|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||7.97 - 8.25|
|52 Week Range||2.90 - 9.38|
|Beta (5Y Monthly)||2.09|
|PE Ratio (TTM)||2.05|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Apr 28, 2020|
|1y Target Est||N/A|
Tesla (NASDAQ: TSLA) delivered around 96,000 units to the key European EV market in 2020. But in Europe, Tesla's cars were overtaken in popularity by Volkswagen (OTC: VWAGY) and Renault (OTC: RNLSY). Sales of electric vehicles by European car makers accelerated rapidly in 2020 amid severe fines for car markers whose fleets don't meet new emissions targets and generous incentives for buyers to trade in their ICE vehicles.Volkswagen Volkswagen reported it delivered 212,000 electric cars across the globe in 2020, which is 158% more than in the year prior. 134,000 of those vehicles were battery-electric vehicles, which grew 197% compared with 2019. Volkswagen also said that its ID. 3 model was the top-selling car in Sweden in December by absolute numbers. All-electric Volkswagen models were on top the Netherlands and Germany, taking approximately 23% of each country's BEVs market.Mercedes Benz On January 8th, Mercedes-Benz-owner Daimler (OTC: DDAIF) said that the brand sold more than 160,000 plug-in hybrids and all-electric vehicles in 2020, representing growth of more than 228% from 2019. The share of EVs in Daimler's sales mix rose drastically from 2% in 2019 to more than 7% in 2020. Also, Mercedes-Benz brand remained the world's top-selling luxury carmaker for the fourth consecutive year.Renault Renault reported that it doubled its electric-vehicle sales in Europe. While group sales fell more than 21% in 2020, its EV sales grew 100% growth from 2019 to 115,888 vehicles. Moreover, total orders at the end of December 2020 were up by 14% compared to December 2019, which was attributed to new hybrid offerings. EVs were the only good news in an otherwise bleak 2020 for the French carmaker, which underperformed both global and European car markets. At the very least, Renault avoided fines as it met its 2020 EU emissions targets. On January 14th, its chief executive officer Luca de Meo will present a strategy update which is expected to include reviving some older best-selling models as all-electric models.BMW BMW (OTC: BMWYY) which also owns Mini, said that its two brands combined sold 192,646 electric vehicles in 2020 marking an increase of nearly 32% from last year. BMW also met its 2020 EU emissions targets.Takeaway European governments have created generous incentives to speed up the adoption of EVs, making them much more affordable. Come 2025 when emission targets become more stricter and threat of fines for not respecting them even greater, Tesla will certainly be playing against fully-fit opponents and could even potentially struggle. An EV-only future looks closer than ever in Europe as the race is now on to challenge Tesla's leadership.This article is not a press release and is contributed by IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. IAM Newswire does not hold any position in the mentioned companies. Press Releases - If you are looking for full Press release distribution contact: firstname.lastname@example.org Contributors - IAM Newswire accepts pitches. If you're interested in becoming an IAM journalist contact: email@example.comThe post Europe and EVs- A Blossoming Relationship appeared first on IAM Newswire.See more from Benzinga * Click here for options trades from Benzinga * Lenovo Makes Its Star Market Debut * Cannabis Companies Entered 2021 With A Bang(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Plug Power (PLUG) shares moved sharply lower after JPMorgan initiated coverage on the stock at Neutral with a $60 price target.
(Bloomberg) -- Renault SA set cautious goals to gradually return to pre-pandemic earnings performance, reflecting the challenges Chief Executive Officer Luca de Meo will have turning around the struggling French carmaker.The company is targeting an operating margin of more than 3% by 2023 and at least 5% by mid-decade, according to a statement Thursday. This compares with a 4.8% return in 2019, before the manufacturer racked up record losses in the midst of the health crisis.De Meo, 53, faces the difficult task of rationalizing a bloated cost structure and excess production capacity while pacifying the French state, Renault’s most powerful shareholder. The CEO said the expense reductions the company laid out just before he joined from Volkswagen AG in July will be achieved ahead of schedule and set fresh objectives for four years from now while avoiding any new job cuts.The plans “may seem to lack ambition” but are “rock-solid” and can be achieved even in the worst conditions, de Meo told analysts. Renault shares erased initial declines and were little changed as of 2 p.m. in Paris.“We see the 2025 financial targets as conservative,” Jose Asumendi, a JPMorgan Chase & Co. analyst who rates Renault the equivalent of a buy, said in an email. He estimates the objectives could be achieved by 2022.The earnings outlook is consistent with Renault’s view that it will take years for the auto industry to claw its way back, Deputy CEO Clotilde Delbos told Bloomberg Television. Sales may recover to pre-virus levels in 2023 in emerging markets, but it could take until 2025 for Europe, the region on which Renault is most reliant.“The world has changed,” she said.Margins will also be constrained by high levels of depreciation as well as investment in electric and hybrid models, she said. While the company was an early mover with regard to electrification, the bulk of its industrial assets are tied to internal combustion engine-powered vehicles.Of the 24 models Renault plans to launch by mid-decade, half will be in larger-vehicle segments that tend to be more lucrative. At least 10 will be fully electric, including the revived Renault 5, a top-selling nameplate in France during the 1970s.De Meo, who turned around Volkswagen’s Spanish brand Seat before taking the top job at Renault, has said a mass market EV selling for less than 20,000 euros will be a key product for the carmaker. He refused to commit to making the Renault 5 in France without guarantees on costs from unions, local governments and the state.While de Meo has coveted the turnaround achieved by Renault’s French peer, PSA Group, his targets fall short of what his company’s archrival was achieving before Covid-19 ravaged the industry. The maker of Peugeot and Citroen cars is now on the cusp of merging with Fiat Chrysler Automobiles NV after the French government scuttled the Italian-American company’s attempt to combine with Renault.De Meo’s strategic plan is the first Renault has delivered since the departure of Carlos Ghosn, whose arrest in Japan in 2018 triggered an unprecedented crisis within the French company and its partner Nissan Motor Co. The more than two decade-long alliance nearly unraveled after factions within Nissan waged a campaign to unseat the chairman and cooperated with prosecutors in Japan.In a bid to demonstrate cohesion within the alliance, the heads of Nissan and Mitsubishi Motors Corp. spoke during Renault’s presentation about backing the turnaround plan and closer ties between the companies.“We need each other,” Delbos said in the interview, pointing to a goal to produce 80% of all their vehicles on three common platforms in 2025. “There is no question that the future of Renault, Nissan and Mitsubishi is within the alliance.”Nissan and Renault made plans last year to each cut more than 14,000 jobs worldwide, though de Meo and Chairman Dominique Senard have had to tread carefully. They’ve come under considerable pressure from the state after Renault took out a 5 billion-euro government-backed loan last year.What Bloomberg Intelligence Says“Cash was a focus and remains a concern, with a 5 billion-euro state-backed credit facility needed to bolster industrial liquidity, which took a 7.9 billion-euro hit in the first nine months of 2020. In response, Renault is targeting a significant cut to R&D and capital spending through 2025.”\-- Michael Dean, senior auto-industry analystClick here to read the reportRenault’s global sales dropped 21% last year to 2.95 million vehicles, a far cry from Ghosn’s ambition for more than 5 million vehicles annually by the end of next year.Delbos said the company’s motto is now to “under promise and over deliver” and that its margin targets should be viewed as a floor.“Our ambition is clearly to do more,” she said.(Updates with comments from deputy CEO from interview from sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.