|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||21.92 - 22.88|
|52-week range||12.77 - 58.10|
|Beta (5Y monthly)||1.73|
|PE ratio (TTM)||N/A|
|Earnings date||14 Feb 2019 - 18 Feb 2019|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||30 Apr 2020|
|1y target est||84.17|
Renault's incoming Chief Executive Luca de Meo said on Friday he was confident the ailing French carmaker, which has just launched major cost cuts, could deliver a positive surprise for investors after a period of faltering sales and margins. Addressing shareholders at an annual meeting, De Meo said he shared a "sense of urgency" with teams at Renault to deliver on its restructuring. "I've always liked to go where there are challenges," De Meo said, adding he was very conscious that Renault faced problems.
Communication about availability – Renault sales figures for May 2020Boulogne, June 17, 2020Renault announces that its sales figures report for May 2020 is now available on Renault website www.group.renault.com, tab Finance, in the ‘Regulated information’, ‘Monthly sales’. Attachment * Availability RENAULT Sales
Information concerning the total number of voting rights and shares, provided pursuant to article L. 233-8 II of the Code de commerce (the French Commercial Code) and the Article 223-16 of the Règlement général de l’Autorité des marchés financiers (Regulation of the French stock market authority) Company name of the issuer: Renault SA 13/15 quai Alphonse Le Gallo 92100 Boulogne-Billancourt (ISIN code FR0000131906 – RNO)Date Total number of issued shares Total number of voting rights May 31, 2020 295,722,284 Theoretical total number of voting rights(1): 402,124,890 Exercisable number of voting rights(2): 307,894,599 (1) Number calculated on the basis of all shares to which voting rights are attached, including shares for which voting rights cannot be exercised, according to Article 223-11 of the Règlement général de l’Autorité des marchés financiers.(2) Number of voting rights exercisable at general meetings is equal to the theoretical number of voting rights (total number of voting rights attached to the shares) less voting rights attached to shares for which voting rights cannot be exercised.Attachment * 5 - 31 May 2020 - information relating to voting rights
The financial incentive comes as a breather for Renault (RNLSY), which pledges to slash costs by 2 billion euro and cut about 15,000 jobs worldwide in wake of the coronavirus crisis.
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Renault finalised on Wednesday a 5 billion euro ($5.60 billion) loan from with the French government, strengthening the carmaker's finances in the wake of the coronavirus pandemic which has ravaged the auto industry. Renault said that the credit facility carried a guarantee from the French state - which owns a 15% stake in Renault - of up to 90% of the total amount borrowed. Banks BNP Paribas, Credit Agricole, HSBC France, Natixis and SocGen were involved in the credit deal.
PRESS RELEASEGROUPE RENAULT ANNOUNCES THE FINALIZATION OF A €5 BILLION CREDIT FACILITY AGREEMENT WITH A GUARANTEE OF THE FRENCH STATEBoulogne-Billancourt, on June 3rd, 2020 – Groupe Renault announces the finalization of a credit facility agreement with a banking pool, for a maximum total amount of €5 billion benefiting from a guarantee of the French State.This credit facility, which may be drawn in whole or in part, will help finance the group’s liquidity requirements within the context of an unprecedented crisis.The main terms and conditions of this credit facility are as follows : * A maximum total amount of €5 billion, which may be drawn in whole or in part and in one or several times, until December 31st, 2020; * An initial 12-month maturity, with an option for Renault to extend the maturity for an additional three-year period; * a guarantee from the French State up to 90% of the total amount borrowed; * a banking pool made up of five banks: BNP Paribas, Crédit Agricole, HSBC France, Natixis and Société Générale.About Groupe RenaultGroupe Renault has manufactured cars since 1898. Today it is an international multi-brand group, selling close to 3.8 million vehicles in 134 countries in 2019, with 40 manufacturing sites, 12,800 points of sales and after-sales and employing more than 180,000 people. To address the major technological challenges of the future, while continuing to pursue its profitable growth strategy, Groupe Renault is focusing on international expansion. To this end, it is drawing on the synergies of its five brands (Renault, Dacia, Renault Samsung Motors, Alpine and LADA), electric vehicles, and its unique alliance with Nissan and Mitsubishi Motors. With a 100% Renault owned team committed to the Formula 1 World Championship since 2016, the brand is involved in motorsports, a real vector for innovation and awareness.Contact Astrid DE LATUDE Corporate Press Officer +33 (0)6 25 63 22 08 email@example.comAttachment * 2020 06 03 - Renault PGE - PR
French Finance Minister Bruno Le Maire said on Tuesday the government had not yet signed off on a planned 5 billion euro (4.45 billion pounds) loan for carmaker Renault <RENA.PA>, though he hoped the loan would be agreed soon. Le Maire also told RTL radio he expected Renault to be "exemplary" in its talks with unions, regarding the likelihood of job cuts in France, and that the government wanted Renault's northern France sites to become "centres of excellence". On Sunday, Renault Chairman Jean-Dominique Senard said Renault had no plans to close its Maubeuge plant in northern France.
