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☆ Europe risks trade war with China by hiking tariffs on its electric cars
▼ + stars: | 2024-06-12 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

The European Commission, the EU’s executive arm, launched the probe in October to establish whether Chinese EV prices are artificially low because of subsidies and so hurt European carmakers. Europe is the main destination for Chinese EV exports. The new EV tariffs are likely to kick off intense negotiations between Beijing and Brussels aimed at averting a damaging trade war. Many of them manufacture cars in China and then sell them in Europe, a set-up that will be more costly as a result of the higher tariffs. Alternatively, Beijing could pledge investment into EU countries and promise better market access in China for EU firms, the Rhodium analysts wrote.

Persons: ” Will Roberts, BYD, Roberts, …, Olaf Scholz, ”, Joe Biden, Olesya Dmitracova, Mark Thompson, Shawn Deng, Alex Stambaugh Organizations: London CNN, European Union, European Commission, Commission, Volvo, SAIC, EV, EU, Rho Motion, China’s Ministry of Commerce, Rho, Renault’s, CNN, “, France EU, Group Locations: China, Beijing, European, Brussels, Washington, EU, Europe, Renault’s Dacia, “ Beijing, Germany, France, Spain, United States, Hungary, London, Hong Kong

☆ Renault and China’s Geely will invest up to $7.7 billion to build hybrid and gas engines
▼ + stars: | 2023-07-11 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Carmakers Renault and Geely have announced a joint venture to build engines for hybrid and gasoline-powered vehicles, with the partners investing a maximum of €7 billion ($7.7 billion) in total. Renault said Tuesday that, together with its Chinese counterpart, it planned to create a new company that aimed to produce up to five million internal combustion, hybrid and plug-in hybrid engines and transmissions a year. Renault and Geely expect the new company to supply engines and other components to several global auto brands, including Volvo, Nissan and Mitsubishi, as well as for their own cars. Vehicles sold included those powered by batteries, plug-in hybrid engines and fuel cell engines. Tesla’s deliveries from its Shanghai factory more than doubled in the second quarter, accounting for over half of its record global sales, data from the CPCA showed.

Persons: London CNN — Carmakers, ” Renault, Jim Saker, — Organizations: London CNN, London CNN — Carmakers Renault, Geely, Renault, Volvo, Nissan, Mitsubishi, Reuters, NurPhoto, Getty, Hong, Saudi Aramco, Centre for Automotive Management, Loughborough University, EV, ”, China Passenger Car Association . Vehicles Locations: Hong Kong, Saudi, United Kingdom, China, Shanghai

☆ Deal for Formula 1 Team Reflects Growing U.S. Interest in the Sport
▼ + stars: | 2023-06-26 | by ( Lauren Hirsch | ) www.nytimes.com time to read: +1 min

They are buying a 24 percent stake in Alpine F1 Team owned by Renault Group. The investors are paying about 200 million euros ($218 million) for the stake, valuing the team at roughly $900 million. Formula 1 has jumped in popularity in the United States since its sale to Liberty Media in 2017. For Renault, the Alpine deal is aimed at raising the visibility of its Alpine electric vehicle line, as it pushes to have more than half its sales in E.V.s by 2030. In a news release, Renault’s chief executive, Luca de Meo, said the deal would increase the value of the Alpine F1 brand.

Persons: Ryan Reynolds, ”, Luca de Meo Organizations: RedBird Capital Partners, Otro, Alpine F1 Team, Renault Group, Liberty Media, Netflix, Renault, Alpine Locations: United States, Las Vegas, Miami, E.V.s

☆ Carmakers are poised for EV race to the bottom
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

On Thursday, the near 10 billion euro carmaker Renault (RENA.PA) appeared to have finally turned a corner after a painful pandemic. A Tesla-induced price war would be particularly painful for European carmakers like Renault, which is forecast to record an abysmal operating margin of around 6% this year, Refinitiv data show. But if Musk’s plan works and he hoovers up market share, Renault and its peers may have no choice. The party for European EV carmakers could be over just as it started. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ As EV costs tumble in China, an export wave builds
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +4 min

[1/5] People use their phones in front of the BYD Seagull that is displayed at the Auto Shanghai show, in Shanghai, China April 19, 2023. Patrick Koller, chief executive of French auto supplier Faurecia (EPED.PA), said the entry-level EV market in Europe was an open lane for Chinese automakers. Koller said he had met with the CEO or chairman of more than two dozen Chinese automakers in Shanghai. Renault’s (RENA.PA) Dacia ships the Spring EV, an entry-level hatchback like the BYD Seagull, to Europe and ranked as the second-largest EV exporter from China last year after Tesla. BYD has not announced export plans for the Seagull, which is priced below what is now the best selling EV in China, the BYD Dolphin, which is priced from 116,800 yuan ($17,000) in China.

