Candlelites

Everything from Everywhere

renault-nissan starts up billion-dollar venture fund for car technology

renault-nissan starts up billion-dollar venture fund for car technology News Article With The full text news. The Resource Link is down the post and you can View this News Article in the source page.



renault-nissan starts up billion-dollar venture fund for car technology

las vegas—the renault-nissan-mitsubishi alliance is creating one of the largest venture-capital funds dedicated to automotive technologies, escalating an already feverish pursuit by global auto makers to reinvent personal transportation.the company said it will commit $200 million annually over five years—for a total of $1 billion—to invest in a variety of startup technologies, including battery and self-driving vehicle advances. the new corporate venture fund is part of a push by renault-nissan chief executive carlos ghosn to speed development of technologies that the alliance’s three auto makers don’t have in-house. the message to tech startups, mr. ghosn said at an event tied to the ces show happening here: “please come see us.”the spending comes on top of the 8.5 billion euros ($10.1 billion) annually that renault sa, rno -1.64%nissan motor co. nsany 0.54% and mitsubishi motors corp. invest together in research and development.“we will be a success if we really bring into the company the new technology for the car of the future that will [take] too long and also [be] too expensive to develop within our r&d,” said francois dossa, who is leading the new fund called alliance ventures. “the main driver is to be fast.”he plans to have teams in silicon valley, paris, japan and china looking for early- to late-stage startups. mr. dossa’s deputy is ...