Renault <RENA.PA> has no plans to close its Maubeuge plant in northern France, Chairman Jean-Dominique Senard said on Sunday, two days after the carmaker announced 15,000 job cuts globally as part of a major restructuring. The recovery plan, which would eliminate 4,600 jobs in France, aims to consolidate the Maubeuge site's vehicle production with that of the nearby Douai plant. "I have no intention of closing the Maubeuge factory," Senard said on LCI television on Sunday after thousands of employees and family members demonstrated outside the plant the previous day.
Giovanni Pili, a worker at a Renault factory in France, was on Friday savouring the fact that he was not laid off in a global shakeup at the carmaker, and trying not to think too much about the uncertain future facing his plant, and his industry. Pili and colleagues at his factory in Caudan, north-west France, have been on strike all this week and protesting at the factory gates, anticipating their plant would be shuttered. Renault instead announced the plant - and its 385 full-time workers who operate forges making manifolds and exhaust bends - would be put under strategic review while managers try to find new customers for the components they produce.
COMBINED GENERAL MEETING OF JUNE 19, 2020FORMALITIES FOR OBTAINING OR CONSULTING THE PREPARATORY DOCUMENTSBoulogne-Billancourt, May 29, 2020 -In consideration of the Covid-19 epidemic and in accordance with the provisions adopted by the Government to limit its spread, in particular Ordinance No. 2020-321 of March 25, 2020, the Annual General Meeting of Renault will be held in closed session, without the physical presence of the shareholders or of other persons having the right to participate, at the registered office, 13/15 quai Le Gallo, 92100 Boulogne-Billancourt.Conditions to participate in the Annual General MeetingIn this context, shareholders may only exercise their right to vote remotely and before the Annual General Meeting. They are invited to vote by post using the voting form or online on the VOTACCESS secure voting platform, or to give proxy to the Chairman of the General Meeting or to any person of their choice. It is reminded that the Annual General Meeting being held in closed session, no admission card will be delivered. The General Meeting will be broadcast live on the website www.groupe.renault.com and the video will be available in replay on the page dedicated to the General Meeting of the Company's website.Q&A session during the Annual General MeetingIn order to encourage participation at this privileged time of exchange with the Company’s management, the shareholders will have the possibility, in addition to the provisions on written questions set forth in Articles L. 225-108 paragraph 3 and R. 225-84 paragraph 1 of the French Commercial Code, to ask questions from June 16, 2020 as well as during the General Meeting, in accordance with the procedures to be specified on the Company's website (www.groupe.renault.com).As is customary, there will be some time devoted to answering shareholders’ questions.Formalities for obtaining the preparatory documents for the Annual General MeetingThe convening notice was published in the Bulletin des Annonces Légales et Obligatoires (French gazette of compulsory legal announcements) No 55 of May 6, 2020. The notice of meeting was published in the Bulletin des Annonces Légales et Obligatoires No 65 of May 29, 2020. The agenda, the draft resolutions and the formalities for participating and voting at the Meeting are set out in both notices, which may be consulted on the Company’s website www.groupe.renault.com, under the Finance/Annual General Meeting section.The holders of registered shares will receive their convening documentation by post or by email (depending on the chosen option) within the legal deadlines. The holders of units in the corporate mutual funds (FCPE) “Actions Renault”, “Renault Shares”, “Renault France” and “Renault International” may consult the convening documentation on the Company’s website. The holders of bearer shares must contact their banking or financial intermediary.The information and documents listed in Articles L. 225-115 and R. 225-83 of the French Commercial Code are available to shareholders once the Meeting is convened, in accordance with the applicable regulatory provisions.The documents listed in Article R. 225-73-1 of the French Commercial Code may be consulted and downloaded via the Company’s website www.groupe.renault.com, under the Finance/Annual General Meeting section.For further information, please contact our Financial Relations Department - Tel: 0 800 650 650 (calls from France), +33 (0)1 76 84 59 99 (calls from abroad) - Email: firstname.lastname@example.org.Attachment * Press Release - Obtaining the preparatory documents of the 2020 AGM
A daily overview of the top business, market, and economic stories to watch in the UK, Europe, and abroad.
