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HONG KONG, Nov 9 (Reuters Breakingviews) - As automakers hesitate to invest in legacy motors, China’s Geely and France’s Renault (RENA.PA) are teaming up to supply gas guzzlers and more to rivals. Founder Li Shufu wants new-energy vehicles to account for 50% of Hong Kong-listed Geely Automobile’s (0175.HK) sales next year. Renault boss Luca de Meo says European car sales at the company he leads will be 100% electric by 2030. By hitching itself to Renault, Geely can shift gears faster to make the most of the window of opportunity. Together, they sold nearly 5 million cars last year, most of which were internal combustion engines.

An early mover in the electric car race, Renault has fallen behind newer, more agile rivals like Tesla. But big question marks remain on its strained relationship with long-standing Japanese partner Nissan, as Renault looks for other outside investors for each of its divisions. Nissan (7201.T) is expected to take a stake in the EV venture, codenamed "Ampere", alongside other investors, though Renault will keep a majority stake. Renault CEO Luca De Meo said the group wanted to give the alliance a strong future and a "new chance". Aside from the Ampere EV unit and the combustion engine division, Renault will have an additional three businesses - the Alpine sports-car brand, financial services and new mobility and recycling activities.

Renault's joint venture with Geely will employ 19,000 people at 17 powertrain factories and three research and development hubs, the companies said, adding they expect to reach a final agreement and launch the new company in 2023. Renault and Geely will each hold 50%, the companies said in a statement that did not detail other financial terms. Nissan has said it is considering an investment in the Ampere electric venture. Renault and Geely said they expect their new joint venture would supply internal combustion engines and hybrid powertrains to both Nissan and the junior partner in Renault's existing alliance, Mitsubishi Motors (7211.T). Renault and Geely have an existing joint venture in South Korea.

☆ Renault raises planned operating margin goal, but Nissan deal elusive
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

PARIS, Nov 8(Reuters) - French car maker Renault (RENA.PA) said it aimed for an 8% operating margin by 2025 thanks to a plan to split its combustion engine activities from its electric vehicle business, though such a plan still needs the go-ahead from its alliance partner Nissan (7201.T). Renault, ahead of a long-waited investor presentation on Tuesday, set the 8% goal for 2025, with this then raising to more than 10% in 2030, from 5% expected this year. On one hand, it is aiming to revamp its alliance with Nissan and convince the Japanese automaker to invest in a new electric car unit called Ampere. But details have been sketchy so far, and Renault's statement on Tuesday morning only said discussions with Nissan were ongoing. Reporting by Gilles Guillaume; Writing by Silvia Aloisi; Editing by Sudip Kar-GuptaOur Standards: The Thomson Reuters Trust Principles.

☆ Renault, Geely clinch deal for internal-combustion joint venture
▼ + stars: | 2022-11-08 | by ( Norihiko Shirouzu | ) www.reuters.com time to read: +3 min

The joint venture will employ 19,000 people at 17 powertrain factories and three research and development hubs, the companies said, adding they expect to reach a final agreement and launch the new company in 2023. Renault and Geely will each hold 50%, the companies said in a statement that did not detail other financial terms. Renault and Geely said they expect their new joint venture would supply internal combustion engines and hybrid powertrains to Nissan and the junior partner in Renault's existing alliance, Mitsubishi Motors (7211.T). They said it would have the capacity to supply about 5 million engines and hybrid systems per year once operational. Renault and Geely Automobile also have an existing joint venture in South Korea.

☆ Renault, Google expand ties in automotive software
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Google is pictured during the Viva Tech start-up and technology summit in Paris, France, May 25, 2018. REUTERS/Charles PlatiauPARIS, Nov 8 (Reuters) - Renault (RENA.PA) and Google (GOOGL.O) said on Tuesday that they are expanding their partnership in software services for future Renault vehicles, adding that Google will become the preferred cloud supplier to the French automaker. The partnership with Google will also help Renault accelerate its "end-to-end digital transformation, from the design of the car to its market launch through its production," Renault Chief Executive Luca de Meo said in a statement. Automakers and technology companies including Sony (6758.T), Apple (AAPL.O) and Google, have been working to develop ways to build future cars into platforms more like smartphones, with billable services where key updates are wireless. Reporting by Sudip Kar-Gupta; Editing by Kevin Krolicki and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

☆ Renault raises profitability targets in business overhaul
▼ + stars: | 2022-11-08 | by ( Gilles Guillaume | ) www.reuters.com time to read: +3 min

Renault's long-standing partner, Japan's Nissan (7201.T) is expected to take a stake in the EV venture, codenamed "Ampere", alongside outside investors, though Renault will keep a majority stake. Shares in Renault fell more than 4% as it gave no details on the state of play of talks with Nissan on the future of their partnership. Aside from the Ampere EV unit and the combustion engine venture, called "Horse", Renault will have an additional three businesses - the Alpine sports-car brand, financial services and new mobility and recycling activities. Using a sports metaphor, he compared the "old" Renault to a pentathlon athlete who would struggle to win gold medals in all five sport specialties. Reporting by Gilles Guillaume; Writing by Silvia Aloisi; Editing by Sudip Kar-Gupta and David EvansOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Aly SongBEIJING/TOKYO, Nov 7 (Reuters) - Nissan Motor Co's (7201.T) concerns about technology transfers have complicated its partner Renault's (RENA.PA) plans to sell a large stake in its gasoline-engine business to China's Geely (0175.HK), three people familiar with the talks said. Nissan's concerns about technology rights have also been one reason why it has yet to reach a preliminary agreement to invest in Ampere. Renault has a 43% stake in Nissan while the Japanese automaker has a 15% non-voting stake in Renault. People with knowledge of the talks have said the two sides have been discussing a reduction in Renault's stake in Nissan, potentially to 15%. Uchida also said Nissan wanted to see a “fair treatment” of its interests in any new partnership Renault strikes with Geely.

