|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||9.39 - 9.51|
|52 Week Range||9.04 - 14.42|
|Beta (5Y Monthly)||1.64|
|PE Ratio (TTM)||2.37|
|Forward Dividend & Yield||0.80 (8.54%)|
|1y Target Est||N/A|
French carmaker Renault has offered the chairman of Volkswagen's SEAT brand, Luca de Meo, the job of chief executive, Spanish newspaper La Vanguardia reported on Saturday, citing anonymous sources. The report said De Meo would initially become CEO of Renault for two years before taking over responsibility for the group's alliance with Nissan and Mitsubishi. Reuters had reported previously that De Meo was a possible candidate for the top job, along with interim Chief Executive Clotilde Delbos and Patrick Koller, the Franco-German CEO of car parts maker Faurecia, who was also tipped for the role.
French carmaker Renault has offered the chairman of Volkswagen's SEAT brand, Luca de Meo, the job of chief executive, Spanish newspaper La Vanguardia reported on Saturday, citing anonymous sources. The report said De Meo would initially become CEO of Renault for two years before taking over responsibility for the group's alliance with Nissan and Mitsubishi . Reuters had reported previously that De Meo was a possible candidate for the top job, along with interim Chief Executive Clotilde Delbos and Patrick Koller, the Franco-German CEO of car parts maker Faurecia , who was also tipped for the role.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Renault S.A. Frankfurt am Main, December 12, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Renault S.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
(Bloomberg) -- The French government would support consolidation among European car-parts makers as the industry grapples with sweeping change.New European Union rules capping auto emissions, declining demand for diesel cars and a shift toward production of electric vehicles are putting suppliers under pressure, especially smaller firms that lack the financial muscle to invest in new technologies.“For car-parts makers and suppliers who will face a difficult period, with many changes, tie-ups can be an answer,” Thomas Courbe, who heads the arm of the finance ministry overseeing President Emmanuel Macron’s industrial policy, said in an interview. “We’ll help them, fund advisers and support, and, in some cases, consultants can indeed identify concentration as a solution.”In France, about 50 companies making components for diesel vehicles, representing about 13,400 jobs, are having “serious difficulties,” according to the finance ministry. Bigger car-parts makers haven’t been entirely spared. Valeo SA said it would reduce staff as part of a savings plan following a string of profit warnings, and analysts have questioned whether its targets for 2022 are too optimistic.Read More: Carmakers Shed 80,000 Jobs as Electric Shift Upends IndustryManufacturers elsewhere are rushing to adapt. Germany’s Continental AG, the world’s No. 2 auto-parts supplier, recently announced a decade-long restructuring plan affecting as many as 20,000 jobs and said it will spin off its powertrain operations, a step that echoes moves by Delphi and Autoliv Inc.Automakers are also seeking partners to share the costly investments required to develop electric and self-driving technologies. Peugeot-maker PSA Group and Fiat Chrysler Automobiles NV aim to sign a binding agreement to combine by year-end, several months after merger talks between Fiat and Renault SA collapsed.Renault Chairman Jean-Dominique Senard has warned of a “tsunami” coming toward the auto industry and accused public authorities seeking to limit pollution of “underestimating the social impact of the matter.”“We are heading toward a transformation that will lead to major job cuts,” he said earlier this month at a finance ministry event where the government unveiled measures to support suppliers, including guaranteed loans and a fund to back them.Battery BattleFrance also supports a European effort to make batteries for electric cars, a market currently dominated by Asian producers. A French plant operated by PSA and Saft, a unit of Total SA, will start production in 2022, creating about 2,000 jobs, Courbe said.The facility will also aim to develop the next generation of batteries, including solid state batteries, he said. Courbe is a member of Renault’s board.Earlier this week, the European Union approved aid from seven member states, including France and Germany, to help develop the battery industry through a group of companies. France will invest 700 million euros ($776 million) of a total of 3.2 billion euros from the countries involved, according to the finance ministry.\--With assistance from Christoph Rauwald.To contact the reporters on this story: Ania Nussbaum in Paris at firstname.lastname@example.org;Helene Fouquet in Paris at email@example.comTo contact the editors responsible for this story: Anthony Palazzo at firstname.lastname@example.org, ;Tara Patel at email@example.com, Frank ConnellyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
In the bar at Yokohama’s swish InterContinental Hotel in late October, Renault chairman Jean-Dominique Senard was drinking with the future leadership team of Nissan when he received a call from a French government official. Fiat-Chrysler, the Italian-American carmaker that months earlier had walked out on Renault, was to merge with its French arch-rival PSA. The implication for those around the table was obvious — Renault and Nissan would have to set aside their substantial differences and make the alliance work.