US President Donald Trump will hold a press conference on China later today, with fears he will declare Hong Kong no longer legally independent from China.
Renault acknowledged that its global ambitions had been unrealistic, announcing plans to cut about 15,000 jobs, shrink production and restructure French plants as it pressed the reset button and sought to banish the spectre of Carlos Ghosn. Faced with a slump in demand that has been exacerbated by the coronavirus pandemic, the French carmaker detailed plans on Friday to find 2 billion euros ($2.22 billion) in savings over the next three years. "We thought too big in terms of sales," said interim Chief Executive Clotilde Delbos, adding the company was "coming back to its bases" after investing and spending too much in recent years.
PRESS RELEASEGROUPE RENAULT PRESENTS ITS DRAFT PLAN TO REDUCE FIXED COSTS BY MORE THAN 2 BILLION EUROS OVER THREE YEARS * The objective of reducing fixed costs by more than 2 billion euros over 3 years aims to restore the Group's competitiveness and ensure its long-term development within the framework of the Alliance. * The draft plan is based on the efficiency of operations within Groupe Renault: by simplifying processes, reducing the diversity of components within vehicles and adjusting industrial capacities. * The planned changes will be implemented in consultation with the social partners and local authorities within the framework of an ongoing dialogue.Boulogne-Billancourt, May 29, 2020 – As promised when it announced its annual results, Groupe Renault today presents its transformation plan, which aims to achieve savings of more than €2 billion over three years and to lay the foundations for a new competitiveness. The difficulties encountered by the Group, the major crisis facing the automotive industry and the urgency of the ecological transition are all imperatives that are driving the company to accelerate its transformation.The draft plan will strengthen the company's resilience by focusing on cash flow generation, while keeping the customer at the centre of its priorities. It is based on a more efficient approach to operational activities and rigorous management of resources. Beyond this, the draft plan aims to lay the foundations for Groupe Renault’s long-term development. In France, the Group would be organized around strategic business areas with a promising future: electric vehicles, LCVs, the circular economy and high value-added innovation. These major regional centres of excellence based in France would be at the heart of the Group's recovery. In Flins and Guyancourt, the Group would reorganise its activities. If Groupe Renault plans to make the necessary workforce adjustments to enable a return to profitable and sustainable growth, it is committed to ensuring that they are carried out through exemplary dialogue with social partners and local authorities. This workforce adjustment project would be based on retraining measures, internal mobility and voluntary departures. It would be spread over three years and would concern nearly 4,600 posts in France, to which would be added the reduction of more than 10,000 other positions in the rest of the world. "I have confidence in our assets, our values and in the management of the company to succeed with the envisaged transformation and to return our Group to its full value by deploying this plan. The planned changes are fundamental to ensure the sustainability of the company and its development over the long term. It is collectively and with the support of our Alliance partners that we will be able to achieve our objectives and make Groupe Renault a major player in the automotive industry in the years ahead. We are fully aware of our responsibility and the planned transformation can only be achieved with respect for all our Group's stakeholders and through exemplary social dialogue," said Jean-Dominique Senard, Chairman of the Board of Directors of Renault."In a context of uncertainty and complexity, this project is vital to guarantee a solid and sustainable performance, with customer satisfaction as a priority. By capitalizing on our many assets such as the electric vehicle, by capitalizing on the resources and technologies of Groupe Renault and the Alliance, and by reducing the complexity of development and production of our vehicles, we want to generate economies of scale to restore our overall profitability and ensure our development in France and internationally. This project will enable us to look to the future with confidence," added Clotilde Delbos, interim Chief Executive Officer of Renault. The project includes the following main elements: * Improving efficiency and reducing engineering costs, by taking advantage of the strengthened assets of the Alliance, approximately €800 million: * Streamlining vehicle design and development: reducing component diversity, increasing standardization, Leader - Follower programs within the Alliance. * Optimization of resources: concentration of the development of strategic technologies with high