1998 Mitsubishi Eclipse Rs Hatchback 2-door 2.0l on 2040-cars

Auto blog

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.

Carlos Ghosn to step down as Nissan CEO on April 1

Carlos Ghosn announced he will be stepping down as CEO of the Nissan on April 1, to be replaced by current Nissan co-CEO Hiroto Saikawa. The move comes after close to two decades of leadership and the rebuilding of a company that was close to disaster. Ghosn isn't finished with the company he helped rebuild, as he will remain on as chairman of the board and continue on as leader of the Renault-Nissan Alliance following the change of guard. In addition to running Renault-Nissan, Ghosn has taken over as chairman of Mitsubishi Motors after acquiring a 34-percent stake in 2016, a move he spearheaded. Ghosn stated, "I am confident that the management team I have developed at Nissan over the past 18 years has the talent and experience to meet the company's operational and strategic goals. Having recently taken on new responsibilities at Mitsubishi Motors, and taking into consideration the upcoming Nissan general shareholders meeting, I have decided that the time is right for Hiroto Saikawa to succeed me as Nissan's CEO." A release from Renault-Nissan said the move allows Ghosn to focus more attention on bringing together the three companies. Saikawa, his replacement, has been with Nissan since 1977 and has overseen operations in the company's markets worldwide. Related Video: Image Credit: Reuters Hirings/Firings/Layoffs Mitsubishi Nissan Renault ceo nissan renault

Mitsubishi Shogun Sport SVP Concept is the offroad Mitsu we want

The Mitsubishi Shogun Sport SVP Concept just debuted at the Commercial Vehicle Show in the U.K. For those unaware of the Shogun Sport's origins, it's a Mitsubishi Triton-based SUV with truck-like off-road capability. This concept raises the bar for what's possible with this big SUV when the terrain gets rough. Mitsubishi and some aftermarket suppliers have given the truck some impressive modifications. For one, it has a 40 mm wider track and new offroad suspension. Walkinshaw Performance Limited and Koni both helped with new components and the suspension tuning. BF Goodrich all-terrain tires wrap new Predator 18-inch off-road wheels with a red outer rim design. Then to give the sides of the Shogun Sport more clearance while rock crawling, Mitsubishi fitted raised side steps finished in black. Other trail-ready add-ons include the big LED light bar and rally-style PIAA driving lamps on the grille. Mitsubishi has changed up the design a bit by adding a new colored grille, massive decal package and a big hatch lid badge. The interior gets a few new bits like heavier bolstered seats, red LED mood lighting and special patterns used throughout. Of course, we don't get the Shogun Sport in the United States. This concept happens to use Mitsubishi's 2.4-liter turbo-diesel four-cylinder, which makes 181 horsepower and 317 pound-feet of torque. Mitsubishi has recently talked about a return to trucks in America, but nothing certain is in the pipeline for now. Meanwhile, we just got our first look at Mitsubishi's smallest new crossover yesterday, the 2020 Outlander Sport.