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☆ Four Migrants Die Trying to Cross the Channel
▼ + stars: | 2024-01-14 | by ( Jan. | At A.M. | ) www.usnews.com time to read: 1 min

PARIS (Reuters) - Four migrants trying to cross the Channel to Britain died in French waters in the early hours of Sunday, a spokesperson for the local prefecture told Reuters. The small boat overturned as it attempted to launch from a beach, the official said, adding that one person in critical condition had been taken to hospital in Boulogne, northern France. Local newspaper La Voix du Nord said about 70 people were trying to get into a small boat and dozens were pulled from the cold water during overnight rescue efforts in Wimereux, south of Calais. Those dead are believed to be Iraqi and Syrian, La Voix du Nord said. (Reporting by Gilles Guillaume and Michel Rose; Editing by Hugh Lawson)

Persons: Gilles Guillaume, Michel Rose, Hugh Lawson Organizations: PARIS, Reuters, Local, du Locations: Britain, Boulogne, France, Wimereux, Calais

☆ About 190 migrants rescued in English Channel over weekend
▼ + stars: | 2023-12-03 | by ( ) www.reuters.com time to read: 1 min

PARIS, Dec 3 (Reuters) - Some 190 migrants have been rescued off the Calais coast in northern France since Friday night while trying to cross the English Channel on dinghies to reach Britain, local French authorities said on Saturday, without specifying from where those migrants had come. The Channel is one of the world's busiest shipping lanes and currents are strong. Human traffickers typically overload the dinghies, leaving them barely afloat and at the mercy of waves as they try to reach British shores. Reporting by Dominique Vidalon, Gilles Guillaume Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Dominique Vidalon, Gilles Guillaume, Bernadette Baum Organizations: Thomson Locations: Calais, France, Britain

[1/4] French police secures the access to the Bir-Hakeim bridge after a security incident in Paris, France December 2, 2023. REUTERS/Stephanie Lecocq Acquire Licensing RightsPARIS, Dec 2 (Reuters) - One person died and two others were injured after a man attacked tourists in central Paris near the Eiffel Tower, Interior Minister Gerald Darmanin said on Saturday. Police quickly arrested the 26-year-old man, a French national, using a Taser stun gun, Darmanin told reporters. The suspect was on the French security services watch list and was also known for having psychiatric disorders, the interior minister added. The attack took place around 1900 GMT when the man attacked a tourist couple with a knife on the Quai de Grenelle, a few feet away from the Eiffel Tower, mortally wounding a German national.

Persons: Stephanie Lecocq, Gerald Darmanin, Darmanin, Akbar, Dominique Vidalon, Gilles Guillaume, Nick Zieminski, Matthew Lewis, Jonathan Oatis Organizations: REUTERS, Rights, Saturday . Police, Eiffel, Agence France Presse, Olympic Games, Thomson Locations: Paris, France, Grenelle, Afghanistan, Palestine, Gaza

The logo of Renault is seen at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 15, 2023. The group set out financial targets for the unit, including revenue of 25 billion euros in 2031, break-even in 2025 and an operating margin of at least 10% from 2030, ahead of an investor day in Paris. Sources close to the matter told Reuters last month the company was unlikely to go ahead with the IPO if the overall valuation for Ampere fell below 7 billion euros. We will reduce our costs to lower our prices, while improving our margins at the same time," finance chief Thierry Pieton said. ($1 = 0.9195 euros)Reporting by Gilles Guillaume, writing by Silvia Aloisi; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Gonzalo Fuentes, Ampere, Luca de Meo's, De Meo, Thierry Pieton, Gilles Guillaume, Silvia Aloisi, Kirsten Donovan Organizations: Renault, Viva Technology, Porte de, REUTERS, Ampere, Reuters, Twingo, Thomson Locations: Porte, Paris, France, PARIS, Europe