added value in the engineering sites of Ile-de-France; optimization of the use of R&D centres abroad and subcontracting; optimization of the means of validation through the increased use of digital. * Optimization of production saving approximately €650 million * Acceleration of plant transformation through the generalization of Industry 4.0 * Process improvement in new engineering projects: accelerating digitalization and "design to process". * Right sizing of industrial capacities: * Global production capacity revised from 4 million vehicles in 2019 to 3.3 million by 2024 (Harbour reference). * Adjustment of production headcount. * Suspension of planned capacity increase projects in Morocco and Romania, study of the adaptation of the Group's production capacities in Russia, study of the rationalization of gearbox manufacturing worldwide. * In France, four working hypotheses for optimizing the production will be the subject of in-depth consultation with all stakeholders, in particular the social partners and local authorities: * Renault is launching a consultation process on the Douai and Maubeuge plants to study the creation of an optimized centre of excellence for electric vehicles and light commercial vehicles in northern France. * Open reflection on the reconversion of the Dieppe plant at the end of the production of the Alpine A110. * In Flins, the creation of a circular economy ecosystem on the site, including the transfer of Choisy-le-Roi's activities. * At the Fonderie de Bretagne, Renault is launching a strategic review. * Increased efficiency of support functions, approximately €700 million * Optimization of general and marketing costs: digitalization to optimize marketing costs, rationalization of the organization and reduction of costs related to support functions, etc. * Refocusing activities for a better allocation of resourcesThis refocusing on the Group's core business through a change in its scope would concern in particular: * Part of the RRG integrated distribution network in Europe. * The transfer of Groupe Renault's stake in Dongfeng Renault Automotive Company Ltd (DRAC) in China to Dongfeng Motor Corporation and the cessation of Renault branded passenger car combustion engine activities in the Chinese market. These plans will be presented to employee representative bodies in accordance with applicable regulations. The estimated cost of implementing this plan is in the order of €1.2 billion.About Groupe RenaultGroupe Renault has manufactured cars since 1898. Today it is an international multi-brand group, selling close to 3.8 million vehicles in 134 countries in 2019, with 40 manufacturing sites, 12,800 points of sales and after-sales and employing more than 180,000 people. To address the major technological challenges of the future, while continuing to pursue its profitable growth strategy, Groupe Renault is focusing on international expansion. To this end, it is drawing on the synergies of its five brands (Renault, Dacia, Renault Samsung Motors, Alpine and LADA), electric vehicles, and its unique alliance with Nissan and Mitsubishi Motors. With a 100% Renault owned team committed to the Formula 1 World Championship since 2016, the brand is involved in motorsports, a real vector for innovation and awareness.Contacts Astrid DE LATUDE Corporate Press Officer +33 (0)6 25 63 22 08 email@example.comCeline FURET Corporate Press Officer +33 (0)6 17 41 13 41 firstname.lastname@example.orgAttachment * 20200529 - 2o22 Cost Reduction Plan Project - Press Release
The fortified alliance among Renault (RNLSY), Nissan (NSANY) and Mitsubishi focuses more on efficiency and competitiveness than on volumes.
French carmaker Renault said on Thursday that losses at its Japanese partner Nissan, in which it has a 43% stake, would drag on its on net earnings by 3.6 billion euro ($3.96 billion) in the first quarter. Renault, which posted its first net loss in a decade in 2019, has like Nissan been struggling with faltering sales, a slide exacerbated this year by the coronavirus pandemic. Nissan posted an annual operating loss of 40.5 billion yen ($376 million) for the year to March 31, its worst performance since 2008/09, while net losses came in at 671.2 billion yen.
May 28th, 2020Nissan contributes -€3,573 million for first quarter 2020 to Renault’s earningsNissan released today its results for the fourth quarter of fiscal year 2019/2020 (April 1st, 2019 to March 31th, 2020). Nissan’s results, published in Japanese accounting standards, for the fourth quarter of fiscal year 2019/2020 (January 1st to March 31th, 2020) will have a negative contribution to Renault’s first quarter 2020 net income estimated at -€3,573 million(1) after IFRS restatements ( -€976 million). (1) based on an average exchange rate of 120.1 yen/euro for the period under review.Attachment * 2020_28_05_PR_Nissan contribution
President Macron wants France to become the leading producer of clean cars in Europe, and targets to produce more than 1 million electric and hybrid cars per year over the next five years.
