Renault-Nissan-Mitsubishi wants to spend up to $1 billion on start-ups

Renault-Nissan-Mitsubishi Alliance CEO Carlos Ghosn elaborated on the alliance’s plans to start a corporate venture fund intended to invest up to $1 billion over a few years in start-ups developing appealing completely new mobility technologies.

The fund expects to invest up to $0 million in start-ups producing completely new mobility technologies, such as vehicle electrification, autonomous systems, connectivity as well as artificial intelligence. This kind of will be a step toward fulfilling the group’s Alliance 2022 strategy to improve cooperation as well as cost sharing between the three companies, as well as boost sales.

“We want to create a platform for a start-up to speak to the three companies, which was not always the case,” Ghosn told reporters at the Consumer Electronics Show in Las Vegas on Tuesday.

The plan will be to create a group in which can enable the large corporate alliance to work nimbly as well as quickly with far smaller start-ups.

“We understand CVC’s have sometimes a bad reputation among entrepreneurs” partly due to a perception in which they move as well as make decisions too slowly said Francois Dossa, the current president of Nissan Brazil, who will lead the fund.

To combat This kind of perception, the group will be a separate legal entity, as well as will have its own processes for working with start-ups. The fund will have offices in many of the major tech hubs around the earth, such as the Silicon Valley region, Paris, Tel Aviv, Tokyo/Yokohama, as well as Beijing, Dossa said.

Renault as well as Nissan will each have 40 percent stakes inside the fund, with Mitsubishi Motors funding the remaining 20 percent.

The alliance plans to launch 12 all-electric types over the next six years, as well as also plans to market vehicles with autonomous drive technology as well as develop robo-vehicle ride-hailing services.

Renault-Nissan-Mitsubishi expects combined revenues to reach $240 billion, with annual unit sales of more than 14 million by the end of 2022. The alliance sold 10 million vehicles in 2017.

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