☆ Renault sets out targets for EV unit, says won't sell it cheap
▼ + stars: | 2023-11-15 | by ( Gilles Guillaume | ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsPARIS, Nov 15 (Reuters) - French car maker Renault said on Wednesday its electric vehicles unit Ampere, which it plans to list on the market next year, forecast 10 billion euros ($10.8 billion) in revenues in 2025, more than doubling to 25 billion euros in 2031. Finance chief Thierry Pieton told reporters ahead of the presentation Renault would not sell off Ampere cheap and had ample cash flow to keep financing it should it not get the valuation it wanted for an IPO. Asked if Renault could decide to distribute Ampere shares to existing Renault shareholders instead of proceeding with an IPO, he said: "Renault is always open to other options for Ampere, but the IPO is the preferred option." Sources close to the matter told Reuters last month the company was unlikely to go ahead with the IPO if the overall valuation for Ampere fell below 7 billion euros. We will reduce our costs to lower our prices, while improving our margins at the same time."

Persons: Gonzalo Fuentes, Luca de Meo's, Thierry Pieton, Ampere, Pieton, Renault, Gilles Guillaume, Silvia Aloisi Organizations: Renault, Viva Technology, Porte de, REUTERS, Rights, Reuters, Finance, Thomson Locations: Porte, Paris, France, Europe

☆ Renault seeks to charge up investors for EV unit IPO
▼ + stars: | 2023-11-15 | by ( Gilles Guillaume | ) www.reuters.com time to read: +3 min

De Meo has targeted a valuation of 8-10 billion euros ($8.6-10.7 billion) for the initial public offering (IPO) of Ampere, which has already been delayed once and is now slated for spring 2024. Two of the sources said Renault was unlikely to go ahead with the IPO if the valuation falls below 7 billion euros, and one said the cut-off point could be closer to 6 billion euros. UBS analysts have valued Ampere at just 3-4 billion euros, and others have questioned the rationale of listing the EV business to raise funds. On Wednesday, De Meo will argue his case for what could be the first attempt by a traditional automaker to unlock value from an EV business via an IPO. Over the first nine months of 2023, Renault brand EV sales fell by around 5% in Europe, having been up 2.5% in the first half, weighed down by a limited line-up.

Persons: Gonzalo Fuentes, Ampere, Luca de Meo's, De Meo, Renault, BEV, de Meo, Elon Musk's Tesla, Zoe, Silvia Aloisi, Mark Potter Organizations: Renault, Viva Technology, Porte de, REUTERS, Rights, Reuters, UBS, ICE, Jefferies, Nissan, Elon, EV, Thomson Locations: Porte, Paris, France, Europe

[1/4] A wheel loader operator fills a truck with ore at the MP Materials rare earth mine in Mountain Pass, California, U.S. January 30, 2020. Market leader Tesla (TSLA.O) garnered headlines earlier this year saying it would cut rare earths from its next-generation EVs. China dominates the mining and processing of a group of 17 metals known as rare earths, though companies elsewhere are trying to loosen China's grip. 'WAITING IN THE WINGS'The average EV permanent magnet motor uses around 600 grams (1.32 lb) of heavy rare earth neodymium. Tesla's announcement on dropping rare earths "opened up buyers' eyes to the fact that you don't really need rare earths to make EV magnets," Niron CEO Jonathan Rowntree said.

Persons: Steve Marcus, Tesla, Otmar Scharrer, Scharrer, you've, Ben Chiswick, Uwe Deuke, Gerd Roesel, Jonathan Rowntree, Oki, James Edmondson, Edmondson, Mike Grant, Nick Carey, Christina Amann, Paul Lienert, Ernest Scheyder, Gilles Guillaume, Giulio Piovaccari, Ben Klayman, Sharon Singleton Organizations: REUTERS, Auto, LONDON, General Motors, Rover, Nissan, ZF, U.S, BMW, Renault, GM, EV, Warwick Acoustics, Thomson Locations: Pass , California, U.S, China, BERLIN, German, Detroit, Europe, London, Berlin, Houston, Paris, Milan

☆ Renault to launch new Slovenia-made electric city car - sources
▼ + stars: | 2023-11-13 | by ( Gilles Guillaume | ) www.reuters.com time to read: +2 min

