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☆ Jaguar Land Rover’s CEO, Thierry Bolloré, Stepping Down
▼ + stars: | 2022-11-16 | by ( William Boston | ) www.wsj.com time to read: 1 min

Thierry Bolloré has worked to accelerate the electrification of core Jaguar Land Rover models such as the Range Rover, Discovery and Defender. BERLIN—Jaguar Land Rover Automotive PLC Chief Executive Thierry Bolloré is stepping down at the end of the year for what the company said were personal reasons. His departure comes as the company struggles to improve sales and earnings after taking a hard hit during the pandemic. A former CEO of French car maker Renault SA, Mr. Bolloré was hired in 2020 and has been working to refocus JLR onto electric vehicles.

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 to Pair Up With China’s Geely in Combustion-Engine Venture
▼ + stars: | 2022-11-08 | by ( Nick Kostov | ) www.wsj.com time to read: 1 min

PARIS—France’s Renault SA and China’s Geely Automobile Holdings Ltd. are forming a joint venture focused on gasoline-powered engines and hybrid technology, the latest example of auto makers sharing the burden of development costs as the industry grapples with the transition toward electric vehicles. Renault announced the deal Tuesday as it detailed plans to split itself into several divisions, including the combustion-engine-focused venture with Geely and another on electric vehicles and software, which it plans to spin off as soon as next year. It said it was in talks with longtime alliance partner Nissan Motor Co. about the Japanese company investing in the EV business, though didn’t provide a time frame for reaching an agreement.

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 to Separate EV Unit in Sweeping Overhaul
▼ + stars: | 2022-11-08 | by ( Nick Kostov | ) www.wsj.com time to read: 1 min

PARIS— Renault SA said it would split itself into several divisions, putting its core business making conventionally powered cars into a joint venture with a Chinese partner and detailing plans for a separate stock-market listing of its electric-vehicle division. The restructuring, one of the most radical in the French auto maker’s 124-year history, will leave Renault mostly focused on electric vehicles. Executives hope the overhaul will attract investment and give it the wherewithal to tackle the expensive transition away from the internal combustion engine that the entire auto industry is grappling with.

☆ Renault, Geely strike deal for internal-combustion joint venture
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 8 (Reuters) - Renault SA (RENA.PA) and China's Geely have agreed to launch a new, equally held joint-venture that will supply gasoline engines and hybrid technology to the brands they own and other automakers, the two companies said in a statement. The joint-venture will employ 19,000 people at 17 powertrain factories and three research and development hubs, the companies said. The framework agreement clears an important benchmark in a months-long effort by the French automaker to carve out its internal combustion business as a separate company. Renault has also been in negotiations with its existing alliance partner, Nissan Motor Co (7201.T), about new investment in an electric vehicle venture it also plans to establish. Reporting by Norihiko Shirouzu; Editing by Sam HolmesOur 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.

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 talks focused on optimising EV investments-Nissan CEO
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Nov 4 (Reuters) - Nissan Motor Co's (7201.T) negotiations with its partner and top shareholder Renault SA (RENA.PA) are focused on optimising their investment in electric vehicles and improving the competitiveness of the alliance, the Japanese automaker's CEO told Reuters on Friday. Negotiations between Renault and Nissan are ongoing with less than two weeks remaining to meet a Nov. 15 target the automakers had set to reach a deal, according to people with knowledge of the talks. Nissan's Chief Executive Makoto Uchida declined to comment on the timing of potential deal with Renault and whether it can be done this month. Nissan is considering investing in Renault's planned electric vehicle unit, the companies said last month. That unit includes Renault production sites in Spain, Portugal, Turkey, Romania and Latin America.

Renault SA and Nissan Motor Co. are struggling to nail down a deal that would reshape their alliance, with intellectual property among the sticking points, according to people with knowledge of the talks. Discussions so far between Renault and Nissan have outlined a plan under which the French auto maker would reduce its current 43% stake in its Japanese partner to 15%, people at the companies said. The shares to be disposed of would be put into an independent financial trust and then sold at a later date at a predetermined price, the people said.

☆ Nissan mulls taking up to 15% stake in Renault's planned EV unit - report
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: 1 min

TOKYO, Oct 27 (Reuters) - Japan's Nissan Motor Co is considering investing up to a 15% stake in Renault SA's planned electric vehicle (EV) unit, Kyodo news agency reported on Thursday, as the two companies negotiate an overhaul of their decades-old partnership. The Japanese and French automakers said this month they were in talks about the future of their alliance, including Nissan potentially investing in the electric vehicle business being spun out of Renault. No further details were immediately available. Nissan said it had no comment to make beyond a joint statement issued by the two firms earlier this month, in which they said they were engaged in discussions on a number of issues, including the EV unit. Reporting by Satoshi Sugiyama; Writing by Elaine Lies; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

The French and Japanese automakers said this month they were in talks about the future of their alliance, including Nissan potentially investing in an electric vehicle business being spun out of Renault. With Nissan holding only 15% of Renault - and without voting rights - French dominance of the alliance has long been a point of contention. Renault wants Nissan to invest in its electric vehicle unit, while Nissan wants Renault to cut its stake to 15%, Reuters previously reported. Given its investment needs, Renault is the more eager of the two to reach a deal, said a person familiar with negotiations. Alliance junior partner Mitsubishi Motors Corp (7211.T) will likely invest a few percent in the new Renault unit to retain its alliance relationship, said another person familiar with the matter.

☆ Renault says price hikes help sales grow in Q3, confirms outlook
▼ + stars: | 2022-10-21 | by ( Gilles Guillaume | ) www.reuters.com time to read: +2 min

Overall group revenues grew by 20.5% when adjusted for the disposal of its former Russian unit Avtovaz, Renault said, adding that it had recorded its best-ever price effect as quarterly vehicle sales decreased by 2.4% from last year. Register now for FREE unlimited access to Reuters.com RegisterRenault's third-quarter sales figure of 9.8 billion euros was in line with an analyst consensus provided by the company. Renault is Nissan's largest shareholder with 43% while the Japanese automaker owns 15% in its partner. The two companies said last week they were in talks about a new phase in their partnership that could include Nissan investing in Renault's new electric vehicle venture. Talks so far have included consideration of Renault selling some of its Nissan stake, sources have said.

☆ 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.

☆ 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.

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