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☆ Nissan to invest some $725 mln in Renault's EV unit, Yomiuri says
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +1 min

TOKYO, July 14 (Reuters) - Nissan Motor (7201.T) is likely to invest around 100 billion yen ($725 million) in Renault's (RENA.PA) new electric vehicle unit, the Yomiuri Shimbun said on Friday, potentially clearing a hurdle in drawn-out talks to reshape their automaking alliance. The Japanese automaker on Thursday settled on the terms for a contract to overhaul its partnership with Renault and agreed with its French partner on the investment amount in the EV unit, Ampere, the Yomiuri said. A Nissan spokesperson said discussions about the contract, including the investment amount, were not yet finalised. That would be short of the 15% maximum Nissan set in February for the investment. ($1 = 138.0200 yen)Reporting by Daniel Leussink and Elaine Lies; Editing by Chris Reese and David DolanOur Standards: The Thomson Reuters Trust Principles.

Persons: Ampere, Daniel Leussink, Elaine Lies, Chris Reese, David Dolan Organizations: Nissan, Yomiuri Shimbun, Renault, EV, Yomiuri, Mitsubishi Motors, Thomson Locations: TOKYO, Renault's

"We're keeping a particularly close eye on the current tensions between the U.S. and China," said Florent Menegaux, chief executive of French tyremaker Michelin. "When we see the impact that the IRA will have (on European companies), I think we haven't talked enough about it at this conference," a senior banker said. "There is a big risk that European companies will shift their investments (from Europe to the United States)." Some say the main concern is the time taken by European Union authorities to respond. "I understand the frustration, but when you look at the details of the extent to which the United States is subsidising its domestic industry, it is not greater than what the Europeans do themselves," Boushey said.

Persons: Jean, Dominique Senard, Ludovic Marin, Florent Menegaux, Menegaux, Christel Bories, Bories, Veronika Grimm, Heather Boushey, Boushey, Mathieu Rosemain, David Holmes Organizations: Renault SA, U.S, French, Michelin, Renault, European Union, Reuters, White House Council, Economic Advisers, Thomson Locations: Japan, Douai, France, PROVENCE, United States, China, Europe, Indonesia, America

The preliminary report said Nissan had installed two sets of security cameras at the entrance to Gupta's house in Tokyo's Shibuya ward, the people said. Uchida and Gupta, who was still a Nissan director and chief operating officer on June 20, were recused from the board meeting. In his letter, Nada asked for an international law firm to be brought in to investigate the surveillance of Gupta. Reuters was unable to determine if either law firm had made any finding about the harassment claim itself, beyond how it was handled. Nada said in his letter he understood that Japanese law firm Anderson Mori & Tomotsune had investigated the claim.

Persons: Ashwani Gupta, Makoto Uchida, Davis Polk, Gupta, Uchida, Nissan, Akira Takeuchi, Hari Nada, Nada, Iwata Godo, Motoo Nagai, Nagai, Anderson Mori, Tomotsune, Daniel Leussink, Maki Shiraki, Kevin Krolicki, David Clarke Organizations: Nissan, Renault, Reuters, NEW, Senior Renault, Thomson Locations: Yokohama, Tokyo's Shibuya, Tokyo, French, Austin , Texas

☆ Renault CEO says free float of future electric unit will be more than 10%
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

PARIS, June 27 (Reuters) - A sizeable chunk of Renault's (RENA.PA) planned electric vehicle spinoff could remain in free float on the stock market, its CEO said in an interview published on Tuesday, declining comment on any further strategic investor who would join partners Qualcomm and Nissan (7201.T). "We need to leave some free float, because we still want to retain a significant majority ourselves", Luca De Meo told business daily La Tribune. "Porsche has left 10% free float, and I think that we are aiming for a higher percentage, a minority, but sufficient to ensure liquidity", he added, referring to the luxury carmaker's $72 billion stockmarket debut last year, the biggest in Germany since 1996. Sources have said Renault's future electric vehicle unit, Ampere, could be valued at up to 10 billion euros ($10.96 billion). And we have created a solid and excellent relationship with Makoto Uchida (...)."