A logo of Renault is seen on a car during the French carmaker Renault's 2022 annual results presentation in Boulogne-Billancourt, near Paris, Feburary 16, 2023. REUTERS/Christian Hartmann Acquire Licensing RightsPARIS, Nov 13 (Reuters) - Renault (RENA.PA) will reveal the launch of an additional "affordable" city electric car during this week's capital markets day for its new EV unit Ampere, three sources familiar with the matter told Reuters. Ampere targets 600,000 produced electric vehicles in 2026 and one million in 2031. The company sold just under 50,000 electric Megane and Kangoo vehicles, its current models, last year. It flagged the arrival of electrified Scenic and R5 models for 2024, followed by the R4, in 2025.

Persons: Christian Hartmann, Ampere, Gilles Guillaume, Tassilo Hummel, Silvia Aloisi Organizations: Renault, REUTERS, Rights, Ampere, Reuters, Nissan, Thomson Locations: Boulogne, Billancourt, Paris, French, Mesto, Slovenia

☆ Stellantis says it least affected by N.America strikes among Detroit Three
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

[1/4] A Stellantis employee works on the e-GMP electric engine assembly line at the carmaker Stellantis engines factory in Tremery near Metz, France, June 29, 2022. And I think you will continue to hear more about that mitigation as we go forward," she said in a media briefing. Presenting its third-quarter sales results, Stellantis on Tuesday confirmed its forecast for a double-digit margin on adjusted operating profit and positive industrial free cash flow this year. "We believe we continue to be in a very strong position globally and in the U.S.," Knight said. Consolidated shipments rose 11% in the quarter to 1.427 million vehicles, Stellantis said.

Persons: Gilles Guillaume Acquire, Natalie Knight, Stellantis, Knight, Giulio Piovaccari, Gilles Guillaume, Federico Maccioni, Jason Neely Organizations: REUTERS, Detroit Three, Detroit, Thomson Locations: Tremery, Metz, France, North America, United States, Canada, U.S

One of them said that the cut off point could be closer to 6 billion euros ($6.33 billion). Some analysts had already questioned Renault's hoped-for valuation of up to 10 billion euros, with some suggesting the carmaker should pursue alternative options to raise cash. De Meo said in September that the listing could value Ampere at between 8 and 10 billion euros, above the French carmaker's own current market capitalisation of 9.55 billion euros. Other EV makers have seen their market value fall sharply in recent months. The Ampere IPO would include a mix of Renault's shares and new shares and could happen as early as April 2024, one of the people said, depending on market conditions.

Persons: Gonzalo Fuentes, Ampere, France's, Tesla, Renault's, Luca de Meo, China's Geely, IPOs, De Meo, Bernstein, de Meo, Elon Musk's Tesla, Mathieu Rosemain, Silvia Aloisi, Pablo Mayo Cerqueiro, Gilles Guillaume, Anousha Sakoui, Alexander Smith Organizations: Renault, Viva Technology, Porte de, REUTERS, Reuters, DKV Mobility, HK, Saudi Arabia's Aramco, Nissan, IPOs Renault, EV, Commission, UBS, Barclays, Ampere, Mitsubishi, Thomson Locations: Porte, Paris, France, LONDON, China, Saudi, Europe, Ampere, Elon

☆ Renault had 'friendly' discussions with Chinese investment bank - spokesperson
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +1 min

The logo of Renault is seen at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 15, 2023. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsPARIS, Oct 31 (Reuters) - French carmaker Renault (RENA.PA) had "friendly" discussions with Chinese investment bank CICC about potential cooperation, but nothing has been signed or decided so far, a company spokesperson said, confirming media reports. "A meeting took place between CICC and Renault Group for friendly discussions about China's market," a spokeswoman told Reuters. Chinese media outlet Cailianshe reported on Friday that Renault and CICC had reached a preliminary intention agreement to jointly invest to establish an investment fund to focus on the NEV industry chain, citing people familiar with the matter. Cailianshe added that Renault CEO Luca de Meo was in China for a week long visit.