Among the two French auto companies, a case could be made that Renault is slowly overcoming its problems while Peugeot might encounter a few.
Moody's Japan K.K. has assigned an A3 rating to Nissan Motor Co., Ltd.'s new EUR150 million senior unsecured bonds due 2021. Nissan's A3 rating reflects (1) the company's robust financial flexibility, a result of its strong balance sheet; (2) operational synergies from its alliance with Renault S.A. (Baa3 stable) and Mitsubishi Motors Corporation; (3) its pioneering position in battery electric vehicles; and (4) its global diversification. Nissan's rating is constrained by (1) the weak margins prevalent in the automotive segment, which will take time to recover; (2) the uncertainty surrounding the stability of its relationship with Renault; (3) the new governance structure following management turnover; and (4) earnings volatility originating from foreign-exchange fluctuations.
Sales of new cars in Russia fell 6.4% year-on-year in November to 156,848 units, after a 5.2% decline in the previous month, the Association of European Businesses (AEB) said on Thursday. "November sales confirmed the prevailing negative trend in the Russian car market this year," Joerg Schreiber, chairman of the AEB Automobile Manufacturers Committee, said in a statement. Schreiber said strong sales in the latter part of the previous year explained the decrease and meant a trend recovery is not expected in December sales.
Renault SA, Nissan Motor Co and Mitsubishi Motors on Wednesday said they had promoted Hadi Zablit to general secretary of their automaking alliance to accelerate business efficiencies across the companies. Zablit, senior vice president of business development at the alliance, takes up the newly created position on Monday and will focus on maximising the contribution of the alliance's scale to the profits of each company, the automakers said in a statement. The announcement comes as Nissan and Renault try to mend ties amid falling profits a year after the Carlos Ghosn scandal.
Renault chairman Jean-Dominique Senard has said a merger with Nissan is not the “ultimate step” for the carmaking alliance that has come close to collapse since the arrest of former chief executive Carlos Ghosn. A merger was discussed as recently as February, Mr Senard said, but had now been shelved because it “was seen in Japan as a real threat to [Nissan’s] independence and to its pride,” he added.
Nissan is committed to its automaking alliance with Renault but will not look to deepen its capital ties with the French automaker any time soon, its new CEO said on Monday. On his first day in the new position, chief executive Makoto Uchida also pledged to repair profitability at Japan's No. 2 automaker and said setting realistic targets would be key toward that goal, as it tries to make a clean break from the leadership of former chairman Carlos Ghosn. "Closer capital ties with Renault are not a focus in the short term," he told reporters.
French carmaker Renault is close to finalizing the shortlist of names for the post of chief executive and could complete the shortlist before the end of the year, said Renault chairman Jean-Dominique Senard on Monday. Senard told reporters on the sidelines of a French carmaker conference that the shortlist would be finished "in a very short space of time". Renault ousted former chief executive Thierry Bollore in October, with Renault and its Japanese partner Nissan trying to rekindle their relationship after the arrest of the Renault-Nissan alliance's former head Carlos Ghosn.
Nissan’s new chief executive has shelved talks on levelling the ownership structure on its alliance with Renault, saying the two carmakers will focus on reviving their struggling businesses. “I am not holding any discussions on capital structure at the moment,” Mr Uchida said at Nissan’s headquarters in Yokohama.
Nissan Motor Co is committed to its automaking alliance with Renault SA but will not look to deepen its capital ties with the French automaker any time soon, its new CEO said on Monday. On his first day in the new position, chief executive Makoto Uchida also pledged to repair profitability at Japan's No. 2 automaker and said setting realistic targets would be key towards that goal, as it tries to make a clean break from the leadership of former chairman Carlos Ghosn. "Closer capital ties with Renault are not a focus in the short term," he told reporters.
