Renault-Nissan Starts Up $1 Billion 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 1.23%