Persons: Gonzalo Fuentes, carmaker, CICC, Luca de Meo, Gilles Guillaume, Brenda Goh, Roxanne Liu, Tassilo Hummel, Marine Strauss, Louise Heavens Organizations: Renault, Viva Technology, Porte de, REUTERS, Rights, carmaker Renault, Renault Group, Reuters, Thomson Locations: Porte, Paris, France, CICC, China, Shanghai, Beijing

☆ Stellantis nears deal to buy 20% of Chinese EV maker Leapmotor - Bloomberg News
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

A flag with the logo of Stellantis is seen at the company's corporate office building in Saint-Quentin-en-Yvelines near Paris, France, May 5, 2021. The partnership would also give Stellantis access to the EV maker's parts and certain technologies, according to the report. Stellantis, whose brands include Fiat and Peugeot, has only a very small presence in China, the world's largest auto market. The group and rivals such as Renault (RENA.PA) are concerned about growing competition from cheap Chinese electric cars in Europe. The companies are hammering out the final details of a transaction and an announcement could be made in the coming days, Bloomberg said.

Persons: Gonzalo Fuentes, Stellantis, Leapmotor, Akanksha, Gilles Guillaume, Giulio Piovaccari, Zhang Yan, Keith Weir, Shilpi Majumdar, Shweta Agarwal, Mike Harrison, Jan Harvey Organizations: REUTERS, Stellantis, Bloomberg, Zhejiang, HK, Fiat, Peugeot, Renault, Hong Kong, Guangzhou Automobile Group, Thomson Locations: Saint, Yvelines, Paris, France, China, Europe, Hong Kong, Bengaluru, Milan, Shanghai

[1/2] A Mitsubishi Motors logo is displayed at the 89th Geneva International Motor Show in Geneva, Switzerland March 5, 2019. REUTERS/Pierre Albouy/File photo Acquire Licensing RightsTOKYO/PARIS, Oct 24 (Reuters) - Japanese automaker Mitsubishi Motors (7211.T) will invest up to 200 million euros ($214 million) in the new electric vehicle unit of French counterpart Renault (RENA.PA), Mitsubishi said on Tuesday. Mitsubishi said in a statement it seeks to improve its EV development technology and expand its lineup of battery-powered vehicles with the investment in the Renault EV unit, named Ampere. The decision to invest in Ampere comes after Mitsubishi's partners, Renault and Nissan Motor (7201.T), finalised a restructured alliance in July. Shortly before the announcement, the Nikkei newspaper reported Mitsubishi's investment into Ampere was expected to be about 20 billion yen ($133.85 million).

Persons: Pierre Albouy, Jean, Dominique Senard, Mitsubishi, Ampere, Renault's Senard, Daniel Leussink, Gilles Guillaume, Jacqueline Wong, Christian Schmollinger Organizations: Mitsubishi Motors, 89th Geneva, REUTERS, Rights, French, Renault, Mitsubishi, Renault EV, Nissan, Nikkei, Thomson Locations: Geneva, Switzerland, PARIS, Paris, Ampere, Japan, China, Tokyo

China's decision may escalate trade disputes globally and spur other countries to prioritize research into alternative sources and materials, industry executives said. "We see China's move as a potential catalyst to highlight the urgency of improving (U.S.) graphite supply," said John DeMaio, president of Graphex Group's (6128.HK) graphene division. It has graphite supply deals with Syrah Resources (SYR.AX) and is looking for other sources, DeMaio said. Synthetic graphite could account for nearly two-thirds of the EV battery anode market by 2025, Benchmark Mineral Intelligence estimates. Chief Operating Officer Hans Erik Vatne told Reuters recently that developing synthetic graphite production is costly, but that is the price to pay to reduce reliance on China.