☆ 2023 Alpine A110 South Beach Edition: A Rally Racer Revived
▼ + stars: | 2023-02-10 | by ( Dan Neil | ) www.wsj.com time to read: +1 min

PINK MARTINI The Alpine A110 is a two-seat coupe with aluminum chassis and body weighing only 2,430 pounds. Powered by a mid-mounted 1.8-liter turbocharged engine (252 hp) and seven-speed dual-clutch automatic, the rear-drive A110 can hit 62 mph in 4.5 seconds. I STOOD in the parking lot of my hotel near Heathrow, in falling snow, amazed by the Alpine A110 South Beach Edition that had been left for me. Then it dawned on me: “The South Beach Edition.” Oof! The halo car for Renault ’s premium-performance Alpine brand, the two-seat, mid-engine A110 went on sale in 2017 and is often favorably compared to Porsche ’s fabulous 718 Cayman.

☆ Fertiliser boom reveals food security price power
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 8 (Reuters Breakingviews) - A top fertiliser maker has emerged as the surprise winner of Europe’s energy crisis. Food security concerns helped Yara weather the crisis. That and a war in potash and wheat exporter Ukraine created scarcity, which drove up the price of its much-desired products. Before Wednesday’s 5% share bump, it traded on just 4 times its expected 2023 earnings. Now that Yara has proved it can weather a major crisis, this gap is likely to narrow.

☆ Chegg gets schooled in AI downside
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

Its stock slumped nearly one-fifth on Tuesday, after it forecast shrinking revenue in 2023. The chief problem for companies like Chegg is that tumbling undergraduate enrollment already means fewer future customers. To grow, Chegg must win an ever-bigger share of a shrinking market. Rosensweig argues that Chegg can use the technology to its own advantage, matching students with the right content and constructing personalized study plans. By contrast, other companies that have started putting AI to work, like online publisher BuzzFeed (BZFD.O), have seen their stock soar.

☆ BP strategy is still caught between two stools
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 7 (Reuters Breakingviews) - BP (BP.L) is trying to stop the rot. The $108 billion UK oil group’s bumper 2022 results on Tuesday recorded a stellar 30.5% return on average capital employed. But fresh investment in oil and gas means he only plans to cut oil production by 25% by 2030, rather than 40%. The reason that probably won’t happen any time soon is that BP is still planning to cut oil production and hike non-fossil fuel investment more than American rivals. Otherwise, BP may remain too dirty for sustainable investors, and too clean for the rest.

☆ SoftBank is paying for Son’s past exuberance
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 7 (Reuters Breakingviews) - Warren Buffett once advised investors to be fearful when others are greedy and greedy when others are fearful. In other words, Son and his dealmakers spent big when valuations were unsustainably high and then retreated as prices slumped. SoftBank’s family of startup-investing vehicles, including the two Vision Funds and a Latin America-focused one, have clocked up $6.6 billion of cumulative losses on their investments since 2017. In other words, Son is out of ammunition just when it would be the most useful. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Major Earthquakes Hit Turkey and Syria, Thousands Killed
▼ + stars: | 2023-02-06 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

Renault Reduces Stake in Nissan, as Auto Makers Reorganize Alliance Nissan and Renault announced on Monday a restructured alliance they said will give each auto maker more autonomy after two decades of cooperation. The deals include an investment by Nissan in Renault’s electric-vehicle and software business Ampere. Photo: Pascal Rossignol/Reuters

☆ Major Earthquakes Hit Turkey and Syria, More Than 2,300 People Killed
▼ + stars: | 2023-02-06 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

☆ Renault’s Nissan upshot is mostly good news
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Feb 6 (Reuters Breakingviews) - The French automaker and its partner, Nissan (7201.T), confirmed on Monday that the Japanese giant will be buying up to 15% of Renault’s (RENA.PA) electric-car spinoff, Ampere. It however suggests that they will be waiting a long time to benefit from Renault’s planned sale of the 28.4% Nissan stake it will park in a non-voting trust. The sale was necessary to reduce Renault’s voting rights in its partner to 15%, on a par with the Japanese company’s interest in its own equity. Given that the deal also stipulates there will be no fixed timeline for the transaction, it could be a while coming. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ EV makers fill up on cash before looming pileup
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Feb 6 (Reuters Breakingviews) - Battery-powered-car makers are pulling off at the cash station. A recent stock rally provides an extra charge before the inevitable pileup. Despite having no revenue, Faraday’s market value has quadrupled since the start of the year after a roughly 90% fall. Likewise, $388 million Canoo, whose top line is nonexistent, is selling 50 million shares and 50 million warrants to raise just $52 million. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Real and fake meat share problems
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

TORONTO, Feb 6 (Reuters Breakingviews) - Pain in the fake meat market is starting to spread to the real one. That’s still much better than Beyond Meat (BYND.O), which isn’t even booking an operating profit at this point. But the two companies share a few of the same problems that aren’t going away. With prices along the supply chain going up, including for transportation, consumers are making other choices. Forgoing meat – no matter the consistency – is a real problem.