(Bloomberg) -- Only once before has a leader of Nissan Motor Co. inherited challenges as monumental as those confronting Makoto Uchida, who is starting his first week as chief executive officer.The last time Nissan faced an existential crisis was two decades ago, when it was on the verge of bankruptcy and was rescued by Renault SA, which took a stake in the Japanese carmaker and sent in Carlos Ghosn to turn it around. Ghosn later added Mitsubishi Motors Corp. to the pact, which became the world’s biggest carmaking alliance under the former chairman and CEO.Once again, Nissan needs to get its business in order. And fast. Ghosn’s arrest a year ago on charges of financial crimes unleashed corporate infighting, and damaged Nissan’s relations with Renault. Profits are at decade lows, 12,500 jobs will be cut and there are few new models to refresh an aging product lineup. Autonomous vehicles and electrification are poised to disrupt the industry in a once-in-a-generation shift.“It’s not realistic to expect a miraculous V-shaped recovery, but it is important to show that it can be done,” Bloomberg Intelligence analyst Tatsuo Yoshida said. “Externally, Uchida needs to normalize the relationship with Renault and restore trust in Nissan. Internally, he needs to address the gulf that’s opened up between employees and management.”Uchida, who most recently ran Nissan’s joint venture in China, is scheduled to hold his first news conference as CEO later on Monday at Nissan’s Yokohama headquarters. The 53-year-old formally took over Dec. 1.Nissan overhauled top management a month ago, adopting a collective-style leadership aimed at moving past the outsized influence Ghosn had over Nissan and the alliance with top shareholder Renault. Ashwani Gupta was appointed chief operating officer, and Jun Seki as deputy COO.The son of an airline employee, Uchida lived abroad in several countries including Egypt while growing up. He studied theology at Japan’s Doshisha University, an unusual background for a car executive. Unlike Ghosn, he’s seen as a quiet, straightforward manager used to delegating power, people with knowledge of the matter have said.Restoring ImageLast month, Nissan slashed its operating profit outlook and suspended its dividend in a blow to Renault, which owns 43% of its Japanese partner. Nissan needs to restore its brand image and roll out new cars that appeal to buyers, just as annual global light vehicle production is on track to expand less than 1% to 94.5 million units, according to IHS Markit.Uchida will also need to pay attention to shareholders, who have seen the stock fall 23% this year, following a 22% decline in 2018. At 3%, Nissan has the lowest return on equity among Japan’s seven major automakers, while Toyota Motor Corp. has the highest. Only 3 of the 21 analysts tracked by Bloomberg rate Nissan shares a buy.A key task for Uchida is repairing ties with Renault, which deteriorated to new lows under his predecessor, Hiroto Saikawa. The new CEO has collaborated with the French firm on joint procurement, according to people familiar with the matter. Uchida, who joined Nissan in 2003 from metals and machinery company Nissho Iwai Corp., has also worked for Renault Samsung in South Korea.The alliance is also taking steps to improve their collaboration. A general secretary will be appointed to oversee projects and coordination between Renault, Nissan and Mitsubishi Motors, reporting to alliance and Renault Chairman Jean-Dominique Senard and the CEOS of the automakers, the companies said in a statement Friday.Time is running out, according to Koji Endo, an analyst at SBI Securities Co. “The key issue is whether he can deliver results within half a year,” he said. “If he speaks about one or two years ahead, then he should just quit. Nissan can’t wait that long.”\--With assistance from Kae Inoue.To contact the reporter on this story: Reed Stevenson in Tokyo at firstname.lastname@example.orgTo contact the editors responsible for this story: Young-Sam Cho at email@example.com, Reed Stevenson, Ville HeiskanenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The Nissan Motor Co , Renault SA and Mitsubishi Motors Corp alliance has agreed to form a new company focused on research and development of advanced automotive technologies, Kyodo News said. The three companies will announce a concrete plan in January, Kyodo reported on Sunday, citing people familiar with the matter. The new venture also aims to strengthen the alliance, in which relationships have frayed since the arrest and ouster of former supremo Carlos Ghosn, according to the report.
