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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.

Porsche 911 Turbo and Nissan GT-R Nismo star in World's Greatest Drag Race 4

We love Motor Trend's annual World's Greatest Drag Race video. Now back for its fourth appearance, the idea of lining some of the world's fastest cars up for a ten-wide, straight-line, full-throttle run is, well... it's pretty freaking badass.
The lineup this year boasts some impressively fast cars to be sure. The group of ten includes the following darlings: Alfa Romeo 4C, BMW i8, BMW M4, Chevrolet Camaro Z/28, Ford Fiesta ST, Jaguar F-Type R Coupe, Nissan GT-R Nismo, Porsche 911 Turbo S, Subaru WRX STI and, last but not least, the Volkswagen GTI. Give us any one of those for the weekend, and we're happy to take the keys.
It must be said though, that for a publication that draws as much water as Motor Trend does, there are some big cars that we might expect to be here instead. The Lamborghini Huracán or Ferrari 458 Speciale would have added some exotic flare to the list, and the omissions of the Chevy Corvette Stingray (for the second year in a row) and the Dodge Challenger Hellcat are real head-scratchers.

Recharge Wrap-up: Nissan earns Energy Star award, ethanol production forecasts adjusted

The US Energy Information Administration has adjusted its ethanol production forecasts. It predicts an average of 944,000 barrels per day for 2015. That number is up from 2014 production levels of 935,000 barrels per day, but it is lower than last month's projection for 2015, which was 947,000 barrels per day. The EIA forecasts 937,000 barrels per day in 2016, down from its prior forecast of 942,000 barrels. Biodiesel production averaged 83,000 barrels per day last year, with projections of 82,000 for 2015, and 84,000 for 2016. Read more from Ethanol Producer Magazine. Boston Mayor Martin J. Walsh supports the proposed Diesel and Vehicular Emissions Ordinance. The ordinance, filed by City Councilor Stephen Murphy, would require emissions control retrofitting of all pre-2007 vehicles belonging to the City of Boston, as well as those of any contractors it hires. The ordinance also seeks to create a simple city-level standard of enforcing the state's anti-idling laws. "The asthma rate in Boston's neighborhoods continues to climb," says Councilor Murphy. "By further tightening air quality standards, as this ordinance does, we will make Boston's neighborhoods healthier." Read more at DieselNet. The Michigan Blue Economy report profiles Ford for its water-saving sustainability efforts. The report notes that Ford reduced its water use by 61 percent, or 10 billion gallons, from 2000 to 2013 by "cutting the water used in everything from cooling towers to paint operations." As part of its Global Water Management Initiative, Ford has decreased its total water use at its facilities worldwide from 64 million cubic meters per year to 25 million cubic meters. Read more from Ford, or at the Michigan Blue Economy website. The EPA has named Nissan an Energy Star Partner of the Year for the fourth year in a row. The automaker received the Sustained Excellence Award for its efforts to reduce energy use and greenhouse gas emissions in its operations. Nissan reduced the amount of energy used to build vehicles by 13 percent in 2014. Energy reduction efforts include switching to LED lighting and developing an environmentally friendly paint process. Nissan also works with schools in Tennessee and Mississippi to help them reduce energy usage. "Since this initiative began in 2012, we've helped about 30 schools make the esteemed Energy Star certification list," says Nissan's John Martin. Read more in the press release below.