Nissan Motor Co. and its French partner, Renault SA, said Monday they have agreed to reorganize their alliance, more than two decades old, in a deal that includes reducing Renault’s stake in Nissan. The Japanese auto maker achieved its long-sought goal of limiting its partner’s control over its management, while the French company got an investment in its electric-vehicle business, as it had wanted. The amount of the investment wasn’t disclosed.

LONDON/HONG KONG, Jan 30 (Reuters Breakingviews) - Renault (RENA.PA) and Nissan (7201.T) have helped their 24-year alliance move forward after four years of stalemate. The deal marks the end of the French group’s domination of its Japanese partner, and addresses festering governance issues. The voting rights of the Nissan shares transferred to the trust will be "neutralised" for most decisions, the statement said. Renault shares fell 2.7% to 37.16 euros, as of 0837 GMT. Nissan shares were largely unchanged at 453.9 yen.

☆ Renault-Nissan-alliance: Automakers restructure their longstanding alliance
▼ + stars: | 2023-01-30 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Carmakers Renault and Nissan have agreed to restructure their longstanding partnership, with the French company whittling down its stake in the Japanese firm to 15%. Under the agreement, Renault will transfer 28.4% of its shares in the Yokohama-based company into a French trust. Renault (RNLSY) and Nissan (NSANF) will each retain a 15% stake in one another’s businesses through a cross-shareholding agreement, with voting rights. Previously, Nissan (NSANF) had held a 15% non-voting stake in the French company, while Renault (RNLSY) owned about 43% of Nissan (NSANF). In its Monday statement, Nissan said the two would continue to work together on projects in Europe, India and Latin America.

☆ Nissan directors endorse steps to reach deal with Renault-sources
▼ + stars: | 2023-01-17 | by ( Maki Shiraki | ) www.reuters.com time to read: +3 min

The Nissan board-level review also marked progress after three months of working-level negotiations aimed at restructuring a partnership that dates back to 1999, when Renault bailed out Nissan. The Nissan outside directors, meeting in committee, endorsed steps to try to reach an agreement between the two sides, they said. The two companies are discussing reducing Renault's stake in Nissan from the current 43% to 15%, equal to Nissan’s stake in Renault. The 28% stake in Nissan that Renault would sell would be transferred to a trust, people involved have said. At the same time, Nissan is considering investing in a new electric vehicle company that Renault aims to establish code-named Ampere.

☆ What Ford Might Learn From Renault
▼ + stars: | 2022-11-09 | by ( Stephen Wilmot | ) www.wsj.com time to read: 1 min

Renault ’s plan for an electric-vehicle spinoff tends to get more attention, but the French auto maker’s internal-combustion-engine carve-out might generate more shareholder value in the foreseeable future. It is a case study in corporate transition worth watching as Ford moves tentatively down a similar road. On Tuesday, Renault gave a full account of a radical restructuring it has had in the works for months. And it is creating a new ICE powertrain company in partnership with Chinese automotive investor Geely. Between these two extremes lie Renault’s core businesses of manufacturing and financing traditional vehicles in Europe and emerging markets, which it will wholly own within a new reporting structure.

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.

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.

Nissan wants to reduce Renault’s 43% holding to 15%, on par with Nissan’s stake in the French group, Reuters reports. Free cash flow will turn positive to the tune of 388 billion yen ($2.7 billion) by 2024, Morningstar estimates. He could, for example, ask shareholders to buy some of Renault’s Nissan stock. Or he could consider borrowing more; even after buying back a chunk from Renault, Nissan’s debt-to-EBITDA multiple could manage it. Nissan’s Renault reshuffle will drive a capital raise; he just needs to pick a route.

☆ Nissan Confirms It Is in Talks Over Investment in Renault EV Unit
▼ + stars: | 2022-10-10 | by ( River Davis | Pierre Bertrand | ) www.wsj.com time to read: 1 min

Nissan, which has been mass-producing electric cars for more than a decade, is seen as holding the upper hand in the alliance in electric-vehicle technology. TOKYO— Renault SA and Nissan Motor Co. said Monday they were discussing ways to reinforce their partnership, including the possibility of an investment by Nissan in Renault’s new electric-vehicle unit. The discussions over the possible Nissan investment are part of broader talks by the two auto makers over reorganizing their alliance, which dates back more than two decades, people with knowledge of the talks said last week.

☆ 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.

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