Persons: Fabian Bimmer, John DeMaio, Graphex Group's, DeMaio, Tesla, Hans Erik Vatne, Rob Anstey, Alvin Liu, Akash Sriram, Ernest SCheyder, Nick Carey, Christina Amann, Marie Mannes, Gilles Guillaume, Ilona Wissenbach, Ben Klayman, Josie Kao Organizations: Volkswagen, REUTERS, Syrah Resources, Magnis Energy Technologies, Mineral Intelligence, Reuters, EVs, BMO Capital Markets, BMW, Volvo, Renault, General Motors, Ford, Thomson Locations: Salzgitter, Germany, China, Warren , Michigan, West, U.S, Europe, Oslo, Norway, Bengaluru, Houston, London, Berlin, Stockholm, Paris, Frankfurt

☆ Renault sales up 7.6% thanks to higher prices but forex weighs
▼ + stars: | 2023-10-19 | by ( Gilles Guillaume | ) www.reuters.com time to read: +2 min

A logo of Renault is seen on a car during the French carmaker Renault's 2022 annual results presentation in Boulogne-Billancourt, near Paris, Feburary 16, 2023. Revenues came in at 10.51 billion euros ($11.07 billion), a touch above an analyst consensus forecast of 10.46 billion euros distributed by the company. Like other European carmakers it is facing strong competition in the EV market from Tesla (TSLA.O) and cheaper Chinese models. Renault confirmed its targets for 2023, adding it now expected a group operating margin closer to 8% for the year from a previous 7-8% forecast. ($1 = 0.9497 euros)Reporting by Gilles Guillaume, editing by Silvia AloisiOur Standards: The Thomson Reuters Trust Principles.

Persons: Christian Hartmann, carmaker, Ampere, Gilles Guillaume, Silvia Aloisi Organizations: Renault, REUTERS, Companies Renault SA, Tesla, carmaker Renault, Turkish, Thomson Locations: Boulogne, Billancourt, Paris, Turkey, Argentina

☆ Citroen targets low-cost Chinese EVs with electric C3 for 23,300 euros
▼ + stars: | 2023-10-17 | by ( Gilles Guillaume | ) www.reuters.com time to read: +3 min

[1/5] The new electric Citroen e-C3 SUV is unveiled during a presentation to the media in Meudon near Paris, France, October 17, 2023. It is the same size as the current C3 city car, but less rounded and slightly taller. "This is the most important launch for the Citroen brand in at least 10 years," Citroen General Manager Thierry Koskas told reporters. A European electric car at 23,000 euros? The brand plans a cheaper electric C3 at the beginning of 2025 – starting at 20,000 euros – with a reduced range of 200 km, Koskas said.

Persons: Abdul Saboor, Thierry Koskas, Citroen's Koskas, ”, Koskas, Citroen's, Gilles Guillaume, Nick Carey Organizations: Citroen, REUTERS, Thomson Locations: Meudon, Paris, France, Europe, MEUDON, Slovakia, India, China

☆ Carmakers apply for French EV subsidies under more stringent rules
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

The rear light of a Dacia Spring electric car is pictured during the Brand Manifesto Dacia event at Le Bourget near Paris, France, September 13, 2022. REUTERS/Gilles Guillaume/File Photo Acquire Licensing RightsPARIS, Oct 10 (Reuters) - Automakers will from Tuesday submit the specifications of their electric vehicles to French authorities in the hope they can continue to benefit from subsidies under new conditions that are likely to edge out many Chinese models. Tesla's Model Y and Model 3, and the Dacia Spring are among the EV models most sold in France, and they are built in China, as is the increasingly popular MG4, built by China's SAIC group. The government subsidy for electric cars stands at 5,000 euros ($5,270) for most households, and 7,000 for poorer ones. Car producers should get a response around Dec. 15 and will be allowed to appeal any negative decision.

Persons: Gilles Guillaume, Ingrid Melander, Mark Potter Organizations: REUTERS, Rights, China's SAIC Locations: Dacia, Le, Paris, France, Asia, China, Italy

☆ Renault sets Nov. 15 date for first investor day for EV unit Ampere
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: 1 min

The logo of Renault is seen at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 15, 2023. REUTERS/Gonzalo Fuentes//File Photo Acquire Licensing RightsCompanies Renault SA FollowPARIS, Oct 5 (Reuters) - Renault (RENA.PA) on Thursday announced the first investor day for its future electric vehicle company, named Ampere, will take place on November 15. Renault's Chief Executive Luca De Meo last month said the unit, which Renault plans to list on the stock exchange as a standalone business by spring 2024, could be valued at up to 10 billion euros ($10.47 billion). ($1 = 0.9550 euros)Reporting by Gilles Guillaume, writing by Tassilo Hummel, editing by Geert De ClercqOur Standards: The Thomson Reuters Trust Principles.

