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Renault-Nissan-Mitsubishi to Launch Mobility Tech Fund
The Renault-Nissan-Mitsubishi alliance plans to debut a $200 million tech fund at next week’s CES electronics show in Las Vegas, sources tell Reuters.
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The Renault-Nissan-Mitsubishi alliance plans to debut a $200 million tech fund at next week’s CES electronics show in Las Vegas, sources tell Reuters.
Chairman Carlos Ghosn is expected to announce the plan on Tuesday. Reuters says the fund, intended to enable the alliance to buy up attractive startup companies quickly, will be financed 40% by Renault, 40% by Nissan and 20% by Mitsubishi Motors.
Corporate venture capital funds have become a popular tool among carmakers to help them keep up with monumental shifts in technologies and services that impact the auto industry. CVCs enable large companies to pounce on emerging technologies in such areas as autonomous vehicles, connectivity and on-demand ride and vehicle services.
Among companies that have set up special tech funds and/or startup incubators are BMW, General Motors, Honda, PSA Group, Samsung Electronics and Toyota.
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