(Bloomberg Opinion) -- Here are some weekend bites for you to nibble on:Frack, Baby, FrackEarlier this month, the Wall Street Journal reported that New York State had written down more than $1 billion worth of development projects in upstate New York, the most prominent of which was a solar panel factory it built for Tesla in Buffalo. The factory, announced by Governor Andrew Cuomo in 2013, was supposed to help jump-start the struggling upstate economy.Around the same time, Cuomo signed a bill to establish four upstate casinos. The casinos, said the governor, would also help the economy, by attracting tourism, and bringing “thousands of well-paying jobs.” It hasn’t exactly worked out that way. These days, the headlines read “Struggling NY casinos cut back on slots,” and “Upstate NY’s largest casino facing bankruptcy.” The Empire Center for Public Policy, a non-partisan think tank, reported last year that upstate New York “has gained private sector jobs at barely one-third the national average.”Yet there is an obvious solution to these economic woes: fracking. Almost all of New York sits above the Marcellus shale formation and upstate counties also sit atop the Utica formation. If energy companies were allowed to drill in New York, fracking could supply those thousands of well-paying jobs Cuomo hoped to get by legalizing casinos. But of course, fracking was banned in New York — by Cuomo. Which is not to say that New Yorkers don’t depend on fracked natural gas. They do — they just import most of it from Pennsylvania, where fracking jobs are plentiful. Maybe it’s time for New York to forget about casinos and Tesla solar plants, and start thinking about fracking.Trade War FolliesThe most frustrating aspect of the Trump administration’s ongoing trade war with China is that it is so very beside the point. The latest iteration is President Donald Trump’s demand that China buy $50 billion worth of U.S. farm products, which is more than double what it bought before the trade war began (and which isn’t going to happen). But it’s Trump who has hurt U.S. farmers. His decision to start the trade war caused China to retaliate by placing a 33% tariff on soybeans and tariffs up to 72% on pork. Up until then, U.S. farm exports were doing just fine. Now they’re a disaster.There are many people, both liberals and conservatives, who think the administration’s get-tough policy towards China has been a healthy development. I would agree if Trump would only focus on what actually matters: China’s ongoing theft of U.S. intellectual property, its insistence that U.S. companies hold minority interests in their Chinese ventures, and its demand for technology transfers in exchange for market access. Obsessing about the trade deficit with China, as Trump is doing, is not solving the real problems and is a waste of everyone’s time.A Nervous QuantJim Simons is the greatest investor of the modern age — and probably ever. Since 1988, his Medallion Fund has had average annual returns of 66%, or 39% net of fees. His firm, Renaissance Technologies LLC, has done it by creating complex computer algorithms that eliminate human emotion from trading. Simons’s role in helping to invent quantitative trading has made him a billionaire many times over.Yet in a recent biography(1) about Simons, the author Gregory Zuckerman tells the following story: Late last year, while Simons and his wife were vacationing over the Christmas holidays, the stock market started to tank. Simons began to grow anxious — so much so that he called Ashvin Chhabra, who runs his family office.“Should we be selling short?” Simons asked. Chhabra suggested that they try to ride it out and wait for the market to calm. Which it soon did. The irony, as Zuckerman notes, is that the man who took emotion out of trading still acted emotionally when he saw the market falling. If he can’t rein himself in, what hope is there for the rest of us?Nissan’s Annus HorribilisI wonder if Nissan Motor Co. wishes it had never brought in those Japanese prosecutors to arrest its then-chairman Carlos Ghosn. This week marks the one-year anniversary of Ghosn’s shocking arrest as he got off a plane that had just landed in Tokyo. As awful as the year has been for Ghosn — held in solitary confinement for 129 days as prosecutors tried to force a confession out of him; not allowed to see or speak to his wife; the subject of a constant stream of leaks to the Japanese media — it hasn’t been much fun for Nissan either.Ghosn, who insists he is innocent, will be facing a trial next year sometime. But so will Nissan, which prosecutors have accused of making false disclosures in securities reports. Hiroto Saikawa, Nissan’s chief executive officer, acknowledged that he and several other top executives had received excess compensation. That admission led to Saikawa’s forced resignation in September.Meanwhile, Nissan’s business has fallen off a cliff. In July it announced a quarterly profit drop of 99%, and said it would lay off 12,500 employees. Its once-vaunted alliance with Renault, which Ghosn orchestrated in 1999 and which remained hugely important to the company, is in tatters. And the stock has dropped 30% since Ghosn’s arrest.When the trial gets underway, Ghosn is going to argue that he has been the victim of a conspiracy between prosecutors, the Japanese trade ministry and Nissan. The goal, he will say, was to prevent him from merging the Japanese company with Renault. I suspect he’s right. In any case, there are other ways to oust a chairman without having him arrested. Nissan would have been better served choosing one of them.