(Bloomberg) -- At a factory near Germany’s border with the Czech Republic, Volkswagen AG’s ambitious strategy to become the global leader in electric vehicles is coming up against the reality of manufacturing during a pandemic.The Zwickau assembly lines, which produce the soon-to-be released ID.3 electric hatchback, are the centerpiece of a plan by the world’s biggest automaker to spend 33 billion euros ($36 billion) by 2024 developing and building EVs. At the site, where an East German automaker built the diminutive Trabant during the Cold War, VW eventually wants to churn out as many as 330,000 cars annually. That would make Zwickau one of Europe’s largest electric-car factories—and help the company overtake Tesla Inc. in selling next-generation vehicles.But Covid-19 is putting VW’s and other automakers’ electric ambitions at risk. The economic crisis triggered by the pandemic has pushed the auto industry, among others, to near-collapse, emptying showrooms and shutting factories. As job losses mount, big-ticket purchases are firmly out of reach—in the U.S., where Tesla is cutting prices, more than 36 million people have filed for unemployment since mid-March. Also, the plunge in oil prices is making gasoline-powered vehicles more attractive, and some cash-strapped governments are less able to offer subsidies to promote new technologies.Even before the crisis, automakers had to contend with an extended downturn in China, the world’s biggest auto market, where about half of all passenger EVs are sold. Total auto sales in China declined the past two years amid a slowing economy, escalating trade tensions, and stricter emission regulations. EV sales are forecast to fall to 932,000 this year, down 14% from 2019, according to BloombergNEF. The drop-off is expected to stretch into a third year as China's leaders have abandoned their traditional practice of setting an annual target for economic growth, citing uncertainties. Economists surveyed by Bloomberg expect just 1.8% GDP growth this year.The global market contraction raises the prospect of casualties. French finance minister Bruno Le Maire has warned that Renault SA, an early adopter of electric cars with models like the Zoe, could “disappear” without state aid. Even Toyota Motor Corp., a hybrid pioneer when it first introduced the Prius hatchback in 1997, is under pressure. The Japanese manufacturer expects profits to tumble to the lowest level in almost a decade.Automakers who for years have invested heavily in a shift to a high-tech future—including autonomous vehicles and other alternative energy-based forms of transportation such as hydrogen—now face a grim test. Do their pre-pandemic plans to build and sell electric cars at a profit have any chance of succeeding in a vastly changed economic climate? Even as Covid-19 has obliterated demand, for the car makers most committed to electric, there’s no turning back.“We all have a historic task to accomplish,” Thomas Ulbrich, who runs Volkswagen’s EV business, said when assembly lines restarted on April 23, “to protect the health of our employees—and at the same time get business back on track responsibly.”Volkswagen Pushes AheadGlobal EV sales will shrink this year, falling 18% to about 1.7 million units, according to BloombergNEF, although they’re likely to return to growth over the next four years, topping 6.9 million by 2024. “The general trend toward electric vehicles is set to continue, but the economic conditions of the next two to three years will be tough,” said Marcus Berret, managing director at consultancy Roland Berger.Volkswagen’s Zwickau facility became the first auto plant in Germany to resume production after a nationwide lockdown started in March. Before restarting, the company crafted a detailed list of about 100 safety measures for employees, requiring them to, among other things, wear masks and protective gear if they can’t adhere to social-distancing rules.The cautious approach has reduced capacity—50 cars per day initially rolled off the Zwickau assembly line, roughly a third of what the plant manufactured before the coronavirus crisis. (VW said Wednesday that daily output had risen to 150 vehicles, with a plan to reach 225 next month.) Persistent software problems also have plagued development of the ID.3, one of 70 new electric models VW group is looking to bring to market in the coming years. Still, Ulbrich and VW CEO Herbert Diess over the past three months have reaffirmed Volkswagen’s commitment to electrification. “My new working week starts together with Thomas Ulbrich at the wheel of a Volkswagen ID.3 - our most important project to meet the European CO2-targets in 2020 and 2021,” Diess wrote in a post on LinkedIn in April. “We are fighting hard to keep our timeline for the launches to come.”Diess has described the ID.3 as “an electric car for the people that will move electric mobility from niche to mainstream.” Pre-Covid, the company had anticipated