Persons: Luca De Meo, Ampere, De Meo, Makoto Uchida, Tassilo Hummel Organizations: Qualcomm, Nissan, La Tribune, Porsche, Thomson Locations: Germany

☆ Rossi sees Reynolds' winning touch boosting Alpine
▼ + stars: | 2023-06-27 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

ENSTONE, England, June 27 (Reuters) - Renault-owned Alpine believe Hollywood actor Ryan Reynolds has the Midas Touch to help get the team back to the top in Formula One. "Most of you were probably expecting Ryan Reynolds," Otro Capital founder and partner Alec Scheiner jokingly told analysts at Alpine's Enstone factory for a strategy presentation. Alpine chief executive Laurent Rossi pointed to Reynolds' track record in business. Rossi said the investors, who have paid 200 million euros ($218.88 million), would develop revenues through merchandising, licensing and hospitality. The deal values Alpine Racing at around $900 million and Rossi said the numbers were only going up.

Persons: Ryan Reynolds, Reynolds, Rob McElhenney, Alec Scheiner, Laurent Rossi, Rossi, Otro, Goldman Sachs, Gerry Cardinale, RedBird, Scheiner, Luca de Meo, Alan Baldwin, Christian Radnedge Organizations: Renault, Formula, Wrexham soccer, Otro Capital, RedBird Capital Partners, Aviation, Mobile US, Ka'ena Corp, Mint Mobile, Diageo, Gin, Wrexham, English Football League, RedBird, Fenway Sports Group, Premier League, Liverpool, Boston Red Sox baseball, Toulouse, Milan, Liberty Media, Thomson Locations: ENSTONE, England, Wrexham, RedBird, Americas, Las Vegas, U.S

☆ Wrexham's Hollywood owners join group buying into Alpine F1
▼ + stars: | 2023-06-26 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

LONDON, June 26 (Reuters) - Hollywood actors Ryan Reynolds and Rob McElhenney are joining Otro Capital and RedBird Capital Partners in an investor group taking a 24% equity stake in Alpine Racing, the Formula One team's parent company Renault announced on Monday. The 200 million euro ($218.10 million) deal values British-based Alpine Racing at around $900 million following the investment. Alec Scheiner, the co-founder and partner of Otro Capital, will join Alpine Racing's board of directors. Renault said Alpine Racing SAS, the French entity that makes the team's power units in Viry-Châtillon, will remain entirely owned by the carmaker. "Otro Capital, RedBird Capital Partners and Maximum Effort Investments, as international players with strong track record in the sports industry, will bring their recognised expertise to boost our media and marketing strategy, essential to support our sporting performance over the long term.

Persons: Ryan Reynolds, Rob McElhenney, Alec Scheiner, Reynolds, Michael B, Jordan, McElhenney, Renault, Huntsman, Goldman Sachs, Gerry Cardinale, RedBird, Laurent Rossi, Alan Baldwin, Peter Rutherford Organizations: Otro Capital, RedBird Capital Partners, Alpine Racing, Renault, Otro, Alpine, McElhenney, Wrexham, Welsh soccer, English Football League, Main Street Advisors, Fenway Sports Group, Premier League, Liverpool, Boston Red Sox baseball, Toulouse, AC Milan, New York Yankees, Formula, Benetton, Alpine Racing SAS, Thomson Locations: Alpine, Philadelphia, Wrexham, North America, Enstone, England, Viry

TOKYO, June 24 (Reuters) - Nissan (7201.T) has launched an investigation into claims by a senior adviser that Chief Executive Makoto Uchida carried out surveillance of his deputy Ashwani Gupta, four people with direct knowledge of the matter said. In the letter, Nada said Uchida carried out surveillance over a long period. Asked to comment on the surveillance investigation, Nissan said in response to Reuters: "Independent third parties have been retained to verify facts and carry out appropriate actions." Nada did not detail in the letter how he knew of the alleged surveillance of Gupta. Nada is a member of two executive committees established by Nissan in 2019 as part of a governance reform after the Ghosn scandal.

