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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.

Nissan drives glowing Leaf on Holland's glowing highway

If you thought that applying phosphorescent paint to the Nissan Leaf made it look like something out of Tron already, brother... you don't know the half of it. Or at least you won't have until you see what the car looks like on a glow-in-the-dark highway. A glow-in-the-what-now, you ask? That's right: for about a third of a mile on the N329 in the Netherlands, running through the city of Oss, the highway glows in the dark. Not the whole roadway, of course. That'd be weird. Even for the Dutch. No, the so-called Smart Highway designed by Daan Roosegaarde (whose Dutch heritage is evident by the number of vowels in his name) uses phosphorescent stripes to obviate the need for lighting. They work just like the paint on the Leaf (or for that matter any number of toys we had as kids), absorbing sunlight during the day and emitting it at night... in this case for up to eight hours. The resulting footage and photography, though surely heavily edited, needs to be seen to be believed. That is, assuming you don't already live in a computer where users force you to play in games for their own amusement and Jeff Bridges runs amok. Related Video: BRIGHT FUTURE: NISSAN LEAF IS FIRST GLOW-IN-THE-DARK CAR TO DRIVE GLOWING HIGHWAY · All-electric Nissan LEAF is the first glow-in-the-dark car to drive on the luminous Smart Highway in Oss, Netherlands · Unique highway design saves energy by removing need for street lights · Nissan EV sales increase by 313% across the Netherlands · Watch the film at: https://youtu.be/8Dv3PxDj2ks Nissan has blazed a trail by driving its unique glow-in-the-dark zero-emission LEAF along the world's first glow-in-the-dark motorway in Oss, Netherlands. Nissan recently became the first modern passenger car manufacturer to apply glow-in-the-dark car paint to a car, to showcase how many customers of the world's best-selling electric vehicle are powering their car from solar energy generated at home. Now it has gone one step further, by driving the all-electric Nissan LEAF on the Smart Highway – the first time a phosphorescent car has been driven on the famous stretch of road. And the location of the world's only luminescent highway was fitting, as Nissan has announced an uplift in electric vehicle sales of 313 percent in the Netherlands last year. The innovative Smart Highway project was conceived by designer Daan Roosegaarde to help guide drivers in the dark, while saving energy that might otherwise be used in street lighting.

Nissan bringing GT-R LM Nismo back to WEC

Things didn't go exactly as planned when Nissan entered Le Mans this year with the GT-R LM Nismo. First years of a new racing program seldom do. But the radical front-drive LMP1 prototype performed so poorly that it looked for a while like Nissan would scrap the program altogether. Fortunately, however, the Japanese automaker has announced that the GT-R LM Nismo it is coming back. Several changes are afoot for next season. For starters, while the prototype only competed in the 24 Hours of Le Mans this year, Nissan says it "will return to race in the FIA World Endurance Championship in 2016" – of which Le Mans is just part. It isn't saying how many of the races it will contest, exactly, but the calendar currently consists of nine events: Silverstone, Spa, Le Mans, the Nurburgring, Mexico City, Texas, Fuji, Shanghai, and Bahrain. Hopefully we'll be seeing the Nissan team at all nine events, especially the one at the Circuit of the Americas in Austin, where it can be seen undergoing testing in the fresh and massive image gallery above. Schedules aside, Nissan has appointed a new principal to run the team. Brought in "to share the heavy load on Ben Bowlby's shoulders" will be Mike Carcamo, who moves from his job at Nissan Mexico to serve as the WEC team principal. Outgoing principal Bowlby does, however, appear to be staying on in an as-yet undisclosed capacity. Finally, Nissan says that "multiple changes have been made to the car since Le Mans," and you can bet that's a huge understatement. We won't know what those changes constitute, exactly, but the automaker is certainly hoping that they'll prove enough to make the car competitive. In its debut at Le Mans this year, two of the three cars failed to finish, and the third wasn't classified since it didn't cover enough distance. Related Video: NISSAN GT-R LM NISMO TO MAKE RACING RETURN IN 2016 Nissan's innovative LM P1 racer to complete test programme before returning to WEC YOKOHAMA, JAPAN - 1 October 2015: Nissan today announced that the innovative Nissan GT-R LM NISMO will return to race in the FIA World Endurance Championship in 2016. The team has been working hard to address the technical issues faced at Le Mans in June and is in the middle of a comprehensive test and development programme to prepare the new car to race against the tough competition it faces in the LM P1 class.