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☆ Renault cuts Nissan stake to 15% after transferring shares to trust
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

FILE PHOTO-The logos of car manufacturers Renault and Nissan are seen in front of dealerships of the companies in Le Coteau, France, July 13, 2023. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsTOKYO, Nov 8 (Reuters) - France's Renault (RENA.PA) has cut its stake in Nissan (7201.T) to 15% from about 43% by placing 28.4% of the Japanese automaker in a French trust, the companies said in an alliance statement, putting them on equal footing. The new agreement for the restructured alliance between Renault, Nissan and their junior partner Mitsubishi Motors (7211.T) came into effect on Wednesday, the car makers said in the statement. The companies had already said in January that Renault would put roughly 28% of Nissan in a French trust to make them more equal partners. ($1 = 0.9359 euros)Reporting by Daniel Leussink; Editing by Christian Schmollinger and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Gonzalo Fuentes, France's, Ampere, Daniel Leussink, Christian Schmollinger, Gerry Doyle Organizations: Renault, Nissan, REUTERS, Rights, France's Renault, Mitsubishi Motors, Mitsubishi, Thomson Locations: Le Coteau, France, London

☆ EU to investigate 'flood' of Chinese electric cars, weighing tariffs
▼ + stars: | 2023-09-13 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +6 min

"Global markets are now flooded with cheaper electric cars. It is also unusual in that it is brought by the European Commission itself, rather than in response to an industry complaint. GRINDING GEARSThe influx of cheaper Chinese electric vehicles has already prompted some European carmakers to take action. At the same time Von der Leyen stressed the importance of electric vehicles to the EU's ambitious environmental objectives. The founder of Nio warned in April that Chinese EV makers should brace for the possibility that foreign governments would impose protectionist policies.

Persons: Ursula von der Leyen, BYD, EVs, Nio, Mercedes Benz, Stellantis, France's, Tesla, VDA, Von der Leyen, Simone Tagliapietra, Kingsmill Bond, Foo Yun Chee, Philip Blenkinsop, Kim Miyoung, Brenda Goh, Anne Marie Roantree, Nick Carey, Kate Abnett, Gabriela Baczynska, Louise Heavens Organizations: EU, Investigation, European EV, European Commission, European Union, Renault, BMW, HK, China Passenger Car Association, Dynamics, Volvo, EV, VW, France's Renault, Japan, Rocky Mountain Institute, Thomson Locations: BRUSSELS, Brussels, China, Moscow, Ukraine, Germany, France, Europe, U.S

☆ 'Most at risk': UBS downgrades 2 major automakers over China EVs threat
▼ + stars: | 2023-09-05 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

UBS has downgraded both Volkswagen and Renault over mounting competition from Chinese electric vehicle manufacturers. 1 automaker, the company is at risk of being marginalized as Chinese companies, such as Warren Buffet-backed BYD , take market share. 1 automaker in Europe, Volkswagen also faces intensifying competition as higher numbers of cheaper Chinese electric vehicles are imported into the continent. With about 70% of sales in Europe and a 10% market share, the investment bank said Renault is highly exposed to competition from Chinese automakers and Tesla. We estimate Renault's European market share of c10% today will reduce towards 7% by 2030," said UBS analysts led by David Lesne in a separate note to clients.

Persons: Warren Buffet, Patrick Hummel, France's Renault, David Lesne, Benz, Tesla's EVs Organizations: UBS, Volkswagen, Renault, VW, Tesla, Benz, BMW, IAA Mobility, Mercedes Locations: Europe, Munich

Delivering affordable electric vehicles (EVs) has become a priority for car makers worldwide as the shift to cleaner driving has come with high prices, due largely to battery costs. In 2022, Chinese car makers had a 9% share of Europe's EV market, nearly double the previous year's figure, according to forecasts by consultancy Inovev. Tavares said Western car makers needed to use "the same weapons" as their Chinese rivals, sourcing parts in lower cost countries and striking partnerships with battery suppliers that offer the best combination of energy, cost and weight. Once-dominant Western automakers are also striving to regain ground in China itself, the world's largest car market, after losing share to local manufacturers. Mercedes-Benz (MBGn.DE) said on Thursday it was sticking to its strategy and would not engage in a price war to "buy" market share in China.

Persons: France's, Thierry Pieton, Luca de Meo, Tesla, Carlos Tavares, Tavares, Mercedes, Ola Kaellenius, Kaellenius, Victoria Waldersee, Silvia Aloisi, Mark Potter Organizations: Western, France's Renault, Finance, Renault, SAIC, Inovev, Jato, Tesla, Peugeot, Fiat, Benz, Mercedes, Thomson Locations: Europe, U.S, Western, China, Berlin

☆ Mercedes includes buyback option as Russian assets sale given official approval
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Tatyana MakeyevaApril 19 (Reuters) - Mercedes-Benz (MBGn.DE) has agreed on a buyback option for its Russian assets, the sale of which has now been granted official approval, the German carmaker said on Wednesday, bringing its exit from Russia one step closer. Deals to leave Russia by Western companies from so-called unfriendly countries - those that imposed sanctions against Russia - need approval from a government commission. Mercedes said it intended to withdraw from the market and that the sale of shares in its subsidiaries to Avtodom had now been granted approval. "The completion of the transaction is now particularly subject to the implementation of the contractual agreements," Mercedes said in a statement. "We have agreed an option with the buyer, according to which we could buy back the shares in companies if the sanctions are lifted again."