TOKYO, Nov 4 (Reuters) - Nissan Motor Co's (7201.T) talks with Renault SA (RENA.PA) are focused on optimising their investment in electric vehicles and strengthening their competitiveness as equal partners, the Japanese automaker's CEO told Reuters on Friday. Nissan Chief Executive Makoto Uchida declined to comment on whether an agreement could be reached this month. But he said he was talking with Renault Chief Executive Luca de Meo every weekend and the talks would be "ongoing for the future." Nissan is also considering investing in Renault's planned electric vehicle unit, the companies said. "We want it to be an equal partnership," Uchida said, adding that an "equal partnership would make sense and that would speed up the collaboration even more."

☆ Nissan, Renault relationship should be 'more equal' Renault CEO tells Nikkei
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Oct 18 (Reuters) - The relationship between Japan's Nissan Motor Co (7201.T) and top shareholder Renault SA should be "more equal", the Nikkei newspaper quoted the French automaker's chief executive as saying. "Each company needs to do what is best," he told the Nikkei, adding that that was the spirit of their alliance. Such a shift could mean the biggest reset in their relationship since the 2018 arrest of longtime executive Carlos Ghosn. Talks so far have included consideration of Renault selling some of its Nissan stake, Reuters has previously reported. For Nissan, that could mean a chance to alter a structure that many executives at the Japanese company have seen as unbalanced.

☆ Renault CEO: problems remain regarding supplies of semiconductor chips
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: 1 min

PARIS, Oct 18 (Reuters) - Renault (RENA.PA) and other carmakers are still facing problems regarding the global shortage of semiconductor chips needed in the car industry, Renault Chief Executive Luca de Meo told the Paris Automotive Summit. "We are still pretty much in trouble with this kind of thing," said de Meo. "It might get better but problems are here to stay for a while," he added. Register now for FREE unlimited access to Reuters.com RegisterReporting by Gilles Guillaume;Our Standards: The Thomson Reuters Trust Principles.

☆ France: keen that Renault keeps industrial and technological advantages in Nissan alliance
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

PARIS, Oct 18 (Reuters) - French Finance Minister Bruno Le Maire said he would hold further talks with Renault (RENA.PA) chief executive Luca de Meo regarding Renault's alliance with Nissan (7201.T) and that France was keen for Renault to hold onto its industrial and technological advantages. "I will talk about it soon with Luca de Meo, we are in talks with Luca de Meo. We just want to make sure that the decisions taken by Renault keep the alliance between Renault and Nissan, and that it will be in the interests of Renault, in terms of technologies and platforms," said Le Maire at the Paris Car Show. Renault is Nissan's largest shareholder with 43% while the Japanese automaker in turn owns 15% in Renault. Register now for FREE unlimited access to Reuters.com RegisterReporting by Gilles Guillaume; Editing by Sudip Kar-GuptaOur Standards: The Thomson Reuters Trust Principles.

SEOUL, Oct 11 (Reuters) - Renault (RENA.PA) Chief Executive Luca De Meo said on Tuesday the automaker was looking to find a partner for a carve-out of its combustion-engine business that would bring scale and drive down costs on technology, including hybrids. Register now for FREE unlimited access to Reuters.com RegisterDe Meo said Renault was in talks with the French government over its evolving strategy. De Meo has said Renault needs new partnerships because of the scale of the investment needed to shift toward battery-powered cars and charging. In exchange for investing in the EV venture, Nissan is looking to Renault to reduce its stake in the Japanese automaker, a person familiar with the talks said. Renault currently owns about 43% of Nissan, which in turn has a 15% stake in its long-term partner with the French state holding another 15%.

The Renault CEO was scheduled to speak to reporters in Seoul on Tuesday evening, his first public appearance since news broke of the talks with Nissan. In exchange for its investment in Renault's EV unit, Nissan has asked Renault to take steps to sell down its 43% stake in Nissan, people with knowledge of the talks have said. Nissan has a 15% stake in Renault, as does the French government, but the Japanese automaker does not have voting rights. Nissan would also have to sign off on the plan for Geely to take a large stake in Renault's gas-engine business, code-named "Horse." Volvo and Geely created a joint-venture under the name Aurobay to shift their own combustion-engine business into a new stand-alone business.

☆ Renault, Nissan messy breakup is least-bad option
▼ + stars: | 2022-10-10 | by ( Neil Unmack | ) www.reuters.com time to read: +4 min

Another headache is the alliance’s lopsided governance, which sees Renault hold a 43% stake in Nissan but the Japanese group prohibited by French law from exercising voting rights associated with its 15% stake in Renault. That will need Nissan’s backing, and the Japanese group might also invest in the electric division. The quid pro quo may be for Renault to give up some of its 43% share in Nissan. That implies the current value of just over 9 billion euros assigns little worth to the Nissan stake. Nissan is pressing Renault to cut its 43% stake in the Japanese group to as little as 15%, Reuters reported on Oct. 8.

The talks, which could prompt the biggest reset in the alliance since the 2018 arrest of longtime executive Carlos Ghosn, have included consideration of Renault selling some of its Nissan stake, two people with knowledge of them said. Renault and Nissan said in a joint statement that they were "engaged in trustful discussions around several initiatives" including a potential Nissan investment in the EV venture and what they called "structural improvements" in their alliance. In exchange for investing in the EV venture, Nissan is looking to Renault to reduce its stake in the Japanese automaker, a person familiar with the talks said. Nissan may consider raising funds to buy back the shares held by Renault, one person told Reuters. Nissan may need to raise funds to buy the shares back from Renault, the source added.

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