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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 Xterra discontinued after 2015

Another great big subtraction in the choice of proper off-roaders comes with news from Edmunds that the Nissan Xterra will meet its maker after the 2015 model year. Sales of the body-on-frame SUV introduced in 1999 declined seven percent last year compared to 2013, a total of just 16,505 getting off dealer lots. That's about 1,800 more sales than the Toyota FJ Cruiser achieved for the year, another rugged trail runner recently dispatched into the ether. Meanwhile, the king-of-the-hill Jeep Wrangler almost matched those annual sales number each month in 2014; it moved 19,235 in May alone. Nissan hasn't exactly cared about the Xterra for years; Edmunds reported in 2013 that Nissan was "mulling the Xterra's future" and would take a year to decide if it was going to keep going. But it has been clear for years that the company wasn't too interested in its hardcore off-roader in spite of its "enthusiastic fan base inside and outside the company." The last visible refresh came in 2009, when it was 4Wheeler magazine's SUV of the Year, the next minor feature updates not arriving until 2014. And the Nissan-backed off-road triathlon series the Xterra was named for died in 2006. That's why there's no business case for throwing money at re-engineering the Xterra's safety and emissions specs, especially in a world gone crazy for subcompact crossovers. We contacted Nissan for comment on the report and asked if another Nissan vehicle, like the Rogue, would be positioned as a near-replacement, as has been speculated before. Product communications director Dan Bedore told us, "Nissan has made no announcement as to the future status of Xterra. For proprietary reasons, we do not discuss future product plans or comment on media speculation about future plans." Right now we can hear the Jeep Wrangler at the top of the mountain screaming, "Nobody wants a piece of this? Really?!" So come on, General Motors - it's up to you now.

Nissan's Le Mans prototype V6 to power next GT-R

You can debate all you want about whether racing has any relevance to road cars. And while you're doing that, Nissan will be getting the most out of its GT-R LM Nismo. In fact, the latest reports indicate that the Japanese automaker will use the engine (or some version thereof) in the next-generation GT-R. The Nissan GT-R LM Nismo, for those who may have missed it, is the company's radical attempt to take on the Audis, Porsches and Toyotas of the top-tier LMP1 class in the FIA World Endurance Championship. And to do so at its flagship event, the 24 Hours of Le Mans. Only unlike its rivals, it's not a mid-engined, all-wheel-drive design; both the engine and the driven wheels are at the front end. That engine, however, isn't actually all that radical. It's a 3.0-liter twin-turbo V6 producing 550 horsepower. Potent, but nothing earth-shattering. In fact it's not far off from the 545-hp 3.8-liter unit in the current production GT-R. And according to Top Gear, in speaking with the racing program's director Ben Bowlby, it will be essentially the same engine that will power the next road-going GT-R. Now if you're thinking that something's missing here, you're right: the GT-R LM Nismo packs a lot more than 550 horses. It actually has over 1,250 on tap. The remaining 700 hp are kicked in by the electric component of the racing prototype's hybrid powertrain. The next GT-R is widely expected to incorporate hybrid technology as well, but it won't be good for 700 hp all on its own. And it will almost certainly be driving all four wheels like the current version. Related Video: