Deals
Nissan-Renault Plans $1 Billion Fund for Auto Tech Startups
- Franco-Japanese tie-up to invest $200 million in first year
- Electrification, AI, autonomy, connectivity to be fund’s focus
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The world’s largest automotive alliance will invest as much as $1 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.