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Renault-Nissan-Mitsubishi to set up $1bn venture capital company

Team pegs US solid-state battery startup for first investment

Carlos Ghosn, chairman and CEO of the Renault-Nissan-Mitsubishi Alliance, responds to a question on the alliance's new venture capital fund during roundtable with journalists at the 2018 CES in Las Vegas on Jan. 9.   © Reuters

LAS VEGAS, U.S. -- French automaker Renault will team with Japanese auto giants Nissan Motor and Mitsubishi Motors to establish a venture capital company. 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 first investment will go to Ionic Materials, an American venture business developing materials for an entirely solid-state battery, Ghosn said at a news conference on the first day of the CES -- the world's largest consumer electronics fair -- that kicked off here on the same day.

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