that 2020 would be the year it would prove its massive investments and years of planning for electric and hybrid models would start to pay off.A more pressing worry that could hamper VW’s ability to scale up production is its existing inventory of unsold vehicles. The cars need to move to make room for new releases, but sales are down as consumers are tightening their spending. One response has been to offer improved financing in Germany, including optional rate protection should buyers lose their jobs. VW also has adopted new sales strategies first used by its Chinese operations, such as delivering disinfected cars to customer homes for test drives, and expanding online commerce.Other German automakers are similarly pushing ahead with EV plans. Daimler AG is sticking to a plan to flank an electric SUV with a battery-powered van and a compact later this year. BMW AG plans to introduce the SUV-size iNEXT in 2021 as well as the i4, a sedan seeking to challenge Tesla’s best-selling Model 3.A potential obstacle for all these companies—apart from still patchy charging infrastructure in many markets—is the availability of batteries. Supply bottlenecks appear inevitable given that the number of electric car projects across the industry outstrip global battery production capacity. And boosting cell manufacturing is a complicated task.China's (Weakened) EV Dominance For VW and others, the first big test of EVs’ appeal in a Covid-19 world will come in China. Diess has referred to China as “the engine of success for Volkswagen AG.” VW group deliveries returned to growth year-on-year last month in China, while all other major markets declined.Not long ago, China appeared to be leading the world toward an electric future. As part of President Xi Jinping’s goal to make the country an industrial superpower by 2025, the government implemented policies that would boost sales of EVs and help domestic automakers become globally competitive, not just in electric passenger cars but buses, too.With the outbreak seemingly under control in much of the country, China is seeing some buyers return to the showrooms, but demand for passenger cars is likely to fall for the third year in a row, putting startups like NIO Inc. at risk and hurting more-established players like Warren Buffett-backed BYD Co., which suffered from a 40% year-on-year vehicle sales decline in the first four months of 2020.The Chinese auto market may shrink as much as 25% this year, according to the China Association of Automobile Manufacturers, which before the pandemic had been expecting a 2% decline. EV sales fell by more than one-third in the second half of 2019.NIO, the Shanghai-based startup that raised about $1 billion from a New York Stock Exchange initial public offering in 2018 but lost more than 11 billion yuan ($1.5 billion) last year, was thrown a much-needed lifeline when a group of investors, including a local government in China’s Anhui Province, offered 7 billion yuan last month.Other Chinese manufacturers are counting on support from the government, too, including tax breaks and an extension to 2022 of subsidies, originally scheduled to end this year, to make EVs more affordable.For now, the government will also look to help makers of internal combustion engine vehicles, at least during the worst of the crisis, said Jing Yang, director of corporate research in Shanghai with Fitch Ratings. But, she said, “over the medium-to-long term, the focus will still be on the EV side.”America is Tesla CountryCompanies can’t count on that same level of support from President Donald Trump in the U.S., where consumers who love their SUVs and pickup trucks have largely steered clear of electric vehicles other than Tesla’s.The U.S. lags China and Europe in promoting the production and sale of EVs, and that gap may widen now that Americans can buy gas for less than $2 a gallon.“When you’re digging out of this crisis, you’re not going to try to do that with unprofitable and low-volume products, which are EVs,” said Kevin Tynan, a senior analyst with Bloomberg Intelligence.Weeks after announcing plans to launch EVs for each of its brands, General Motors Co. delayed the unveiling of the Cadillac Lyriq EV originally planned for April. Then on April 29, the company said it would put off the scheduled May introduction of a new Hummer EV. The models are part of CEO Mary Barra’s strategy to spend $20 billion on electrification and autonomous driving by 2025, to try to close the gap with Tesla.In another move aimed at winning over Tesla buyers, Ford Motor Co. unveiled its electric Mustang Mach-E last November at a splashy event ahead of the Los Angeles Auto Show. The highly anticipated model had been scheduled to debut this year. Ford has not officially postponed the release, but the company has said all launches will be delayed by about two months, potentially pushing the Mach-E into 2021.Elon Musk, whose cars dominate the U.S. electric