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Renault splits into 5 businesses in drive to boost profit

  PARIS — French car maker Renault announced a major overhaul that will see it separate its activities in five businesses, deepen ties with China's Geely and spin off its electric vehicles unit through a stock market listing next year. At a long-awaited investor presentation on Tuesday, Renault said it targeted operating margins of 8% for 2025 and rising to more than 10% in 2030, from 5% expected this year. It also plans to reinstate dividends from 2023 after a three-year hiatus, and generate more than 2 billion euros of cash annually between 2023-25, growing to more than 3 billion euros in the following five years. An early mover in the electric car race, Renault has fallen behind newer, more agile rivals like Tesla. After needing emergency state cash during the COVID pandemic, the group is looking to extend on a turnaround following losses in 2019 and 2020, and increase the valuation of its different parts. 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. The main plank of the car maker's strategy is separating its combustion engine business — which will partner with Geely in a 50-50 joint venture, also announced on Tuesday — from its electric vehicle unit, to be listed in the second half of next year. Nissan is expected to take a stake in the EV venture, codenamed "Ampere," alongside other investors, though Renault will keep a majority stake. Talks with Nissan have been dragging on, amid Japanese reservations about sharing technology with others, including a Chinese rival like Geely, sources have told Reuters. Shares in Renault fell 2% by 1254 GMT after earlier dipping more than 4% as it gave little detail on the state of play of the discussions with Nissan on the future of their partnership. Renault CEO Luca De Meo said the group wanted to give the alliance a strong future and a "new chance." But he also said that — as in a marriage — "it is important for us to have our own hobbies and our own life." The companies had initially set a Nov. 15 target to reach a deal, but no announcement is now expected on that date, according to people familiar with the talks. 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's ambitious EV strategy relies on historic nameplates

PARIS — Renault unveiled a more ambitious strategy for electric vehicles (EVs) on Wednesday, betting on new, affordable versions of its iconic small cars of the past to catch up with Volkswagen in the fast-growing sector. The French carmaker's Chief Executive Luca de Meo said it would launch 10 new EVs by 2025 and that all-electric vehicles would account for up to 90% of its models by 2030, dropping its reliance on hybrids to hit the target under a previous plan. Renault is betting that an electric version of its classic Renault 5 compact car, which was discontinued in the 1990s, will capture the imagination of today's drivers when it goes on sale in the first half of 2024. At a live-streamed presentation on Wednesday, the company also offered a fleeting glimpse of its new electric "4ever." model. Two sources close to the company said it was a revival of the Renault 4 hatchback which went out of production last century. "Today is an historic acceleration of Renault Group's EV strategy," de Meo said in a statement. De Meo said that new, purpose-built electric car platforms and a cluster of production sites in northern France would allow Renault to deliver EVs at a lower cost. The first of its new EVs will be the MeganE hatchback which is due to go on sale in the first half of 2022. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. By 2030, Renault and its alliance partners, Nissan and Mitsubishi, will be producing 1 million EVs globally a year, up from the 200,000 they made in 2020, the French carmaker said. Tesla, the world's most valuable carmaker, is already close to hitting that target, with sales of between 840,000 and 1 million EVs projected for this year. Shrinking share Renault's Zoe model, the biggest-selling battery electric car in its segment in Europe for years, is losing ground to models such as Volkswagen's ID.3 compact electric car. Figures from database EV-Volumes.com showed Volkswagen's share of the EV market in Europe soared to 25% last year from 14% in 2019, overtaking the Renault-Nissan-Mitsubishi alliance, whose share shrank to 19% from 23% in 2019. In the first quarter of 2021, Renault's share fell further to 15%, tying with Tesla for third place behind Volkswagen on 21% and Stellantis on 17%, EV-Volumes.com data showed.

Nissan drives glowing Leaf on Holland's glowing highway

If you thought that applying phosphorescent paint to the Nissan Leaf made it look like something out of Tron already, brother... you don't know the half of it. Or at least you won't have until you see what the car looks like on a glow-in-the-dark highway. A glow-in-the-what-now, you ask? That's right: for about a third of a mile on the N329 in the Netherlands, running through the city of Oss, the highway glows in the dark. Not the whole roadway, of course. That'd be weird. Even for the Dutch. No, the so-called Smart Highway designed by Daan Roosegaarde (whose Dutch heritage is evident by the number of vowels in his name) uses phosphorescent stripes to obviate the need for lighting. They work just like the paint on the Leaf (or for that matter any number of toys we had as kids), absorbing sunlight during the day and emitting it at night... in this case for up to eight hours. The resulting footage and photography, though surely heavily edited, needs to be seen to be believed. That is, assuming you don't already live in a computer where users force you to play in games for their own amusement and Jeff Bridges runs amok. Related Video: BRIGHT FUTURE: NISSAN LEAF IS FIRST GLOW-IN-THE-DARK CAR TO DRIVE GLOWING HIGHWAY · All-electric Nissan LEAF is the first glow-in-the-dark car to drive on the luminous Smart Highway in Oss, Netherlands · Unique highway design saves energy by removing need for street lights · Nissan EV sales increase by 313% across the Netherlands · Watch the film at: https://youtu.be/8Dv3PxDj2ks Nissan has blazed a trail by driving its unique glow-in-the-dark zero-emission LEAF along the world's first glow-in-the-dark motorway in Oss, Netherlands. Nissan recently became the first modern passenger car manufacturer to apply glow-in-the-dark car paint to a car, to showcase how many customers of the world's best-selling electric vehicle are powering their car from solar energy generated at home. Now it has gone one step further, by driving the all-electric Nissan LEAF on the Smart Highway – the first time a phosphorescent car has been driven on the famous stretch of road. And the location of the world's only luminescent highway was fitting, as Nissan has announced an uplift in electric vehicle sales of 313 percent in the Netherlands last year. The innovative Smart Highway project was conceived by designer Daan Roosegaarde to help guide drivers in the dark, while saving energy that might otherwise be used in street lighting.