Inside sources suggest the Japanese marque might leave the venture fund created by its own former CEO.
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Japanese carmaker Nissan is looking to leave a venture fund created with alliance partners Renault and Mitsubishi, as reported by Reuters.

The ‘Alliance Ventures’ fund was created by ex-Nissan CEO Carlos Ghosn for the Renault-Nissan-Mitsubishi Alliance to invest in various startup firms working on technologies relevant to the manufacturers.

Plans for the fund saw an initial investment of US$200 million (AU$309.5 million) by the manufacturers, with the figure to be matched year-on-year and the fund to reach US$1 billion (AU$1.5 billion) by 2023.

However, sources told Reuters the actual yearly investment “never achieves that full amount”.

Nissan’s new CEO Makoto Uchida has been under pressure to cut costs and turn the business around after facing a 2019 riddled with declining sales and scandals.

Above: Nissan CEO Makato Uchida

In the face of the coronavirus COV-19, Nissan’s sales in China – its largest market – were down 80 per cent last month.

While a decision will reportedly not be made official until later this month, a Nissan insider told Reuters: “Of course we’re out. The house is on fire.”

Last week, alliance member Mitsubishi reportedly stated it would not continue to invest into the fund either.