Persons: Makoto Uchida, Ashwani Gupta, Hari Nada, Nada, Uchida, Renault, Gupta, Nissan, Akira Takeuchi, Anderson Mori, Tomotsune, Carlos Ghosn, Ghosn, Jean, Dominique Senard, Luca de Meo, de Meo, Greg Kelly, Nissan's, Ampere, David Dolan, Gilles Guillaume, Kevin Krolicki, David Clarke Organizations: Nissan, Financial Times, Reuters, Renault, NISSAN, RENAULT, Thomson Locations: TOKYO, Tokyo, Lebanon, Japan, Paris

☆ Renault's Mobilize in talks with European retailer to provide charging boxes for EV
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: 1 min

PARIS, June 14 (Reuters) - Renault's (RENA.PA) new Mobilize unit is in advanced talks with a major European retailer to provide charging boxes for electric vehicles, a Mobilize spokesperson told Reuters on Wednesday. The spokesperson was confirming comments made earlier by chipmaker STMicroelectronics (STMPA.PA). Frederique Le Greves, CEO of STMicro France, had told the VivaTech conference in Paris that this would the first contract for the Mobilize PowerBox, developed by Software Republique, a tech partnership that counts Renault and STMicro among its members. Reporting by Gilles Guillaume, Writing by Dominique Vidalon; Editing by Benoit Van OverstraetenOur Standards: The Thomson Reuters Trust Principles.

Persons: chipmaker STMicroelectronics, Frederique Le Greves, Gilles Guillaume, Dominique Vidalon, Benoit Van Overstraeten Organizations: Reuters, Software Republique, Renault, Thomson Locations: STMicro France, Paris

☆ Mercedes won't join Renault's new electric van project-sources
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +1 min

PARIS, June 2 (Reuters) - Mercedes Benz Group (MBGn.DE), a longtime partner of Renault (RENA.PA) in vans, won't take part in the French company's FlexEvan electric project and will focus instead on its own premium electric vehicle VAN.EA, two sources with knowledge of the matter said. A spokeswoman of Mercedes confirmed that the group had no plan to launch a mid-sized van or a large one on a different platform than VAN.EA. Renault has long sought to expand its cooperation in vans with Mercedes, but in vain. "It is true that for light commercial vehicles, the bulk (of the cooperation with Mercedes) has been done", one of the sources said. Reporting by Gilles Guilaume; Editing by Silvia Aloisi and David HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: FlexEvan, Mercedes, Luca de Meo, Carlos Ghosn, Gilles Guilaume, Silvia Aloisi, David Holmes Organizations: Mercedes Benz Group, Renault, Nissan, Renault Trucks, Sweden's Volvo, Mercedes, Daimler, Thomson Locations: U.S

☆ Renault chooses banks for planned listing of electric car unit Ampere - source
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

PARIS, April 20 (Reuters) - French carmaker Renault (RENA.PA) has picked BNP Paribas (BNPP.PA), Goldman Sachs (GS.N) and JPMorgan (JPM.N) among the investment banks slated to work on the planned listing of its electric car business, Ampere, a source close to the matter said on Thursday. The three banks will act as joint global coordinators on the initial public offering (IPO) of Ampere, the source said. Renault aims to list Ampere in Paris this year, depending on market conditions. Renault's management has not yet given a valuation for the unit, saying it was up to the market to do so. Renault declined to comment on the names or roles of the banks picked for the planned listing.

☆ Renault revenues rise 30% in the first quarter on higher sales and prices
▼ + stars: | 2023-04-20 | by ( ) www.cnbc.com time to read: +1 min

French car maker Renault said on Thursday revenues had grown by 30% in the first quarter thanks to a rebound in sales and higher prices. Revenues came in at 11.5 billion euros ($12.60 billion), compared with an analyst consensus of 11.08 billion euros provided by the company. It said its orderbook in Europe stood at 3.3 months of sales at the end of Q1, and would remain above the target of 2 months through 2023. Overall sales in Europe rose by 27.3% in the first three months of the year, outperforming a 16.2% average increase for the market. Renault ranked as the third EV brand for sales in Europe behind Tesla and Volkswagen last year.

☆ Renault reviewing prices worldwide after Tesla cuts
▼ + stars: | 2023-04-17 | by ( Gilles Guillaume | ) www.reuters.com time to read: +3 min

SummarySummary Companies Renault brand sales up 9% in first quarterStrong sales of electric Megane - brand CEOTesla price cuts step up competitionPARIS, April 17 (Reuters) - French carmaker Renault (RENA.PA) is reviewing its pricing policies of electric cars worldwide to ensure it stays competitive after a wave of price cuts by U.S. rival Tesla Inc (TSLA.O), a top executive said on Monday. Cambolive said the rebound had extended into April, adding however that Tesla's price cuts were a wake-up call for competitors. After last week's price cut by Tesla, the Tesla Model 3 in France starts at 41,990 euros, compared with 42,000 euros for the Megane electric. Worldwide sales for the Renault brand reached 354,545 vehicles in the first three months of the year. Sales for the Renault brand, which represents two-thirds of the group's total, fell by 9.4% last year, their fourth consecutive annual decline.

