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☆ Renault, Volvo, CMA CGM pool forces to develop electric vans
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Gonzalo Fuentes//File Photo Acquire Licensing RightsPARIS, Oct 6 (Reuters) - Carmakers Renault (RENA.PA) and Volvo and shipping group CMA CGM said on Friday they will jointly develop a new generation of electric vans, aiming to begin production in 2026. Renault and Volvo signed binding agreements to launch a new company where they will initially each hold a 50% equity stake and invest 300 million euros over the next three years, they said in a statement. CMA CGM signed a non-binding letter of intent with Renault and Volvo to join the new company and invest 120 million euros through PULSE, its Energy Fund dedicated to accelerating the decarbonization of transport and logistics sectors. There was no further detail on when this might happen or what stake it may take in the venture. The creation of the new company is expected early 2024 and remains subject to the completion of all regulatory approval processes.

Persons: Gonzalo Fuentes, Carmakers, Dominique Vidalon, Elaine Hardcastle Organizations: Renault, Viva Technology, Porte de, REUTERS, Rights, Carmakers Renault, Volvo, CMA, CMA CGM, Energy Fund, Thomson Locations: Porte, Paris, France

☆ German carmaker stocks dip amid China-EV probe dispute
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +3 min

Alternatively, punitive tariffs on imports from China could accelerate Chinese EV makers' plans to build in Europe, analysts said, raising competition for domestic carmakers. "Volkswagen could gain from lower mass-market competition, but is the most exposed ... premium OEMs ...face the risk of retaliation and might see their China-export plans sent awry," he added. By 1210 GMT, the STOXX Europe 600 Auto (.SXAP) index was down 1.46%, while the broader market was steady. BMW, which exports the iX3 from China and plans to export the Mini from 2024, fell 2.08%, with Mercedes-Benz down 1.56% and Volkswagen down 1.83%. Stocks of carmakers Renault and Stellantis, which are less exposed to the Chinese market than their German counterparts, saw smaller dips of 1.33% and 0.81% respectively.

Persons: Annegret, Emmanuel Macron, Daniel Roeska, Bernstein, Danilo Masoni, Victoria Waldersee, Josephine Mason, Thomas Leigh, Michel Rose, Sharon Singleton, David Holmes Organizations: REUTERS, EV, HK, European Commission, Renault, Volkswagen, BMW, Mercedes, Benz, Porsche, carmakers Renault, Thomson Locations: Berlin, Germany, Beijing, China, Europe, France

☆ 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

☆ Russia takes over another Western asset with Bosch plant deal
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +1 min

NAMI, Russia's Central Automobile and Engine Research and Development Institute, has been snapping up assets from global carmakers that left Russia over its invasion of Ukraine. NAMI has already taken over plants that were previously run by carmakers Renault (RENA.PA), Nissan (7201.T) and Toyota (7203.T). The price of the transaction was not disclosed, but NAMI has picked up other assets for nominal fees. "Previously the company was engaged in the production of steering systems, anti-lock braking systems and electronic stability programme systems," NAMI said in a statement. Reporting by Alexander Marrow and Gleb Stolyarov Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: NAMI, Robert Bosch, carmakers, Alexander Marrow, Gleb Stolyarov, Mark Potter Organizations: Central Automobile, Research, Development Institute, carmakers Renault, Nissan, Toyota, Thomson Locations: Russia, Ukraine, Samara

☆ 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.

"SAP is fully committed to winding down our business in Russia as quickly as possible," a SAP spokesperson said. Russia's parliament has been discussing draft legislation that would allow Moscow to seize Western companies' assets and possibly prosecute executives involved in implementing sanctions against Russia. While Gazprom and Sberbank were hit by Western sanctions, Nornickel was not. The SAP case sheds light on the complications Western companies face leaving Russia. While some departing companies have fired local staff, SAP gave them the option to relocate from Russia.

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