market, cut prices by thousands of dollars overnight. The Model 3 is now $2,000 cheaper, starting at $37,990. The Model S and Model X each dropped $5,000.Musk engaged in a high-profile fight with California officials this month over Tesla’s factory in Fremont, California, which had been closed by shutdown orders Musk slammed as “fascist.” In a May 11 tweet, he said the company was reopening the plant in defiance of county policy. On May 16, Tesla told employees it had received official approval.During most of the shutdown in California, the company managed to keep producing some cars thanks to better relations with local officials regulating its other factory, in Shanghai. That plant closed as the virus spread from Wuhan in late January, but the local government helped it reopen a few weeks later in early February.First Zwickau, Then the WorldThe ID.3’s new electric underpinning, dubbed MEB, is key to VW’s strategy to sell battery-powered cars on a global scale at prices that will be competitive with similar combustion-engine vehicles. Automakers typically rely on such platforms to achieve economies of scale and, ultimately, profits. MEB will be applied to purely electric vehicles across all of the company’s mass-market brands, including Skoda and Seat.VW said it spent $7 billion developing MEB after Ford last year agreed to use the technology for one of its European models. Separately, the group’s Audi and Porsche brands are built on a dedicated EV platform for luxury cars that the company says will be vital in narrowing the gap with Tesla.VW plans to escalate its electric-car push by adding two factories, near Shanghai and Shenzhen, that it says could eventually roll out 600,000 cars annually, more cars than Tesla delivered globally last year.While China is the initial goal, making a dent in Europe and the U.S. is the long-term one. Like China, Europe had been tightening emissions regulations significantly before the pandemic. New rules to reduce fleet emissions will gradually start to take effect this year, effectively forcing most manufacturers to sell plug-in hybrids and purely electric cars to avoid steep fines.Because of the mandates, Europe’s commitment to electrification isn’t going away, said Aakash Arora, a managing director with Boston Consulting Group. “In the long term, we don’t see any relaxation in regulation,” he said.For VW, this crisis wouldn’t be the first time it started a new chapter in difficult times. Diess saw an opportunity coming off the manufacturer’s years-long diesel emissions scandal that cost the company more than $33 billion to win approval for the industry’s most aggressive push into EVs. When VW unveiled the ID.3, officials compared its historic role to the iconic Beetle and the Golf, not knowing that this might hold in unintended ways: The Beetle arose from the ashes of World War II, and the Golf was greeted by the oil-price shock in the 1970s.“We have a clear commitment to become CO2 neutral by 2050,” VW strategy chief Michael Jost said, “and there is no alternative to our electric-car strategy to achieve this.”(Updates with Tesla price cut starting in the third paragraph. An earlier version corrected the spelling of Berret in the ninth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Information concerning the total number of voting rights and shares, provided pursuant to article L. 233-8 II of the Code de commerce (the French Commercial Code) and the Article 223-16 of the Règlement général de l’Autorité des marchés financiers (Regulation of the French stock market authority) Company name of the issuer: Renault SA 13/15 quai Alphonse Le Gallo 92100 Boulogne-Billancourt (ISIN code FR0000131906 – RNO)Date Total number of issued shares Total number of voting rights April 30, 2020 295,722,284 Theoretical total number of voting rights(1): 402,465,285 Exercisable number of voting rights(2): 308,226,844 (1) Number calculated on the basis of all shares to which voting rights are attached, including shares for which voting rights cannot be exercised, according to Article 223-11 of the Règlement général de l’Autorité des marchés financiers.(2) Number of voting rights exercisable at general meetings is equal to the theoretical number of voting rights (total number of voting rights attached to the shares) less voting rights attached to shares for which voting rights cannot be exercised. Attachment * 4 - 30 April 2020 -Annul and replace - information relating to voting rights (1)
The automaking alliance of Renault SA, Nissan Motor Co and Mitsubishi Motors Corp outlined a new strategy on Wednesday whereby the strongest partner takes the lead in areas such as new technologies and parts procurement. Under it, the alliance member with the strongest position in a market, product or technology will spearhead the group's efforts there, with the others supporting. Almost half of the alliance's vehicle lineup will be produced under the scheme by 2025, it said.