☆ Tesla price cuts are "a warning"-Renault brand CEO
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +1 min

Companies Renault SA FollowTesla Inc FollowPARIS, April 17 (Reuters) - A wave of price cuts by Tesla (TSLA.O) is a "warning" for rival manufacturers of electric vehicles, the chief executive of French car maker Renault's flagship brand said on Monday. But Fabrice Cambolive, the CEO of the Renault brand, said Tesla's price cuts would force the group to take a close look at its pricing policy worldwide. "We will analyse country by country, market by market, which level of competitiveness we need to have to stay in the match," he told reporters. Worldwide sales for the brand reached 354,545 units in the first three months of the year, the company said on Monday. Sales for the Renault brand, which represents two-thirds of group sales, fell by 9.4% last year, also recording their fourth consecutive annual decline.

☆ Renault strikes battery deal with Verkor for premium EVs
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

PARIS, April 13 (Reuters) - Renault (RENA.PA) on Thursday announced a long-term commercial partnership with French start-up Verkor for the supply of electric batteries with an overall capacity of 12 GWh per year, including for Renault's future compact Alpine model. Under the new deal, Verkor - in which Renault started to invest in 2021 - will produce batteries for its premium Renault and Alpine models in a plant in Dunkirk, northern France. The first car using the Verkor batteries will be the Alpine C-Crossover GT, which Renault plans to start building in 2025. Asian battery producer Envision AESC will also provide batteries to the group, used in smaller and less powerful vehicles from another factory located in Douai, close to Dunkirk. Reporting by Gilles Guillaume, writing by Tassilo Hummel, editing by Benoit Van OverstraetenOur Standards: The Thomson Reuters Trust Principles.

☆ Nissan says it and Renault are confident alliance deal will be sealed soon
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: 1 min

[1/2] 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 HartmannTOKYO, March 31 (Reuters) - Nissan (7201.T) and Renault (RENA.PA) are working well together to sign a final agreement about the reshaping of their alliance and are confident that a deal will be reached soon, Nissan said in a statement on Friday. The company was responding to an earlier report by Japanese news agency Jiji which said that the final contract on the reboot of the alliance may be delayed until after April due to extended discussion on electric vehicles and intellectual property. Reporting by Daniel Leussink and Gilles Guillaume, editing by Silvia AloisiOur Standards: The Thomson Reuters Trust Principles.

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.

☆ Renault swings back to losses on Russia exit, offers dividend
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +2 min

The group share of net income saw a 338 million euro loss, sharply down from an 888 million euro profit in 2021 but broadly in line with an analyst consensus provided by the company that saw a 310 million euro loss. It said a dividend of 0.25 euros per share will be proposed to the vote of the annual general meeting on May 11. Renault sold its majority stake in Avtovaz (AVAZI_p.MM) to the Russian state for reportedly just one rouble last year, but with a six-year option to buy it back. Under a deal announced earlier this month, Renault, will cut its stake in Nissan to 15% from 43% now, in a reboot of their long and sometimes contentious alliance. The agreement, which came after months of tense talks, will also see Nissan buy a stake of up to 15% in Renault's electric vehicle unit Ampere.

☆ Renault CEO questions wisdom of electric vehicle price cuts
▼ + stars: | 2023-02-16 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Renault CEO Luca de Meo on Thursday questioned the wisdom of price cuts rivals have been implementing in a bid to bolster market share for their electric vehicle fleets. Ford followed on Jan. 30 with price trims for its electric Mustang Mach-E crossover. However, De Meo signaled that sales price volatility could erode consumer confidence in EV products. "Because those kinds of swings are kind of value destroying for the customer, think about residual value, etc. Under the reshaped, previously lopsided alliance, Renault will reduce its shareholdings in Nissan from roughly 43% to 15%.

