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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.

Even Ferrari swept up in latest Takata recall expansion

The scope of Takata's deadly airbag problems continues to widen. Eight manufacturers announced recalls Friday that affect more than 12 million vehicles, according to documents filed with federal regulators. The automakers include Honda, which is recalling 4.5 million units, Fiat Chrysler with 4.3 million, Toyota with 1.65 million, and Subaru, which is recalling almost 400,000. Some of these cars include the Saab 9-2x and Pontiac Vibe that Toyota and Subaru made for General Motors. Mazda will recall 730,000 vehicles and Nissan has 400,000 affected units. The smallest numbers were posted by Mitsubishi, with 38,000 Lancers manufactured from 2006 to 2007, and as a noteworthy high-end manufacturer, Ferrari is calling back 2,800 vehicles. These are all US-market cars. Beyond America, the Japanese Transport Ministry has announced seven million additional vehicles will be recalled, which means 19.6 million vehicles across the globe are affected by recalls announced. The defects have been traced to an insufficiently manufactured airbag inflator, which lacks a drying agent that would prevent the inflators from deteriorating over time. Thirteen deaths have been linked to the faulty airbags, which have become unstable and are prone to exploding and showering vehicle occupants with lethal amounts of metal shrapnel. A private equity firm, KKR & Co., has been named in a possible buyout of the struggling Takata. Related Video: News Source: ReutersImage Credit: Shutterstock Government/Legal Recalls Ferrari Honda Mazda Automakers Mitsubishi Nissan Pontiac Subaru Toyota Saab Safety

2019 Hyundai Kona Electric First Drive Review | No compromises

The results of last week's United Nations climate study reveal that Earth's climate situation is much more dire than previously thought. Unless we do something drastic to stop pumping carbon emissions into our atmosphere, we'll do irreversible damage by 2030. It seems almost prophetic, then, that Hyundai is launching two vehicles — the hydrogen-powered Nexo FCV and an all-electric variant of the recently launched Kona crossover. The more compelling of the two is the Hyundai Kona Electric. It joins other purely battery-powered machines such as the Nissan Leaf, the Chevy Bolt and the Tesla Model 3, but the Korean automaker one-ups the competition by arriving in the form of a crossover. Americans can't get enough of them, and no other pure electric on the market offers it unless you're talking about the $83,000 Tesla Model X. The Kona EV's next closest competitor is the boxy electric Soul, and in case you didn't know, Kia's affiliate company is none other than Hyundai. In truth, the crossover moniker isn't entirely accurate. Like its internal-combustion-engined counterpart, the Kona EV doesn't really sit above regular car height. Rather than call it a compact crossover, it'd be more appropriate to label it a hatchback with some rugged-looking body cladding. The Kona Electric does, however, top nearly all of its EV rivals for cargo space, with 19.2 cubic feet. Only the Leaf tops it at 23.6 cubic feet, but the Kona's footprint is almost a foot shorter than the Nissan's. Visually, the Kona Electric is distinguished from its petrol-powered sibling by a grille-less face, replaced by an LCD readout grid pattern with the charging port neatly hidden beneath a panel on the left side. A new light bar spans the prow, connecting the upper driving lights in a digital wave pattern repeated in the lower front, side and rear skirts. It's meant to evoke the pathways in a circuit board, according to senior chief designer Chris Chapman. Inside, more differences serve to remind you that you're sitting not just at the helm of a crossover, but a shuttle to the future. An array of PRND buttons and an electronic parking brake await your instructions. Neither seemed necessary nor an improvement over the Kona classic's tried-and-true gear selector and handbrake, but there they were. The e-e-brake perhaps does permit the double-decker center console, though, the lower level meant for gadget recharging, whether via USB or Qi wireless.