Renault-Nissan-Mitsubishi launch $1bn venture capital fund

Carlos Ghosn chairman of the Renault Nissan and Mitsubishi alliance. Renault and Nissan will each fund 40% of Alliance Ventures—which will be co-located in Silicon Valley Paris Beijing and Yokohama Japan—while Mitsubishi will contribute the rest

The three plan to invest up to $1 billion over the next five years in startups that focus on advanced autonomous driving, artificial intelligence and other technologies, group leader Carlos Ghosn said on Tuesday.

The three auto manufacturing businesses together sold 10m vehicles past year, through 10 separate brands.

"Our open innovation approach will allow us to invest and collaborate with start-up companies and technology entrepreneurs, who will benefit from the global scale of the Alliance", Mr Ghosn said. The fund will also invest in all start-up stages and will incubate both new automotive entrepreneurs and make new partnerships. "This new fund reflects the collaborative spirit and entrepreneurial mind-set at the heart of the Alliance".

The first deal is a strategic equity investment in Ionic Materials, a US-based company developing cobalt-free solid-state battery materials - although the alliance did not disclose the size of the investment. With the investment the Alliance has agreed to help out with research and development as the Massachusetts-based company looks to bring its solid polymer electrolyte to market.

Pastor Gets Applause For Admitting He Sexually Assaulted Teen
She told the incident to their associate pastor Larry Cotton who was completely unsupportive and unsympathetic to her plight. He was treated to a 20-second standing ovation while Woodson, watching online , was left in tears, per the New York Times .

Walt Disney's (DIS) "Buy" Rating Reaffirmed at Bank of America
State Board Of Administration Of Florida Retirement System bought 25,370 shares as the company's stock rose 7.09% with the market. The firm also recently announced a Semi-Annual dividend, which will be paid on Thursday, January 11th.

Fire on top floor of Trump Tower in NYC
Video from the scene shows firefighters on the roof of the 58-storey building battling the blaze and large amounts of smoke. Once the investigation is complete, the results will be released, the spokesman, firefighter Jim Long, said.

French automaker Renault will team with Japanese auto giants Nissan Motor and Mitsubishi Motors to establish a venture capital company. The formation of the alliance fund follows similar moves by competitors including General Motors's GM Ventures, BMW Group's i Ventures and Toyota Motor's Toyota AI Ventures.

The fund, called Alliance Ventures, expects to invest up to $200 million in its first year in start-ups working on mobility technologies such as autonomous vehicle systems, artificial intelligence, connectivity and vehicle electrification. Technologies discovered by each partner will be shared through the alliance.

Alliance Ventures will be led by François Dossa, who has over 20 years of experience in investment banking, plus six years of experience within the Alliance, most recently, as chief executive officer of Nissan Brazil.

"The way we're organized now is not sufficient", Carlos Ghosn, chairman of the alliance, said in a Bloomberg Television interview at CES in Las Vegas, citing a need for the creativity of startups and outside partners. It's planning to launch 12 pure electric vehicles by 2022 and will bring 40 autonomous vehicles to market and additional robotically-enhanced ride-hailing services.

Related News:

  • 1984 anti-Sikh riots: SC directs re-investigation of 186 cases

    1984 anti-Sikh riots: SC directs re-investigation of 186 cases

    It said a supervisory body it had appointed found that out of 241 cases, 186 cases were closed without investigation. Previous year in April, the court had reopened five cases in connection with the matter that were closed in 1986.
    Toyota and Mazda choose Alabama for $1.6bn joint plant

    Toyota and Mazda choose Alabama for $1.6bn joint plant

    A Toyota automaker employee moves an engine at the Toyota engine assembly line in Huntsville, Alabama November 13, 2009. "Toyota and Mazda are not going to find a better site than ours", Bexar County Judge Nelson Wolff said in August.
    Toyota inaugurates its e-Palette Alliance and Concept Vehicle at CES 2018

    Toyota inaugurates its e-Palette Alliance and Concept Vehicle at CES 2018

    Toyota revealed the e-Palette, an autonomous concept vehicle , at the Consumer Electronics Show ( CES ) in Las Vegas on Monday. The vehicle will have a low floor and an open interior design to allow customization according to the need of the hour.
  • Discovery to Move Headquarters From Maryland to NYC in 2019

    Discovery to Move Headquarters From Maryland to NYC in 2019

    The company says the move will be to take advantage of the proximity to business, investment and production partners in NY . The CEO said plans call for the ultimate closure and sale of One Discovery Place headquarters in Silver Spring in 2019.
    Rain and snow in the forecast

    Rain and snow in the forecast

    Snow and freezing rain transition to all rain by Thursday afternoon with rain continuing Thursday evening through Friday . The forecasters are unanimous in predicting the temperature will plummet to 19 degrees overnight on Saturday .
    Pokemon Go will stop working on older iPhones and iPads

    Pokemon Go will stop working on older iPhones and iPads

    The iPhone 5 , iPhone 5c , and iPad (4th generation) were all originally released in 2012. Another 4% of iPhone users continued to use even older models as of past year .
  • Syrian army breaks siege of army base near Damascus

    Syrian army breaks siege of army base near Damascus

    Meanwhile, SANA reported that rebel shelling of the capital killed five people and wounded 30 others on Tuesday. Syria's foreign ministry also accused Israel of launching the attacks in support of opposition fighters.
    UIDAI strengthens security for Aadhaar holders