☆ Nissan's 2022 contribution to Renault results highest in four years
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

PARIS, Feb 9 (Reuters) - French carmaker Renault (RENA.PA), which is revamping its 24-year old alliance with Nissan (7201.T), said on Thursday the Japanese firm contributed 174 million euros ($187 million) to its own results in the fourth quarter. The total contribution for 2022 stood at 526 million euros, the highest amount since 2018 and up from 352 million euros in 2021. Renault, which under the overhaul of the partnership will cut its stake in Nissan to 15% from 43% now, will announce its own full-year results on Feb. 16. The stake that is being cut will be placed in a French trust, with Renault continuing to cash in on related dividends. ($1 = 0.9300 euros)Reporting by Gilles Guillaume; writing by Silvia Aloisi; Editing by Richard LoughOur Standards: The Thomson Reuters Trust Principles.

☆ Nissan board also approved planned restructuring deal with Renault - source
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: 1 min

PARIS, Feb 6 (Reuters) - The board of Nissan (7201.T) has also voted in favour of reshaping its alliance with French carmaker Renault (RENA.PA), a source said on Monday. The agreement, which will retool the two-decade-old alliance, had already got the backing from Renault's board on Sunday. It will be formally unveiled on Monday in London. Reporting by Gilles Guillaume and Dominique Vidalon; Editing by Sudip Kar-GuptaOur Standards: The Thomson Reuters Trust Principles.

☆ Nissan to buy up to 15% stake in Renault EV unit under reshaped alliance
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike BlakePARIS, Feb 6 (Reuters) - Nissan (7201.T) and Renault (RENA.PA) on Monday unveiled details of their redesigned alliance, with the Japanese car maker committing to buy a stake of up to 15% in Renault's electric vehicles unit Ampere. The alliance junior partner Mitsubishi Motors (7211.T) will also consider investing in Ampere, the companies said in a statement. Renault will transfer 28.4% of Nissan shares into a French trust, making the two more equal partners in the alliance. Sources close to the matter said the agreement aimed to make the alliance freer and more balanced for the next 15 years. When it does sell, "Nissan would benefit from a right of first offer, to its or the benefit of a designated third party."

☆ Factbox: Renault, Nissan detail joint projects to revive alliance
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +3 min

LATIN AMERICAThe four projects to be considered in Latin America include:A new half-ton pick-up, developed by Renault Group and shared with Nissan in Argentina. Renault Group would produce the pick‑ups in Cordoba (Argentina) for both Renault and Nissan. In Mexico, Nissan would produce a new model for Renault Group, making it the first Renault vehicle to be produced there in 20 years. INDIAFor India and export, Renault Group and Nissan would collaborate on several new vehicle projects including new SUVs shared by both Renault Group and Nissan, and a New Nissan car derived from the Renault Triber. Electric vehicle (EV) charging infrastructure: Renault Group and Nissan are considering jointly deploying charging infrastructure in Europe at both Renault Group and Nissan dealerships.

That announcement came after nearly four months of intense talks complicated by concerns about the sharing of intellectual property as Renault sought tie-ups with companies outside their alliance. The deal will see the French carmaker reduce its stake in Nissan to 15% from around 43%. That will see Renault put around 28% of the Japanese automaker in a French trust, crucially making the two more equal partners. While Renault bailed out Nissan two decades ago, it is the smaller automaker by sales. "One almost wonders what's the point of them having any stake in either one, any stake at all," Richter said.

☆ Renault board backs plans to reshape alliance with Nissan, source says
▼ + stars: | 2023-02-05 | by ( ) www.reuters.com time to read: 1 min

LONDON, Feb 5 (Reuters) - Renault's board (RENA.PA) voted in favour on Sunday to reshape the French carmaker's alliance with its Japanese partner Nissan (7201.T), a source said. The agreement, which will retool the two-decade-old alliance, still needs backing from Nissan's board before it is formally unveiled on Monday in London. Reporting by Gilles Guillaume, editing by Leigh Thomas and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

☆ From boom to bottom and now big change: Renault and Nissan reshape alliance
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +5 min

It gave Nissan a 15% stake in Renault, on a par with the French state, but no voting rights. The alliance was thrown into turmoil following Ghosn's arrest on financial misconduct charges in late 2018 and his subsequent ouster as alliance chairman. 2002 Nissan announces its "Nissan 180" three-year plan, targeting an increase of 1 million vehicles in global sales by 2005. 2017 Both Nissan and Renault post record operating profits, though Nissan still falls short on some targets. Alliance Chairman Senard rules out any merger of the carmaking partners, saying they don't need to combine to be efficient.

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