Persons: Gonzalo Fuentes, Ampere, Luca De Meo, Gilles Guillaume, Tassilo Hummel, Geert De Clercq Organizations: Renault, Viva Technology, Porte de, REUTERS, Companies Renault SA, PARIS, Thursday, Renault's, Thomson Locations: Porte, Paris, France

Security guards stand at the BYD booth at the Auto Shanghai show, in Shanghai, China April 19, 2023. Rome sees the French incentive framework as "reasonable", one of the sources said, adding the government was studying such an option. European Union competition rules do not allow countries to favour local producers. Paris has said criteria it adopted are compliant with WTO rules because exemptions are allowed for health and environmental reasons. Talks, which are expected to go on until the end of this year, include new incentive schemes in Italy.

Persons: Aly, Adolfo Urso, Giuseppe Fonte, Gilles Guillaume, Parisand Giulio Piovaccari, Giulio Piovaccari, Keith Weir Organizations: Auto, REUTERS, Reuters, European Union, Fiat, Industry, Thomson Locations: Auto Shanghai, Shanghai, China, Italy, France, Europe, Rome, Paris, Milan

☆ Renault ends common purchasing agreement with Nissan and Mitsubishi
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

The logos of car manufacturers Renault and Nissan are seen in front of dealerships of the companies in Le Coteau, France, July 13, 2023. Renault and Nissan finalised at the end of July the terms of a restructured alliance after months of negotiations. Talks dragged on months longer than expected due in part to Nissan, which was concerned about protecting its intellectual property in future collaborations. The July agreement freed both companies to focus on the more pressing problem of navigating the fast-changing industry landscape. Reporting by Dominique Vidalon;additional reporting by Gilles Guillaume Editing by Sudip Kar-Gupta and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Gonzalo Fuentes, carmaker, Dominique Vidalon, Gilles Guillaume, Sudip Kar, Gupta, Mark Potter Organizations: Renault, Nissan, REUTERS, Rights, carmaker Renault, Mitsubishi, Thomson Locations: Le Coteau, France, China

☆ Xavier Niel buys Czech investor Kretinsky's stake in Le Monde
▼ + stars: | 2023-09-23 | by ( ) www.reuters.com time to read: +1 min

Xavier Niel, founder of French broadband Internet provider Iliad, arrives for a hearing on the concentration of media ownership in the country, at the French Senate in Paris, France, February 18, 2022. REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsCompanies NJJ Presse SASU FollowPARIS, Sept 23 (Reuters) - NJJ Presse, a holding of French telecoms maverick Xavier Niel, has purchased Czech billionaire Daniel Kretinsky's stake in daily Le Monde and committed to transferring this and its existing stake to a fund defending press freedom, it said on Saturday. Finance tycoon Matthieu Pigasse, who had sold part of his stake in Le Monde to Kretinsky, will also put his shares in the fund, NJJ said. The Financial Times had reported shortly before that an agreement was close on a buyout of the shares of the Czech energy magnate, a transaction worth around 50 million euros. ($1 = 0.9388 euros)Reporting by Gilles Guillaume and Sybille de La Hamaide; Editing by Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Xavier Niel, Sarah Meyssonnier, Daniel Kretinsky's, NJJ, Matthieu Pigasse, Gilles Guillaume, Sybille de La, Alexandra Hudson Organizations: French, REUTERS, Le Monde, NJJ Presse, NJJ, Fund, Reuters . Finance, Financial Times, Alexandra Hudson Our, Thomson Locations: Paris, France, NJJ, Czech, Le, NJJ Presse

☆ Oil price spike does not change European Central Bank's view on inflation, Villeroy says
▼ + stars: | 2023-09-23 | by ( ) www.reuters.com time to read: +1 min

Bank of France Governor Francois Villeroy de Galhau delivers a speech during the annual meeting of Small and Medium-sized Enterprises leaders at the Bank of France in Paris, France, October 22, 2021. "Gasoline consumption at the pump represents roughly 5% of our total consumption, so it is a small part of total inflation, even if it is what is most visible," he told France Inter radio. "I will say it again this morning, our forecast and our commitment is to bring inflation towards 2% by 2025," he added. Villeroy also reiterated that ECB rates were at a good level and called for patience. "We have passed the peak of inflation, there even seem to be a turnaround in underlying inflation (...) now we have to be perseverant, keep rates at this level for as long as it takes," he said.