    UIDAI strengthens security for Aadhaar holders

    Aadhaar number holder can use Virtual ID in place of Aadhaar number whenever authentication or KYC services are performed. Agencies that do not migrate to the new system by the stipulated deadline will face financial disincentives.
    India to tour Ireland before England

    India to tour Ireland before England

    The sides have met each other just once in T20I cricket, in Nottingham during the World T20 in England in 2009. India have tours of both England and Australia lined up for the 2018 season.
  • Akshay Kumar's Kesari Co-Star Is Parineeti Chopra. She's 'Excited'

    Akshay Kumar's Kesari Co-Star Is Parineeti Chopra. She's 'Excited'

    After Golmaal Again rocked the box office last year, the 29-year-old actress has now bagged another big budget production. She returned to the silver screen in 2017 after being a part of back-to-back flops Daawat-e-Ishq, Kill Dil and Dishoom.
    CES 2018: Razer's Project Linda Turns Your Phone into a Laptop

    CES 2018: Razer's Project Linda Turns Your Phone into a Laptop

    Even with the smartphone docked in, it weighs just 1.25kg, which is at par with most ultra-thin notebooks with a 13-inch screen. The laptop keyboard also includes the Razer Chroma backlighting that can be personalised with various colour options.
    HTC Vive Gets a Hardware Revision

    HTC Vive Gets a Hardware Revision

    The 2.0 base stations will also be "smaller, more reliable and offer improved performance", says Valve. The Vive was first introduced to the market in 2015 and went on global sale in April 2016.


Most liked

Gerrit Cole Trade Rumors: Astros, Pirates Talks 'Gaining Momentum'
Though Cole is coming off his worst season - 12-12 with a 4.26 ERA in 33 starts - he is capable of being an elite starter. The Yankees' rotation now includes Luis Severino, Masahiro Tanaka, Sonny Gray and CC Sabathia.

Omar wants CM's statement over civilian killing, leads walk-out
Mahatma Gandhi had seen a ray of hope in Kashmir because of the peaceful atmosphere and harmony, she said. She said it was only India that can address the issues facing the people of the state.

USA oil output to surpass record earlier than expected
Demand is expected to climb an additional 340,000 bpd in 2019 to 20.65 million bpd, the agency said. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2.4 million barrels, EIA said.

Conte admits Liverpool beat Chelsea to Van Dijk signing
However, Chelsea manager Antonio Conte is unfazed by the fact that the club failed to secure th e Dutch international's signature. The agreed fee for Van Dijk was a world-record sum for a defender, topping Manchester City's deal to sign Kyle Walker in July.

Robert De Niro unleashes profanity-laced rant against Trump
He's also said that Trump "sullied the presidency", and that America under Trump has become a "tragic dumbass comedy". He noted that The Post was based on events that occurred almost 50 years ago but had many parallels today.

Jeremy Corbyn brands Theresa May's Cabinet reshuffle 'pointless and lacklustre PR exercise'
Mr Corbyn cited reports that nurses were "spending their entire shift treating people in auto parks" due to backed-up ambulances.

Crews respond to fire on roof of Trump Tower
A New York Fire Department spokesperson explained: "We had one minor injury to a firefighter - some debris fell on him". Aerial views showed firefighters on the roof, with smoke billowing from one corner of the high-rise.

Serena Williams endured medical ordeal following emergency C-section
She was not able to get out of bed for six weeks after she finally left the hospital a week after giving birth. For the interview Serena Williams opened up about marriage, motherhood, and her return to the tennis court .

With words, Zidane tries to get Real Madrid back on track
Germain in the Champions League last-16, are fourth in the league and enduring a disappointing domestic campaign. He said he was sticking to his guns because, "I say it because I believe in the squad".

Arsenal manager Arsene Wenger launches fresh attack on Chelsea star Eden Hazard
Arsenal have not won the League Cup under Arsene Wenger , with their last triumph in the tournament coming under George Graham in 1993.

Andre Villas-Boas Taken To Hospital After Crash During Dakar Rally
Later it became known that the 40-year-old football coach had withdrawn from the Dakar Rally, reported Eurosport. We jumped off a dune and crashed the vehicle nose first.

Catholic Lukaku Denies Everton Owner's "Voodoo" Claims, Could Sue
One of the more unexpected headlines to emerge from Tuesday's AGM was a tale involving Romelu Lukaku , his mum, Chelsea and voodoo.

Pari: Anushka Sharma Reveals 5 Interesting Things About The Film
And yet again the actress came into limelight when the motion poster of her upcoming film got released. The movie is produced by KriArj and Clean Slate Films and will be released worldwide by Pooja Films.

News About 300 Cuts In Padmavat Absolutely Untrue Says Prasoon Joshi
Sanjay Leela Bhansali's 'Padmavat , ' earlier titled 'Padmavati , ' was slated tor release on december 01 in 2017. Interestingly, this isn't the first time Padmavat has been facing a hard time getting a release date.

INEC: 2019 campaign starts on August 17
Governorship and state assembly elections will also hold same day on March 2, two weeks after the presidential election. The Independent National Electoral Commission, INEC , has announced the timetable for the 2019 general elections.