(1) The book’s title is “The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution.”To contact the author of this story: Joe Nocera at firstname.lastname@example.orgTo contact the editor responsible for this story: Timothy L. O'Brien at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Joe Nocera is a Bloomberg Opinion columnist covering business. He has written business columns for Esquire, GQ and the New York Times, and is the former editorial director of Fortune. His latest project is the Bloomberg-Wondery podcast "The Shrink Next Door."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg Opinion) -- Prince Andrew’s BBC interview about his ties to Jeffrey Epstein was excruciating to watch — especially, no doubt, for the victims of the deceased financier. It was so bad that he may unwittingly have provided the next generation of Britain’s monarchy the justification to streamline.The Duke of York’s effort to explain his friendship with the convicted pedophile came across as insensitive, ignorant, pig-headed and out of touch. He revealed a litany of shortcomings longer than his official title(1), neglecting to express a shred of sympathy for Epstein’s targets. The prince’s strong denial of claims that he’d had sex with one of the hedge fund manager’s alleged teenage trafficking victims was accompanied by strange details about his inability to sweat and his visit to a Pizza Express restaurant.His troubles will probably accelerate a process that his elder brother Charles has been pushing for years: the drive for a leaner Royal Family. By focusing on a core group of royals in the direct line of succession, this thinking goes, the monarchy would be better able to sidestep concerns about lavish use of public funds when so many ordinary British families are being squeezed beyond endurance. It might also prevent errant royals from publicly pursuing their own course at a time when an ageing Queen Elizabeth II may be less able to keep her clan in check.Andrew’s situation potentially has echoes in the business world, where an executive’s missteps can accelerate an ouster already in the works. Carlos Ghosn was pushed out of Nissan Motor Co. and Renault SA over allegations of improper use of funds, just as Japanese powerbrokers feared he was going to engineer a merger of the two firms. Martin Sorrell stepped down as chief executive of WPP Plc last year amid investigations into personal misconduct, just as concerns were mounting about his management of the firm. Both deny the allegations.Evidence of Charles’s efforts to forge a “slimmed-down monarchy,” as the Daily Mail newspaper called it, first surfaced at the Queen’s Diamond Jubilee celebrations in 2012. The main participants in the festivities were the Queen herself, Prince Charles and his wife the Duchess of Cornwall, Prince William and his spouse the Duchess of Cambridge, and Prince Harry. Just those five royals stood alongside the Queen on the balcony of Buckingham Palace to take in the climactic fly-past by the Royal Air Force. A decade previously, at the Golden Jubilee, some two-dozen filled the balcony.Unlike his sister Princess Anne, who sought no titles or royal roles for her own progeny, Prince Andrew’s two daughters were made princesses, and he’s reportedly been eager for them to have royal roles and residences. Andrew’s association with Epstein, which he said had provided opportunities “to learn,” appears to have accelerated his marginalization even without the direct intervention of his elder brother or mother. KPMG has already dropped sponsorship of the Duke of York’s entrepreneurship initiative, while students at England’s University of Huddersfield passed a motion on Monday lobbying him to resign the institution’s chancellorship. A charity of which he is patron, the Outward Bound Trust, plans to discuss “the issues raised” by the interview.Unlike a business executive, the prince can’t exactly step down, nor is it likely that his titles would be taken from him should he be caught up in the ongoing legal fallout from the Epstein case. But if he takes on fewer public roles, he’ll be eligible for less financial support from the Sovereign Grant: a pot of public money that helps fund the work the royals do on behalf of the nation. The monarchy doesn’t execute its family members these days, but Andrew has offered his critics plenty of rope.(1) His Royal Highness The Prince Andrew Albert Christian Edward, Duke of York, Earl of Inverness, Baron Killyleagh, Knight Companion of the Most Noble Order of the Garter, Knight Grand Cross of the Royal Victorian Order, Canadian Forces Decoration, Aide-de-Camp to Her Majesty.To contact the author of this story: Alex Webb at firstname.lastname@example.orgTo contact the editor responsible for this story: James Boxell at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.