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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.

Nissan prices limited-edition 2014 GT-R Track Edition from $115,710*

Nissan has released its pricing for the model-year 2014 GT-R, including the new Track Edition of Godzilla. The 2014 Nissan GT-R Premium will now command an MSRP of $99,590, while the Black Edition will go for $109,300 and the new Track Edition will ask $115,710 (*not including a $1,000 destination and handling charge for all models).
Nissan calls the GT-R Track Edition its most exclusive model, which makes sense as it will be limited to just 150 examples for the US market. The competition-ready Track Edition gets Bilstein DampTronic shocks and revised spring rates; all chosen after more development work by Nissan engineers at the Nürburgring. (Good work, if you can get it.) A carbon fiber rear spoiler and six-spoke black wheels come with the package, as do blue-trimmed, high-grip front seats inside. To save weight, the car's rear seats have been deleted in this model.
Continue down below to read Nissan's press release, or have a gander at the (quite large) gallery of 2014 Nissan GT-R images.

Farmer moves illegally parked car with tractor

Bad parking in London can get you a ticket or the boot, but bad parking in the West Country is treated in a more direct manner. One motorist learned this fact in early May when a video published by The Daily Mail showing a farmer moving a car with his tractor went viral. Lianne Dunn and Ally Boxall were out for a drive near Marksbury when they came upon a strange sight. Coming at them down the narrow country lane was a tractor with a red Mazda6 perched on its front-end loader attachment. One of the women pulled out her cell phone and filmed the odd scene while the other backed into a convenient driveway to let the tractor past. As the tractor trundled by with its load, they asked the young man guiding the driver what was going on. "They parked in this chap's drive," he said in his broad, West Country burr. "He asked us to move the car, nobody claimed it." When asked where the pair were taking the car, the unnamed farmer replied, "We're going to put it up on the main road. It's the police's problem then." The two women, obviously entertained by the spectacle, exchange a few more words with the young farmer before they finally drive off. "This is the best!" one of the women says as on the video. "Never piss a farmer off!" News Source: The Daily Mail, The Western Gazette Humor Weird Car News Mazda Nissan Driving Diesel Vehicles Sedan parking tractor farmer