Renault-Nissan-Mitsubishi plans $1 billion fund for auto tech startups

LAS VEGAS – The world's largest automotive alliance will invest as much as $1 billion (about ¥112 billion) to fund mobility startups over the next five years as it looks to make inroads with new technology at a time of rapid upheaval for the transportation sector. Carmaking partners Renault SA, Nissan Motor Co. and Mitsubishi Motors Corp. will invest as much as $200 million during the venture capital fund's first year, the alliance said in a statement Tuesday. The fund, called Alliance Ventures, will finance new developments in electrification, autonomy, connectivity and artificial intelligence. "The way we're organized now is not sufficient," Carlos Ghosn, chairman of the alliance, said in an interview at CES in Las Vegas, citing a need for the creativity of startups and outside partners. "I don't think we can do it alone."