplace among carmakers since the 2008-9 financial crisis. They let companies skip some of the formalities otherwise required for new investments, and pounce more swiftly on promising startups. The Renault-Nissan-Mitsubishi venture will also obviate the current need to thrash out the ownership split for each new alliance acquisition. It represents a further step in the integration of the carmakers as they pursue 10 billion euros in annual synergies by 2022. France's Renault holds a 43.4 percent stake in Nissan, which in turn controls Mitsubishi. Ghosn heads Renault and chairs all three.

2023 Mitsubishi Outlander PHEV First Drive Review: Slightly rough diamond

The Mitsubishi Outlander was one of the first small, affordable plug-in hybrid SUVs, yet it lost ground in recent years with the introduction of strong offerings from Toyota, Ford, Hyundai and Kia. The main reason was that the regular Outlander wasn’t especially competitive, so once the PHEV finally had company, there was nowhere to go but down. Well, thereÂ’s an all-new and dramatically improved Outlander now, and finally, its plug-in hybrid version is here to make up that lost ground. Like the gas-only version, the new 2023 Mitsubishi Outlander PHEV impresses with a stylish, spacious and suitably modern interior, and generally comfortable and quiet demeanor. The plug-in hybrid goes significant further, though, with more power and refinement, plus a strong electric range. There are a couple weak points that keep it from being best-in-class (like the gas-only version), but depending on your needs, the Outlander PHEV could still be the green compact SUV for you. The Outlander PHEV has a powertrain that's extremely similar to its predecessor. A naturally aspirated 2.4-liter four-cylinder now makes 134 horsepower rather than the previous model's 148 horsepower. While it can provide direct power to the wheels, itÂ’s most often employed as a motor generator for the front and rear electric motors (much as a Honda hybrid operates). Both of those motors are also more potent than before. The front motor picked up 20 horsepower and 88 pound-feet of torque to make 114 ponies and 188 lb-ft. The rear makes 40 more horsepower for 134, though torque remains the same at 144 pound-feet. The result is a grand total of 248 horsepower and 332 pound-feet of torque. That's more than the Ford Escape PHEV, and more torque than the Hyundai Tucson and Kia Sportage plug-ins. The Toyota RAV4 Prime's 302 horsepower bests them all. In addition to more power, the Outlander PHEV can now go 38 miles on a charge –14 more than before thanks to a pack that has grown from 13.8 kilowatt-hours to 20 kWh. Once again, thatÂ’s more range than Ford, Hyundai and Kia, though less than the Toyota. Mitsubishi also offers an unusual feature not available on those competitors: DC fast charging. WeÂ’re not sure how necessary a DC fast charger is on a vehicle that can run on gas in a pinch, but if youÂ’d like a topped-up battery and donÂ’t want to wait overnight to get it from the plug in your garage, why not?

2021 Mitsubishi Outlander PHEV gets more power and more range

There's a brand new Mitsubishi Outlander for the 2022 model year, and we've been told that a plug-in hybrid version is on the way. But before that happens, Mitsubishi has given the current Outlander PHEV an under-the-skin refresh for 2021 that brings more power, more range and a new trim level. Despite the upgrades, the starting price hasn't budged. The Outlander PHEV gets a new 2.4-liter engine rated at 126 horsepower and 148 pound-feet of torque that replaces the previous 2.0-liter engine. A rear-axle-mounted electric motor adds 70kW of electric power, up 10kW over the old version. Add it all up and the powertrain spins out a total of 221 hp, up 31 ponies from the previous model. Updated software is said to improve "synchronization between battery and engine," which Mitsubishi says yields reductions in noise, vibration and harshness. All Outlander PHEVs are equipped with Mitsubishi's Super All-Wheel Control all-wheel drive system, and the 2021 edition gains Sport and Snow driving modes. Along with the power boost, the Outlander PHEV's battery capacity increases from 12.0 kW/h to 13.8 kW/h. That adds two additional miles of all-electric range for a total of up to 24 miles. Mitsubishi also says the top speed under electric power with no assistance from the gasoline engine rises from 79 mph to 83 mph. According to the EPA, the 2021 Outlander PHEV scores a combined 74 MPGe while running in hybrid electric mode and 26 MPG combined once the battery is depleted. That's an improvement of one mile per gallon. In addition to last year's SEL and GT trim levels, the 2021 Outlander PHEV gains an LE edition. The new trim adds a blacked-out grille, dark chrome dual spoke 18-inch alloy wheels and a blackout design for the front and rear bumpers. Also standard on the LE are a sunroof and upgraded audio system. Despite the significant upgrades for 2021, the Outlander PHEV SEL starts at the same $37,490 asking price as before. The LE costs $39,190 and the top-spec GT lists at $43,190. Buyers are eligible for $6,587 in federal tax credits, which is up $751 compared to the 2020 model year due to the increase in battery capacity. The 2021 Outlander PHEV is available at Mitsubishi dealerships now.