☆ Amid risk of stalling in EV race, Spain's rebooted aid scheme gets warm reception
▼ + stars: | 2023-04-11 | by ( Joan Faus | ) www.reuters.com time to read: +6 min

Madrid will launch a new, more flexible version of the PERTE scheme around July, worth 2 billion euros ($2.2 billion) after last year's initial funding round flopped, with only 27% of an earmarked 2.9 billion euros allocated. Stellantis already manufactures EVs in Spain and received 67 million euros from the first PERTE, but could request more funds to boost production. Griffiths said using the EU funds is "essential" for Spain's future as some investments would otherwise be non-viable. Unlike Germany, Europe's leading car producer, Spain lacks a domestic manufacturer to champion the EV cause. In last year's PERTE round, VW-SEAT received the highest payout, of 357 million euros, but had hoped for more.

☆ Japan's Toyota hands St Petersburg plant over to Russian state
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

"Toyota's production site in St Petersburg has... been transferred to the state," Russia's Ministry of Industry and Trade said in a statement. The company said in September it had decided to stop vehicle production in Russia due to the interruption in supplies of key materials and parts. "Toyota confirms that it has concluded the transfer of its vehicle production plant to NAMI effective from March 31, 2023," Toyota said in a statement. Neither party disclosed a fee for the transaction, and Toyota declined to give any further details of the deal. NAMI, Russia's Central Automobile and Engine Research and Development Institute, has already taken plants from Renault and Nissan.

☆ Mitsubishi Motors to sell only EVs, hybrids by mid-2030s
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

[1/3] A Mitsubishi Motors signage is pictured next to a Mitsubishi Motors electric car at the Tokyo Motor Show, in Tokyo, Japan October 24, 2019. Mitsubishi considers plug-in hybrids (PHEV), hybrid electric vehicles and battery electric vehicles (BEV) as electrified vehicles. Electrified vehicles accounted for about 7% of the company's total new car sales in fiscal 2021. Mitsubishi, an early mover in EVs in the early 2010s, currently has no BEVs in its line-up in Europe. Of the other 14 models Mitsubishi plans to launch, seven will be purely combustion engine-powered ones, five will be hybrids and the remaining two will be BEV, the company said.

But production is running at least a third below plan, keeping the Ariya from shipping to new customers, according to three of the people and production planning notes reviewed by Reuters. Implementation has proved "an extremely, extremely high challenge" and the advanced paint line has become a persistent headache, one of the people said. In a statement to Reuters, Nissan said Ariya production had faced challenges including supply of semiconductors, disruptions in components shipments and the factory's paint line. EVs accounted for just 4.5% of Nissan's global sales of 3.2 million vehicles in 2022. Output over the next two months is expected to fall short of that, according to production planning notes from last month reviewed by Reuters.

☆ These electric vehicle ETFs are up 20% this year — and analysts still see major upside ahead
▼ + stars: | 2023-02-22 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Electric Vehicle Charging Infrastructure ETF The Electric Vehicle Charging Infrastructure ETF (ELEC) by hanETF is expected to rise by 60.8% over the next year, according to the weighted average of analyst price targets of constituent stocks compiled by FactSet. The ETF, which tracks the Solactive Electric Vehicle Charging Infrastructure Index, is traded on the London Stock Exchange, Italy's Borsa Italiana, and Germany's Xetra and Gettex exchanges. ChargePoint , which operates the largest network of electric vehicle charging stations in North America and Europe, is the fund's largest holding as of Feb. 21, according to FactSet. For example, France's Renault is the ETF's largest holding at 4.9% of total assets. The Global X Autonomous & Electric Vehicles ETF was not included in the analysis due to a lack of price target data on FactSet.

That left used cars accounting for almost three quarters of all cars sold, up from 55% in 2021, the data shows. Russians turn to used cars as production falls, prices rise"Money flowed into the used cars market as prices for second-hand cars held up, while at the same time the structure of the new cars market changed significantly," Autostat CEO Sergei Udalov told Reuters. At 2.5 million roubles, his Skoda was around 1 million roubles more expensive than it would have been a year earlier, but still 1 million roubles cheaper than a brand new version. Imports of used cars jumped last year, with those from Japan leading the way. Japan has curbed exports of high-value cars to Russia, but used cars imported by individuals fall outside the restrictions.

☆ 5 things to know before the stock market opens Monday, January 30
▼ + stars: | 2023-01-30 | by ( Mike Calia | ) www.cnbc.com time to read: +4 min

This week it will run into some big tests, given the earnings schedule dominated by big tech names (more on that below) and the Federal Reserve's next moves. Here's a look at the earnings week ahead: Tuesday: General Motors McDonald's UPS Pfizer Spotify Snap AMDWednesday: Peloton MetaThursday: Apple Alphabet Amazon Ford Starbucks Qualcomm3. Renault aims to cut Nissan stakeRenault and Nissan automobile logos are pictured during the Brussels Motor Show on January 9, 2020 in Brussels. France's Renault and Japan's Nissan have agreed to restructure their agreement, which they struck in 1999. The overall health and size of its business allows it to mix things up and try new things.

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