Persons: Francois Villeroy de Galhau, Sarah Meyssonnier, Francois Villeroy de, Villeroy, Patience, Sybille de La Hamaide, Gilles Guillaume Our Organizations: France, Bank of France, REUTERS, Rights, European Central Bank, ECB, France Inter, Brent, Thomson Locations: Paris, France, Saudi Arabia, Russia, Ukraine

☆ Explainer: How France aims to discourage buying of Chinese EVs
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +4 min

WHY IS FRANCE REVISING ITS EV BONUS ELIGIBILITY RULES? However, in the absence of cheap European-made EVs, a third of all incentives are going to consumers buying EVs made in China, a French finance ministry source said. Because Chinese industry generally relies heavily on coal-generated electricity, the criteria are likely to put the bonus out of Chinese carmakers' reach. But French car buyers will have to wait because Stellantis' (STLAM.MI) Slovakia-made e-C3 city car and Renault's (RENA.PA) France-made R5 are not due to hit the market until 2024. The model is currently one of the best-selling electric car's in France with the Tesla Y, Peugeot's e-208, Fiat's 500e, the Megane eTech and MG4.

Persons: Angelika Warmuth, EVs, Emmanuel Macron, Stellantis, MG4, Lorraine Morard, Luca De Meo, Tesla, BYD, Gilles Guillaume, Leigh Thomas, Sharon Singleton Organizations: Company, REUTERS, Rights, Reuters, SAIC, P Global, Renault, Thomson Locations: Munich, Germany, France, China, Europe, FRANCE, French, Slovakia, Dacia Spring

☆ First funding tranche for Verkor battery gigafactory near complete- co-founder
▼ + stars: | 2023-09-06 | by ( Gilles Guillaume | ) www.reuters.com time to read: +2 min

PARIS, Sept 6 (Reuters) - Verkor should complete the first tranche of fundraising for its future battery gigafactory in Dunkirk, France, in the coming weeks, co-founder and chief customer officer Philippe Chain told Reuters. The Grenoble-based startup's gigafactory is one of four electric vehicle battery factories planned in northern France. Verkor has already raised around 350 million euros, mainly for a new innovation centre, a pilot production line already in operation and a "battery school" to train future employees. Construction of the gigafactory has begun and it will have an initial annual production capacity of 16 gigawatt hours (GWh) - including 12 for Renault (RENA.PA), which owns more than 20% of Verkor. Taiwan's ProLogium also plans a gigafactory in Dunkirk with a capacity of 30 GWh in 2030.

Persons: Philippe Chain, Verkor, Taiwan's ProLogium, Nick Carey, Gilles Guillaume, David Evans Organizations: European Union, Renault, Automotive Cells Company, ACC, Mercedes, TotalEnergies, Thomson Locations: Dunkirk, France, Munich, Grenoble

☆ Opel expects to offer electric vehicle for around 25,000 euros by 2026
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: 1 min

MUNICH, Sept 4 (Reuters) - Stellantis-owned carmaker Opel will be able to offer an electric vehicle at a price of about 25,000 euros ($26,967) without incentives from around 2026, the brand's CEO said on Monday. "With purely electric platforms from Stellantis, we will be able to offer prices that will allow us to touch a far wider audience," Florian Huettl told reporters. ($1 = 0.9270 euros)Reporting by Gilles Guillaume Writing by GV De Clercq Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Florian Huettl, Gilles Guillaume, David Goodman Organizations: Opel, GV, Thomson Locations: MUNICH, Stellantis

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